Can we get a mortgage?

jennye55

Hi,
My fiancee and I are looking to buy our first house. We have a deposit of £30,000 and both earn £21,000. However, my fiancee has just started a new job and his contract is for '12 months in the first instance'.

Will we be able to get a mortgage with him having a 12 month contract?

Jenny

happybroker

possibly but you would be well advised to seek some professional help. there are many other factors which may help/ hinder your application and a good broker would be able to do the leg work for you without getting a load of credit scores done for no reason.

good luck...exciting times!

rfsp

Its all mainly depend up on your budget....if you are looking well below 125k then with 30k deposit you wont have any problem....

jennye55

Unfortunately, there's no houses for that around here. We'd be looking at £150,000 plus.

rfsp

Then please give a try...speak to your mortgage adviser first and seek his advice.

Dont worry... nowadays people are getting easily compared to last year...

PS: If you can increase your deposit to 25% by borrowing from parents/friends then they wont see anything... there risk will be reduced!

herbiesjp

So potentially looking at an 80% mortgage of £120k

Income of £42k means income multiples of less than 3 times your income.

So the figures are in your favour.

You would need to check with the lenders you contact whether they would be happy with the 12 month contract - some may do it, others will want the contract to have been renewed at least once.

Radiantsoul

As a layperson it seems odd that it makes much of a difference as companies can get rid of employees pretty quickly and cheaply if they have only worked for a few years.

ritz55

As the deposit is high enough, I cannot see why you would not get a mortgage. Would however recommend to go to an Independent Advicer and not directly to the bank. They would be able to arrange the mortgage and will know the best lender to go to.