Temporary employment and getting a mortgage

GerryDS

I wonder if someone could give me an answer here. I am a 46 year old man in the position where I am separating from my wife and I now have the task of looking for a property for myself.

My position at the moment is as follows. I currently have a joint mortgage with Barclays on the family home which has always been paid without default. I was made redundant from a lucrative city job in June 2008 and have had 5 months work at the star of the year as a temp. I now have a temporary year’s contract, 11 months to go, paying circa £40k and am looking to purchase a property in and around the £200k mark. I will have a deposit of 50% to 60% and want to know what my options are. Can I get a mortgage? What hoops do I need to jump through?

vicshippers

While your history is very good, it is unlikely that any bank will be willing to lend due to the temporary nature of your contract. I take it you are attempting to get a full time position at the end of your contract? Maybe you should wait until that is in place before you take on the monthly demand of a mortgage. Renting in the short term isn't all that bad!

freesha

I got a mortgage 3 years ago, while I was a temp. Whether things will have changed in the current climate, who knows.

If it helps, I was on an 'ongoing temp' position like yourself, and I asked my agency to confirm in writing, which Nationwide accepted.

GerryDS

Good news to all those who may want a mortgage who are in the same position as me.

After much investigation, all the IFA's and companies I spoke to were falling over each other to give me a loan. The magic figure is a 40% deposit! If you are lucky enough to be in this position like me it's not an issue.

VIGILANT22

Which lender offered you a mortgage?