Which lender will take me?

Jahoooly

Hi all,

I'm in the process of applying for a Halifax mortage as a first time buyer (2 yr fixed rate, 75% LTV)

I've put an offer in on a share of freehold flat which was accepted. But now I'm worried I won't get accepted for a mortgage!

My main issues being -
I'm on a 2 year fixed term employment contract, with 15 months left to run. I am not a contractor, this is a grad scheme which aims to transfer you on to a permanent contract at the end (provided you find a job in the organisation). This also means I have only been employed for 9 months - previous to this I was at uni
I have a gifted deposit (from a close family member)

I have a good credit history (always pay credit card off in full etc)

Which mortgage lenders are lenient towards this type of application? Hopefully without extortionate rates. Sould I continue with the Halifax application (I have a decision in principle already)... I don't want to ruin my chances of getting accepted somewhere else by getting a rejection on my file!

Thanks for your help in advance!

The Halifax have requested most recent payslip, 3 months bank statements and employment contracts

ACG

Did you not speak to halifax before putting in an application?

Before you do ANY application or waste you time and the vendors time your best finding a lender who will accept your situation. Halifax might actually be a lender who will accept it but speak to them before you go any further.

Failing that go and speak to a mortgage advisor and get them to do the leg work for you.

Jahoooly

Yes I spoke to them, they said the underwriters will assess it but I'm afraid they're just taking a punt?

Simon_gloster

Freehold flat is the more worrying issue not the contracting.

Basic google searches have negative comments (unless in Scotland apparently). Looks like you need to own the whole building at least to buy a freehold flat. Others who are more legally minded will be able to confirm.

Is it definitely a freehold flat?

Jahoooly

It's a share of freehold - each owner owns a share of the management company that owns the leasehold. I was under the impression this arrangement is quite common?

amnblog

Halifax should do this for you without a problem. You have a good run left on your fixed term contract.

Stop using the term 'share of freehold flat' or the underwriter will have kittens.

You are buying a leasehold flat.

You will also pick up a share of the management company that owns the freehold of the block. This is perfectly usual and nothing to do with the mortgage.

Jahoooly

Ok thanks for the advice.. Will definitely make sure to clarify that with them.

That makes me feel a bit better... Fingers crossed