Mortgage on temp contact.

BigTone

Having moved from a permanent position into a temp role. I am now worried how this will affect me trying to get a mortgage, I have always worked full time and have therefore been paid every week.
I work in the nhs who won't recruit permanent for two years.

I am on a rolling contract and am told that they want to keep me but cannot take me on permanent.

I am going to see a financial advisor but wondered how ir is likely to affect me, and if there is anything I can do.

kingstreet

You will be asked to provide lots of information about your contract which will be referred to a lender for a decision before you do anything else. I'd get agreement from one of the big three before I start - Halifax, Abbey or Nationwide.

Once you know one lender will give you a mortgage, you can "fine tune" to the best deal when you know what you want to buy and where. Ultimately, your initial agreement will be there as a fall-back point if needed.

BigTone

When you say, get an agreement, do you mean a value that they will lend me?

Sorry to sound dumb but how do I do this? Fio I have to apply for a mortgage?

Conrad

He means apply for an agreement in principle, (which is just a dumb computer decision - mid you if the adviser enters your job as non - permanent, this will often trigger a decline), followed by a real Human underwriter having a look at your employment now and actualy giving thier decision on this.

You might be better with a small hands - on local Building Society - because as I say, the big lenders use computer software to give an initial decision and inputting non - permanent employment could lead to a 'computer says no', where as small Building Societies tend to use real Humans up - front to make decisions.

You need to make sure your adviser really does use ALL lenders (all advisers always say they use all lenders, but it's often not the case they do). For example will they try lets say 'The Hinkley and Rugby BS'? I'll bet you they have never used such a lender.

kingstreet

Sorry. I should have made myself a little clearer.

I'd probably approach a bigger lender now but would avoid credit scoring and an "Agreement In Principle" at this stage. If you are happy you're credit worthy, all I'd want to know is "yes, we are likely to accept an application from this person, subject to receiving XYZ."

That would be your fallback position. When you decide on a property and agree on the type of mortgage deal most suitable, your broker is going to have to hit the phone and work his way down the list to see who will lend you the money and at the best rate. I recently had a similar situation with a property with only a 54 year remaining lease.

Conrad is correct, but he may be approaching this from the point of view of getting you a mortgage, or not getting you a mortgage. I'm suggesting we're still in finding you the best deal mode, rather than can we get you any deal?