Mortgages as a new/ locum employee

easilydistracted

Hello

I'm hoping people might be able to give me some advice on future planning for mortgages.

I started a new job a few months ago but absolutely hate it. I am therefore planning to leave and do some locum work. Due to needing a mortgage I'm also considering looking at other permament posts, but am getting tempted by doing locuming long term. I'll be doing this on a PAYE basis rather than self-employed.

I would be looking to start the mortgage process next June, by which time I would have only had my locum contract renewed once or be on my second contract with another employer. I'm thinking it may be more realistic to do one contract and then get a permanent job, but even then I will probably only be three months or so into the job when applying and still in a probation period.

What do you think my chances will be of getting a mortgage? I'm the main earner out of me and my partner. He has a permanent job but it does not pay well. Both our credit ratings are pretty good. I am a social worker and have been working in the field for six years with no gaps in employment.

I wondered also how it work with going to a broker, as we're not actually ready for a mortgage now, but if we get the advice much nearer the time then I will have already had to make the choices.

Thanks for any help :j

easilydistracted

Bumping in the hope someone can at least take a shot or point me somewhere else for advice?

Dave_Ham

Hi,

It is always hard to comment and add value when circumstances are not fixed and second guessing how they will change.

Ultimately the bigger your deposit as a percentage of purchase price, the more likely acceptance is.

Locum/contract work is not a showstopper, but it limits your lender selection and you are likely to require a broker as unlikely the highstreet lenders will have an appetite to lend.

Most brokers will not charge to talk through the situation, but most will be hesitant to invest too much time as not ready to buy yet and circumstances seem highly likely to change.

All the best

easilydistracted

Thanks for your help. We will be looking at 85-90% LTV so I'm thinking the locuming may be an issue and something I come back to in the future. I have locum and permanent interviews next week so fingers crossed!