Temporary contracts and mortgages
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c_renf
Posts: 4 Newbie
Hi,
I'm having some trouble tracking down a mortgage.
I am on a maternity cover contract (with no exact end date) and my partner is a doctor on a contract that is 'continuous' but changes to different departments each year. It doesn't have the word permenant but neither does it have the word temporary on it. Financial advisors seem to be struggling with it - is there anyone with a similar experience with any advice?
Thanks, any help much appreciated.
I'm having some trouble tracking down a mortgage.
I am on a maternity cover contract (with no exact end date) and my partner is a doctor on a contract that is 'continuous' but changes to different departments each year. It doesn't have the word permenant but neither does it have the word temporary on it. Financial advisors seem to be struggling with it - is there anyone with a similar experience with any advice?
Thanks, any help much appreciated.
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Comments
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Oh and to add a slight complication its for 100%...0
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what is your occupation? I think I know of 2 or 3 lenders who would look at it but much depends on the finer details. by the way you are better off using someone who is a specialist mortgage broker than a financial adviser, as often the mortgage broker has better knowledge due to concentrating on one specialist area as opposed to several as an IFA would.I am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
We have no adverse credit, the value of the house is £169,500. My income is £20,000 (I'm a teacher) and my partner averages at £37,000. We're first time buyers...0
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As you are both professionals you may be eligible for a professional mortgage. not only do these allow slightly higher income multiples due to the assurance the lender has of your natural progression through your chosen profession, the lenders are often more sympathetic towards the contractual nature of your duties.
If you do not want a professional mortgage, lenders such as accord, chelsea building society, skipton building society, bank of scotland and royal bank of scotland often take a positive view in situations such as this, but much of whether any of these lenders are right for you is dependent upon income, credit score etc.
Hope that helps a little. I cannot understand why the advisers you have spoken to have had diffculty placing the mortgages its really quite straightforward.
MMI am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Thanks very much for your advice, its very reassuring! I'll up date where we get one from when its approved. Thanks again.
C0
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