Want to move, stopped by one word 'temporary' contract-what to do please?

Dealingwithit

:mad: Hi everyone, I have large deposit, want a new build, developer happy to buy my house on 'home exchange'. Good credit, etc and can afford etc, but because my hubby is on a 'temporary' contract (for 9 months so far) lenders wont look at his salary! Extremely frustrated. Does anyone have any advice because nothing is guaranteed even if you are permanent in a job these days (first time I have posted) Cheers, Dealingwithit

Dave_Ham

Do not worry, there are lenders that are more flexible with fixed term contracts than others.

Where have you tried?
Has hubby had continuous employment for 12-24 months in same or similar industry..?

What sort of loan to value are you looking at?

The_J

Temporary employment dave, I think we're going to struggle here.

Who do you bank with and is the current role similar to what he was doing beforehand as a FT employee?

Dealingwithit

Hi Dave Ham, I have two brokers saying they cannot find a lender because they wont look at temporary. Yes, he is in similar role previously permanent for 4 years and in the Army for 6 years similar role before that.

I am not sure Mortgage owed at moment £88,666 + sol fees only £1,700, Estate agent fees £0, house to sell for £180K new house to purchase £249,995 - what is my LTV?
Thank you Dave

Dave_Ham

I did mis-read intially- apologies.

However, I have had some luck in the past with temp workers so all not lost..

LTV is loan to value % - so the amount of mortgage divided by purchase price.

Can you give me more detail regarding how the the temp work payment is made?

Assuming it is through a 3rd party?

Is there any broken employment history?

Good question from J about who you bank with?



Cheers

harvey115

Say if you are left with £80K after the sale you would be on 68% LTV

Dave_Ham

Just looked through my files and have got through 5 temp workers in the last 6 months...

Each one depended on specific circumstances and in all the cases I had to get pre-approval before I submitted.

Would be interested where your 2 brokers have tried thus far and you may want to reign them in if they are applying all round the place as this will not help you out...

Dealingwithit

Hi The J, thank you for replying - similar role to his previous FT employment & Army. I bank with Santander, current mortgage with Nationwide.

Hi Dave Ham, no break in his employment, he has a very strong work ethic!
The pay weekly via Recruitment Agency on 37.5hrs a week with overtime on top with a company that wish to keep him for a long time they have plenty to keep him busy! We have an e-mail from the recruitment agency to that fact.

The two brokers have been checking several, no credit search done yet only a 'soft search' and we passed that ( I asked that question before they went off - thanks for the advice on this fantastic site!!

Passed affordability etc

Hi harvey115, thank you for the LTV %

Great people on here :T

Dave_Ham

You are most welcome, most on here will try to help!

Did not also ask previously, do you have an income and how much?

This will need to be pre-agreed in advance or put through a manual process with a Building Society.

That said, I would say given the information provided that it is challenging but achievable on fairly standard rates.

Shame about your core bank accounts though, as no scope there with those two - I would be surprised if Santander are even lending to staff at the moment!

Dealingwithit

Hi Dave Ham,

I have permanent FT work for last 6 years on £27,168 + bonus of £856 - I have Credit cards to pay off big one £11K + £6k on two others but nothing else - no loans, etc - nothing for hubby only phone contract.

Hubby earned £19K PA previously £26K PA but killing him by doing 16 hours a day 6 days a week!!

Thank you Dave Ham

Dave_Ham

You are likely to need to repay at least some of the unsecured credit from the sale proceeds (in my opinion) but I am surprised neither broker has found a solution yet...

I would give them a gentle nudge..

Good luck