First time buyer in temporary job

kam27

Hi

I was wondering if anyone know of any lenders who would be willing to lend to a first-time buyer on a fixed term contract. I'm a teacher and I've been employed (initially) on a 1 year contract, but will be made permanent if all goes well. I do have around a 5% deposit but I'm not sure if anyone will lend to me in the current economic environment. Any feedback would be appreciated.

Kam27

sdooley

How long have you been in your teaching job?

What is your salary?

What is the price?

A 1 year contract is a lot better than most people have...

olly300

I would save a higher deposit. You will get a better rate with one and if you do a quick search online you will find that most lenders require you to have a 10% deposit.

happybroker

there are lenders out there who will consider this even with a 5% deposit but the rates are pretty awful, bank of ireland for instance at 7.49% and they would want to see you have been in your present role for 6 months!

consider what the impact will be if you aren't made permanent in a years time and your contract doesn't get renewed. I don't wish to be depressing but it needs to be considered.

Could it be in your interest to wait until you know if your contract is to be made permanent and rent? You could possibly save a larger deposit and if house prices come back a bit over the next year you may find yourself with much, much more choice.

all the best

kam27

This is my third year in teaching and I'll be earning £23,500. I've been looking at flats with an asking price of £90,000 to £100,000

I know that it would be beneficial to save a little more but circumstances are forcing me to move quickly and I really dont want to waste money in rent.

Chris2685

I am on a 3 month rolling contract and my girlfriend is a teaching assistant on a yearly contract, and we were both accepted (provisionally) for a mortgage with an LTV of roughly 90%. We are (hopefully/eventually when they pull their fingers out) using a homebuy scheme though, so I'm not sure if that makes a difference to their decision...