please please! help a numpty

droylsdenpete

hi,well here i go!,i have a mortgage with santander,i owe £8900,i wish to purchase a new build for £237000,they have offered me £140000,for a part ex on my home.now here is my dilema! i need to borrow 80000 towards my new home,and although i still have 57000 i can get on my currant mortgage it is not enough,so i need to get a new mortgage,santander was going to give me a new mortgage till they asked what i do for a living,i said i have a full time cleaning job am 7-10 which gives me £60 per week and i have another job for a long term leading to full time with a agency! which gives me £200-£230 p/w well thats where it all went pear shaped they wouldent touch me even though it is a class a long term full time job becouse it is agency,the thing is i am on a six weeks express move and this has set me back,any help with ideas or other bank/building society? many thanks

Annisele

Bit confused...how can a job from 7am to 10am be full time?

If I'm understanding you correctly, you earn £60 plus £230 per week - a total of £290 per week, or £15k per year. A mortgage of £80k would be more than 5 times salary.

Is the problem that Santander thinks your £230 a week job isn't permanent? Or is the problem that Santander doesn't like the income multiples? Or both?

Mallotum_X

At 15k a year they are doing you a favour in not lending you any more money...

smartiedriver_2

I agree with Annisele, it appears (unless my sums are wrong) that there is no way you could afford this? If the temp job is indeed a temp job, then the banks will be more jittery, and would probably ask you to provide perhaps 6 months' payslips instead of the standard three, and take an average.

If you are expecting a pay rise when you go permenant, then the banks will not consider this unless you have a contract from the firm confirming start date and salary, and if it's too far in the future they still may not entertain the idea, as you would need to meet repayments in the meantime.

Finally, you say the second job is 'leading to full time'... so again, the extra hours and income won't be considered now unless it is guaranteed and shown in a contract.

angelsmomma

I have recently applied for and got a mortgage on a salary of £15000 the most they would lend me was £40000. I am self employed but mortgage free on a house worth £82500 (according to the valuation last month)

I think that the problem is the £15000 income, sorry

droylsdenpete

ha ha see told u i was a numpty at this! there is a lot more to it really but i havent the skills to express it correct ly, update went back to the santander bank! came out with £75000 mortgage at 0.49 above base rate %0.99 £61 per month interest only;) but thanks for taking a peek all!