mortgage on temporary contracts

cupid_s

My OH and myself are currently students. We expect to have graduated by this time next year and my OH already has a job lined up. The problem is that this job, and all the ones that I would be applying for (basically all in our field) are 2 or 3 year contracts.

Some people we work with have had problems getting mortgages based on their salary, and have had to buy houses with mortgages based solely on their partners salary - obviously not a choice for us.

We already have a mortgage with HSBC (bought the house when OH had a job) and we're trying to pay this off asap and save as much as possible for our next house (current one too small for us once we start a family).

But would anywhere consider us for another mortgage as we would have no job security?

pusscat

Mr Puss and I have an Openplan mortgage with the Woolwich. We were both IT contractors on 3 month contracts when we applied and we had no problems getting approved. I had my previous mortgage (as a permie) with the Woolwich and we have a pretty low mortgage and LTV, but I can't see that a 3 years contract is any less secure than a "normal" job1

We used a specialist "contractor" broker, but appart from that it was totally normal. No special rates or conditins. Mr Puss has been a contractor for years and has held several mortages - all with standard high street lenders and has never had an issue.

Hope this helps

Puss

cupid_s

I agree that a 3 year contract is no worse security than many other jobs but I was concerned other people we work with had had problems. At least we know exactly when our job will finish ages in advance and can make sure we get another lined up, or at least know to save enough to cover the mortgage for any time we're out of work.