Mortgage with Temporary contract

Hazelanne

Hey Money saving experts,
My partner and I are looking at getting a mortgage, I am employed on a permenant basis on £26k pa. He is on a rolling contract, (just renued for 6 months) on about 45k pa. We have £15k deposit saved. (I am aware that there are some 95% mortgages out ther namely the Save to Buy with Nationwide). I'm worried that with my partner on a rolling temporary contact we wont be able to get one? - does anyone know if this is going to cause us issues?
Thanks

Gary123456790

Hi,

95% mortgages are difficult to get, very difficult if you do not have permanent employment.

You might want to try http://www.contractormoney.com/ or a local broker.

Alternatively you need to save more i'm afraid.

You're likely to get declined and rack up several searches against your credit file if you try banks yourself.

You have good money coming in, around £3k a month at a guess? Could you save more?

What is more important, buying a house or a tv package, contract phone, gym, buying lunch...

Thanks,

Gary.

Thrugelmir

Are you looking to purchase a £300k property?

Dave_Ham

I do not fancy your chances on a 95% LTV mortgage, lenders are incredibly selective at this LTV.

90% LTV and there may well be options depending upon the detail.

Good luck

Hazelanne

Thanks for the replies, The property we want is about £200k... and whats a LTV mortgage.

New to all this. Thanks

kingstreet

The LTV is the loan to value. You work it out by dividing the mortgage amount by the purchase price.

ie £95,000 mortgage on £100,000 property is 95%.

On a £200k property, 90% is £180,000, 95% is £190,000.

Conrad

Some brokers will simply submitt your partners payslips and not mention the temporary contract status. If they want to take the risk........

Make sure you do not sign or acknowledge a copy of the application as the broker may use this as thier get out of jail card if the lender gets wind of the ruse.

I mention all this as some broker is bound to suggest this naughty route.

Some lenders may well take the case even with a temporary contract - Halifax can be pretty flexible in this regard, as an example.

Forget 95%.