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getting a mortgage with fixed term employment
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# 1
tootiefrooties
Old 07-08-2008, 2:37 PM
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Default getting a mortgage with fixed term employment

Hi,

My husband and I are hoping to buy somewhere in the new year. the mortgage will be in his name as my salary is not great and actually lowers the amount we can borrow, compared to his income alone!

Anyway, the problem is that he is employed on a fixed term contract for 6 months. The company does this for new starters for at least 2 years before putting them on a permanent contract. I phoned co-op mortgages to ask if they cater for this, and they said that they might if he had a really good work history - but he only graduated this year. The other thing they said was it might be ok if we had a low LTV mortgage, which would be the case if we are accepted by OwnHome. However, I need a plan B incase we aren't!

We are saving for a deposit and have a budget planned - we'll have enough for a deposit and fees in the new year, and we've been renting for 3 years together so we really want to buy whilst prices are low, as we are throwing away 700pcm on a house which we can't decorate, invest in or rely on for security in the future.

Does anybody know of a mortgage provider who might be more open to applicants on fixed term contracts? I would really appreciate it if anybody knows of one or has experience in this area

Thanks a lot


Edit: I forgot to add that we both have good credit histories as we have been renting as well as managing loans, credit cards and overdrafts for a couple of years and make full payments on time every month. So the contract is the only problem.

Last edited by tootiefrooties; 07-08-2008 at 2:39 PM. Reason: extra info
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# 2
ginvzt
Old 07-08-2008, 3:09 PM
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Default

My friends where both on fixed term contracts (although longer than 6 months) and got mortgage from HSBC. They were recent graduates as well. But it was before last year's summer..
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# 3
tootiefrooties
Old 07-08-2008, 3:29 PM
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Oh that's useful to know, thank you perhaps if they don't hurry up and make him permanent they could at least up it to a 12 month contract or something.
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