Can i get a mortgage if i am only on a temporary rolling contract?

MarkofLaw

Hi,
Me and my GF are looking to buy a house in the future.
I at the moment only earn about 10 grand a year on a temporary contract which gets renewed every 3 months, whereas she earns about 16 grand a year on a permanent contract.
Would i be able to get a mortgage to buy a house? My credit rating is good.

Any helps appreciated

SAMMYE_2

MarkofLaw wrote: »

Hi,
Me and my GF are looking to buy a house in the future.
I at the moment only earn about 10 grand a year on a temporary contract which gets renewed every 3 months, whereas she earns about 16 grand a year on a permanent contract.
Would i be able to get a mortgage to buy a house? My credit rating is good.

Any helps appreciated

Where do you live? What are house prices like? Do you have a deposit?

MarkofLaw

We live in sheffield, and to buy a 3 bedroom house it will cost around 90 to a hundred plus grand.
We have about 5 grand deposit at the moment.

iwb100

Errmm well with those figures, I'd say at the moment, no you couldn't get a mortgage to cover that amount based on your salaries. And certainly you will need at the very least a 10% deposit. So in your case about 10K! Plus you will incur the usual conveyancing and moving costs.

LandyAndy

MarkofLaw wrote: »

Hi,
Me and my GF are looking to buy a house in the future.
I at the moment only earn about 10 grand a year on a temporary contract which gets renewed every 3 months, whereas she earns about 16 grand a year on a permanent contract.
Would i be able to get a mortgage to buy a house? My credit rating is good.

Any helps appreciated

Try asking a few banks.:)

That way you'll know rather than getting random opinions.

My random opinion is that with those salaries you are going to need £30+k in deposit to make up the difference between the house price and what they'll lend you.

abankerbutnotafatcat

Although I can't comment on your personal circumstances, I know that you can indeed get a mortgage as a contract employee as I recently did just that. I approached a mortgage broker straight off rather than the time-consuming and potentially dispiriting task of phoning around the lenders and he advised (after reviewing my exact circumstances re salary and deposit) that he knew of several lenders who lent to contract workers. He subsequently approached a lender and obtained an agreement in principle for me and when I asked who the lender was - expecting it to be a niche/specialist outfit - I was surprised to learn that it was good old Halifax.

The contract I was on was six months but not rolling and due to expire before the start of mortgage!! Therefore, I think they were less interested in the contract nature of my employment and more in my credit history and deposit.

Good luck OP!!

pararct

abankerbutnotafatcat wrote: »

Although I can't comment on your personal circumstances, I know that you can indeed get a mortgage as a contract employee as I recently did just that. I approached a mortgage broker straight off rather than the time-consuming and potentially dispiriting task of phoning around the lenders and he advised (after reviewing my exact circumstances re salary and deposit) that he knew of several lenders who lent to contract workers. He subsequently approached a lender and obtained an agreement in principle for me and when I asked who the lender was - expecting it to be a niche/specialist outfit - I was surprised to learn that it was good old Halifax.

The contract I was on was six months but not rolling and due to expire before the start of mortgage!! Therefore, I think they were less interested in the contract nature of my employment and more in my credit history and deposit.

Good luck OP!!

Wouldn't your own employer (username) give you a loan then?

abankerbutnotafatcat

@pararct Even if I was eligible for a staff loan -which as a contract employee i'm not although they do offer a public transport season ticket loan - it probably wouldn't be very attractive, they don't tend to be anymore and you can often find better rates in the open market. Gone are the days of a 2% fixed all in rate for the term of the loan that my older colleagues used to make me jealous by telling me about!!