Mortgage for a temporary worker

jennielouises

I have been in a full time permanent position since March last year. My boyfriend worked for a company for 8 years and has recently been made redundant. However, he has been given a 6-12 month secondment within the company (he has been given a new contract for that). At the end of that he would effectivly have to go back to his old job but as it will no longer exist, he will be made redundant. There is no gap in between as he finishes his old job on the 6th Jan and starts the new one on the 10th Jan.

We have enough money for a deposit and really want to buy. We have even considered the sharedownership as it might not matter so much about his money.

Does anyone know if his situation will effect our chances of getting a mortgage? Can we base it on my employment being the lead?

tangyfog

I recently tried to get a remortgage and they said you need to be working for at least 3 years in your current job. they might do a mortgage if you been working for 2 years but they are pretty strict now. owning a home is now seen as a luxury rather than a necessity!

You could go to someone like accord part of ybs who offer mortgages for people in your situation but you be paying for it with a big svr of 5.99 at the end of the initial term. I decided not to used them as I went with my current building society at 4 percent. If you want a mortgague prepare to pay a lot of interest as the banks are pricing in a drop and the never like to lose money.

But everyone is pricing in a fall in the market so it might be best to wait for a bit if you can. renting isnt alway throwing money to the landlord as your deposit could be lost in the housing crash.

pinkarsenalprincess

When we applied for our mortgage (shared ownership) I was the only one full time/salaried. My boyfriend was on a temporary contract on part time hours (40 a week). It didn't give us any problems when applying for and eventually taking out a mortgage in 2009. However, saying that, our choices were very limited and I don't know if this was due to being shared ownership or him being temp or a bit of both.