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First Time Buyer, Joint Mortgage, One on Fixed Term Contract
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acoustic_fish
Posts: 1 Newbie
Hi,
My husband and I are thinking of buying a house. We are first time buyers and have been in the country for almost 2 years now.
I have been working at a company for more than a year now. Started as temp and have been permanent for 6 months now at a salary of 21500. I have had a new opp for 27K in the same company but its a Fixed Term contract for 6 months and high possibility of being renewed for another 6 months.
My husband earns 70K plus 10% bonus and also 5K cash payment every month for his pension.
Is my fixed term going to be a problem? I still havent signed a contract.
affordability is not a problem. we have about 50K or so as savings to put down the deposit
My husband and I are thinking of buying a house. We are first time buyers and have been in the country for almost 2 years now.
I have been working at a company for more than a year now. Started as temp and have been permanent for 6 months now at a salary of 21500. I have had a new opp for 27K in the same company but its a Fixed Term contract for 6 months and high possibility of being renewed for another 6 months.
My husband earns 70K plus 10% bonus and also 5K cash payment every month for his pension.
Is my fixed term going to be a problem? I still havent signed a contract.
affordability is not a problem. we have about 50K or so as savings to put down the deposit
0
Comments
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Depending on how much you are looking to borrow you could just do it on your husbands income and then your income situation becomes irrelevant.
In general though, if you are on a fixed contract for the first time (i.e no history) and it's only for 6 months you are going to struggle to find a mainstream lender willing to lend to you based on that income. Specialist lender = higher rates.
edit: Just had a thought, are you here on Visas?The J is a Financial Advisor-This site doesn't check anyone's status and as such any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Always seek professional advice.0 -
Visa is likely to be a bigger hurdle than contract employment in my opinion..
Given the limited information posted, still sure there is likely to be a solution though...I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Assuming 3 years left on visa and 25% deposit I think we should be OK there.
This forum does make quite a fun guessing game though...The J is a Financial Advisor-This site doesn't check anyone's status and as such any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Always seek professional advice.0
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