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Got deposit but in temporary employment
wandaswish
Posts: 2 Newbie
Hello,
Any advice on the following gratefully appreciated.
My position is this, my mum is willing to provide my partner and I with a deposit of up to £35, 000 in order to help us buy a property.
Before we approach a mortgage advisor (appreciate they might have more products to offer us) or the bank (we've both been with the Nationwide for 20/10 years), I'd really like to see if any of you have had positive experiences with getting a mortgage on a temporary work contract.
I've been working as a temp for the last three years (not for want of trying to get a permanent job!) and my partner has been on a temporary contract for the last 5 years. We both work full-time and joint income is around £45,000 per annum.
Many thanks for your help.
Any advice on the following gratefully appreciated.
My position is this, my mum is willing to provide my partner and I with a deposit of up to £35, 000 in order to help us buy a property.
Before we approach a mortgage advisor (appreciate they might have more products to offer us) or the bank (we've both been with the Nationwide for 20/10 years), I'd really like to see if any of you have had positive experiences with getting a mortgage on a temporary work contract.
I've been working as a temp for the last three years (not for want of trying to get a permanent job!) and my partner has been on a temporary contract for the last 5 years. We both work full-time and joint income is around £45,000 per annum.
Many thanks for your help.
0
Comments
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What money of your own will you add to the deposit ?
On £45k income, if the answer is 'none', then in my opinion you are not ready to take on a mortgage.0 -
Have the temp jobs been with the same employer?0
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Thanks for your replies.
Cannon Fodder - we have an additional £4,000 to add to the deposit. What makes someone ready for a mortgage?
Andy - yes, I have been working at the same place for the last three years, through the same temp agency. The agency say they can produce a letter with my rate of pay and how long I've worked for them.
Any further insight?
Many thanks.0 -
wandaswish wrote: »Cannon Fodder - we have an additional £4,000 to add to the deposit. What makes someone ready for a mortgage?
Having the ability to cope with unexpected bills. Having financial discipline to maintain the mortgage payments. etc
As you have managed to save some money, you are ahead of quite a few who post here...
It would be a shame to risk losing Mum's £35k, should you find yourselves unable to meet the mortgage commitment - having saved £4k, you obviously some leeway in your finances - not everyone is so far-sighted...0 -
Do you have any savings which will cover your mortgage costs if one of you loses their temp job?0
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A couple of lenders can assist agency workers where you have a track history, but be aware a lot of my fellow brokers might not know which lenders - do not get turned down by for example Nationwide as this may reduce your chances. All the best.0
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