Mortgage for a post-doc researcher?

talksalot81

I am finishing up my PhD and hopefully will start a post doc position towards the end of the year. Although this is reasonably well paid (~25k), it is on a contract basis and this is only for 2 years. I have been told it will be difficult, potentially even impossible for me to get a mortgage with this (even considering that I already have £10k which could be used as deposit).

Does anyone know whether this is right or not and what I might do about it? If I cant buy a house, Im just going to end up with huge amounts of cash (for me anyway!) going into savings accounts, all the time house prices increasing much more rapidly than my savings, hence effectively losing money

Joe_Bloggs

Can you be a warden somewhere and save further? Nationwide say prices went up 0.2% last month. On its own it is nothing. If the BofE put up interest rates then who is to say what will happen.
J_B. (What happened to the brain drain ?)

Gem_

I managed to get a mortgage with Natwest (three year fixed term Phd funding). So there are products out there. I dont think you should have too much trouble.

For my DH we got the admin office to write a letter confirming his salary but just not mentioning the term of the contract - this is probabley the easiest approach, after all you are not lying about the salary and in some ways you are a much better bet than others as you are guarrentteed money for 2 years whereas other people could be given notice at any point.

The other option is to self cert but I think the rates are often poorer on these deals.

Prices might have only gone up by 0.2% in Nationwides books but my house has gone up 90 % in two years (I only wish it was an expensive house - I would have made a fortune). Still on my salary, if I had waited I could no longer afford to buy anything.