Mortgage for fixed-term contract

davem7

Hi guys,

Hoping you might be able to give some advice relating to my other thread I posted a few days ago in the House buying forum. Myself and my partner are looking to buy - we are both FTBs. My partner is employed on a permanent contract at £21k. I am currently a PhD student and will be starting a post-doc position in May, paying £26,860 initially and rising to £30,680 once my viva is complete. We are looking at places in the £220k range, and have a deposit of £60-65k.

The kicker is as follows; my position is on a fixed term contract, probably until September 2013. In these kinds of jobs this is about as good as it gets until you're able to find a lecturing position. I'm looking for advice on whether:

• I am actually going to be able to find a mortgage;
• the earliest possible opportunity I would be able to get a mortgage in principle.

Thanks!

meganfleur

davem7 wrote: »

Hi guys,

Hoping you might be able to give some advice relating to my other thread I posted a few days ago in the House buying forum. Myself and my partner are looking to buy - we are both FTBs. My partner is employed on a permanent contract at £21k. I am currently a PhD student and will be starting a post-doc position in May, paying £26,860 initially and rising to £30,680 once my viva is complete. We are looking at places in the £220k range, and have a deposit of £60-65k.

The kicker is as follows; my position is on a fixed term contract, probably until September 2013. In these kinds of jobs this is about as good as it gets until you're able to find a lecturing position. I'm looking for advice on whether:

• I am actually going to be able to find a mortgage;
• the earliest possible opportunity I would be able to get a mortgage in principle.

Thanks!

Hi Dave,
I'm wondering exactly the same thing! I am on a permanent contract (earning 31k) and my partner is a post-doc scientist earning 33k. He is on a fixed-term contract too as researchers tend to move jobs every two years or so.
Have you had any news about the chances of getting a mortgage?

Can anyone else help with this? I am wondering whether we will be able to get a mortgage and which providers we should try first...

Thanks,
Megan

Simon_gloster

Hi.

Fixed/short/temp contracts can be considered. However most would need to see a continuous renewal an a minimum time already in role. 12-18 months standard.

A good deposit and a very high pass rate, and I think a few lenders would entertain your custom.

Contracts can cause issues.....even premiership footballers contracts are scrutinised to the very last detail.

meganfleur

Simon_gloster wrote: »

Hi.

Fixed/short/temp contracts can be considered. However most would need to see a continuous renewal an a minimum time already in role. 12-18 months standard.

A good deposit and a very high pass rate, and I think a few lenders would entertain your custom.

Contracts can cause issues.....even premiership footballers contracts are scrutinised to the very last detail.

Thanks Simon - we have managed to save 35k and have a combined income of 64k a year. We are both FTBs.

My partner is a research scientist and already has worked through one 1 year contract and had it renewed. He will have completed his second contract and worked for his current employer for 2 years this summer - when we are planning to apply for a mortgage.

I have noticed others mentioning Halifax as a good mortgage provider for those with fixed-term contracts - do you think we will have a chance?

Simon_gloster

You can go onto the council of mortgage lenders website, search for Halifax eg and you can get their lending policy on income/employment types.

Its the sort of thing solicitors use during the mortgage process.

I have only seen it once myself had what I was looking for. Have a go.

jediwalker

Hi, we are in a similar situation - OH works full time however I am on a fixed term contract with only about half a year left to run... we have managed to secure a mortgage, last week... however I did have to prove that I have been employed for more than 18 months.

Thrugelmir

meganfleur wrote: »

My partner is a research scientist and already has worked through one 1 year contract and had it renewed. He will have completed his second contract and worked for his current employer for 2 years this summer - when we are planning to apply for a mortgage.

Another 1 year contract?