mortgage offers

BECKIWOO

I was given a mortgage offer by my bank about a month back, which was great as I believed I could get something as a first time buyer, at the time it was based on my job being permenant however because of the cut backs within the public sector my job is now on a 12 month contract and will be renewed yearly (so 12 month contracts ongoing) does that mean now i cant get a mortgage because I am on contract rather then having a permenant job - is there anyway around this - i have a good deposit and no outstanding debts (with exception to student loan which they said they will only take off what I pay monthly from my earnings anyway)

I dont really want to rent somewhere as it will work out more expensive but as I am still living at home and really need to move out I dont know how much choice I have. I dont have a partner or a friend to go in with and really I want my own house rather then share with someone - is anyone has any advise that would be great!

Thanks

G_M

given a mortgage offer

Do you mean mortgage in principal?
If you genuinely have a (confirmed) offer, on a property you've had an offer accepted on and valuation completed, then your purchase should go ahead as planned.

If however your 'offer' is only theoretical, ie you are now house-hunting, then yes, you will need to declare the change in your circumstances. Speak to the lender who may or may not withdraw or amend their offer in principal.

BECKIWOO

no i just went in to see what I could get with my income, there was a flat I was interested in but i needed to know I would be offered a mortgage first of all. That was based on job being permenant so now with it being contacted I will need to see

I just wondered if anyone had managed to get a mortgage on a yearly contract? That is what concerns me that im restricted on what I can do, just because so many companies are not offering permenant jobs - I'm sure I am not the only one in this position?

Accountant_Kerry

what would you do if you got a mortgage and then your contract wasn't renewed?

ali-t

BECKIWOO wrote: »

no i just went in to see what I could get with my income, there was a flat I was interested in but i needed to know I would be offered a mortgage first of all. That was based on job being permenant so now with it being contacted I will need to see

I just wondered if anyone had managed to get a mortgage on a yearly contract? That is what concerns me that im restricted on what I can do, just because so many companies are not offering permenant jobs - I'm sure I am not the only one in this position?

When I got my first mortgage around 10 years ago I was working in a temporary job in the voluntary sector. My boss at the time said he would write a letter saying it was permanent if this was required (bad boss ) but they never asked.

I was also in a temporary job when I got my second mortgage and again I don't recall being asked.

TBH I don't think a permanent job makes any difference at the moment as nothing is permanent as you are aware from having had a permanent job that has gone to yearly contracts.

The best thing to do IMO is ask the place you went for a mortgage assuring them that although you have a rolling 12 month contract this is different from a fixed term contract that will definitely end at the end of the 12 months.

Anyway, to sum it up I have never had a problem getting a mortgage solely in my name while working on a temporary contract.

Accountant_Kerry

ali-t wrote: »

When I got my first mortgage around 10 years ago I was working in a temporary job in the voluntary sector. My boss at the time said he would write a letter saying it was permanent if this was required (bad boss ) but they never asked.

I was also in a temporary job when I got my second mortgage and again I don't recall being asked.

TBH I don't think a permanent job makes any difference at the moment as nothing is permanent as you are aware from having had a permanent job that has gone to yearly contracts.

The best thing to do IMO is ask the place you went for a mortgage assuring them that although you have a rolling 12 month contract this is different from a fixed term contract that will definitely end at the end of the 12 months.

Anyway, to sum it up I have never had a problem getting a mortgage solely in my name while working on a temporary contract.

This was the case years ago but is not the case now, banks are much tighter with this sort of thing, a good mortgage broker is needed.

sammyjammy

So you work in the public sector and your job was permanent. Is that correct? Are you now saying that job has changed form permanent to a 12 month rolling contract? Sounds very strange to me, is it that you've actually changed jobs?

BECKIWOO

no my original job fell through, if your really want to know, i didnt thing that really mattered only the difference between a perm contract and fixed term!!!!!

Im still within the council but have been given a different position within a different department which is 12 month contract - I dont know if it will be rolling contract all I asked when I accepted the job was whether I would need to apply my job in 12 months times (which some places make staff do) or would i be given another fixed term contract - the fixed term contract was the answer providing the job doesnt get made redundant and knowing how many public sectors jobs have got to go its 50/50 really. Luckily my department are under their employment budget and are currently advertising for positions like mine - but anything can change!

It is an issue if the contract doesnt get renewed after 12 months - but looking at rental prices for what I can afford I'm concerned that I will end up renting for a very long time and not to keep putting towards my deposit

BECKIWOO

ali-t wrote: »

When I got my first mortgage around 10 years ago I was working in a temporary job in the voluntary sector. My boss at the time said he would write a letter saying it was permanent if this was required (bad boss ) but they never asked.

I was also in a temporary job when I got my second mortgage and again I don't recall being asked.

TBH I don't think a permanent job makes any difference at the moment as nothing is permanent as you are aware from having had a permanent job that has gone to yearly contracts.

The best thing to do IMO is ask the place you went for a mortgage assuring them that although you have a rolling 12 month contract this is different from a fixed term contract that will definitely end at the end of the 12 months.

Anyway, to sum it up I have never had a problem getting a mortgage solely in my name while working on a temporary contract.

Thank you for that information but I do have to agree things have changed a lot since then. You are correct in saying there no such things a perm job these days.

Accountant_Kerry

all you can do is ask your bank, but really I would approach a good broker to get their opinion.

BECKIWOO

Accountant_Kerry wrote: »

all you can do is ask your bank, but really I would approach a good broker to get their opinion.

Is a broker advise free or do you need to pay for it?