Applying for Mortgage with 6 month contract

pippyt

Me and my partner are looking to move house and currently trying to figure how much we can borrow, i have a quick question

I am on a full time contract and my partner has just secured a 6 month maternity teaching job,

Question is - will i be able to use her wage when applying for a mortgage or not? (or just use mine only?)

Any advice will be helpful

Thanks

movingforward2010

will you be able to afford the mortgage when your wife finishes work in 6 months?

pippyt

yeah affording the mortgage isnt an issue as i have a big deposit to put down and the mortgage wont be that big, the only issue is do mortgage lenders take a 6 month contract in to account? or is it not long enough to count?

opinions4u

I' be surprised if, in the current market, you'd find a lender to take it in to account.

If she could show that she has continuously worked on similar contracts over the past few years and it has always been renewed or replaced, then she'd be in with a shout.

If not, I'd be looking at it thinking "20 year mortgage from 6 month income? No chance!".

You might find that lenders who say "yes" will charge a higher rate.

Out of interest:

- what's the purchase price?
- how much do you want to borrow?
- what's your salary on it's own?

pippyt

cheers, thanks for your advice