Any mortgage experts to help two FTBs?

Kia89

Hi there, I was just wondering if anyone could provide us with some mortgage advice...and I know many people are in the same position but I feel I need to have a rant about how difficult it is to get a mortgage in a climate where hundreds of jobs are temporary!!

I finished university two years ago and since then my partner and I have been desperate to buy our own house together. Due to cuts in NHS funding (would not recommend starting a career in the NHS at the moment!), I have unfortunately not yet been able to secure a permanent contract, and have had gaps where I've worked for other companies in between working for the NHS. I was only ever out of full-time work for a month.

I've been in my current post for 8 months & have another 3 months to go before my contract ends. So unfortunately do not meet the lending criteria offered to temporary contract workers by most banks!

My partner has a permanent job but on a low income wage of £14000, totalling £16000 with an annual bonus.
We both have great credit scores as checked on Expedia.
We do have credit cards but are in a position to pay these off fully.
Car finance of £100 monthly with 2 years remaining but no other loans.

We are quite unusual first time buyers (and extremely lucky) as we have a max of £70,000 to potentially use for a deposit, having recently come into some inheritance money We are looking to buy a property between £100,000 and £115,000.

Have just got off the phone with Halifax whose online calculator showed we could borrow up to £48,000 and whose mortgage advisor initially sounded very optimistic, expressing we shouldn't have any problems with such a large deposit! He also said that even though my contract was fixed term, my additional wage would look favourable. however they now tell us that our expenditure exceeds our income (obviously only based on my partner's wage) and we can only borrow £20,000 but providing we pay off the car finance too. That isn't 3 times £14,000 so I'm struggling a little to see why they're only willing to lend such a minimal amount. The mortgage advisor too expressed that he was surprised.

Our mortgage would be approx £200 per month if we borrowed £45,000. We have been paying £600 rent down the drain for 18 months now and it's unbelievably frustrating.
The best advice Halifax offered me was to come back if I have worked 12 months in my fixed term contract and have another 6 to go. However this may or may not happen

Would anybody recommend that we seek advice from an independent mortgage advisor, or other banks, or is it just not going to happen till i get that inexistent permanent contract?? I thought halifax was a good choice as their lending amount appeared slightly higher than other banks and societies... I know the problem is my partner's low income, but is there anything else we can do to convince the banks that affordability is fine?

Sorry for moaning!

Dave_Ham

Hi, from the information provided; I would almost guarantee that a half reasonable broker will find a good solution..

Assume you do not have kids?

I ask as the halifax issue does not stack up, although on lower incomes they do not necessarily lend to the same multiples..

Good luck

Kia89

Nope no kids yet. Really just wondering whether to persevere or hang fire till there are two permanent incomes. Thanks