Please Help-Mortgages for Fixed Term Employment-Self Cert?

louieob

Can anyone give me any info on the best lenders to try for getting a mortgage while I have a fixed term contract at work and my husband is full time student/part time worker. We have a mortgage with Northern Rock just now and are selling up to buy a bigger place, so we have a deposit of £25,000 and we're looking to borrow £80,000. Northern Rock don't want to know until I have permanent employment (which will probably happen but my work won't issue guarentees to mortgage providers). I currently earn £15,000 p.a. my husband earns £7,500 in his part time employment and the only other income we have is from his yearly student loan(don't think that will be taken into account). We only have one loan which is £150 p.m and we have good crdit ratings.

Any advice would be gratefully appreciated.

herbiesjp

You are looking to borrow £80k against £105k property price. That is just over 76% loan to value.

How long is your fixed term contract? Has it been renewed previously by the same employer? How long have you been with them

There may indeed be a couple of lenders that could look at this for you - without knowing the above difficult to say - but does look do-able

HTH

louieob

I started working for them in July originally on a 6 month contract, this has since been increased by another 6 months.

If need be we could get another couple of thousand to bring down the LTV to 75%.

herbiesjp

Having a higher deposit always helps, and 75% is a lower threshold for many lenders.

The fact the contract has been renewed, is good and means a few lenders could look at this.

I do not think self cert is an option, as you can verify your incomes quite easily, and you could probably get the better prime rates as opposed to self cert rates.

MortgageMamma

Most hight street lenders will look at fixed term contracts but want to see a history of at least 12 months working with the same co. you dont say if your partner has permanent employment? if you are both on temp contracts this will be seen as a risk and you will struggle to find a lender

louieob

His employment is through an employment agency and is casual work which is another problem. He is contracted to do no less than 25 hours a week.

MortgageMamma

what length is his contract? how long has he been doing it?

louieob

He has been doing it about 7-8 months now. It's a government funded helpline he works on-which is staffed by an employment agency. He is just classed as a casual worker so he has no contract length as such. I think the line gets its funding on a yearly basis.

MortgageMamma

I think Skipton Building Society would do this for you. would you like me to check on Monday?

MortgageMamma

Theres also a company called the mortgage business that are likely to do it

louieob

If you could check that would be fabulous-thanks for the offer