Mortgage on a fixed term contract

Little_Vics

Hi,

Long story short - I currently have a joint mortgage with OH, minimal debts, loan-to-value ratio of 60% on the house, but I'm on a fixed term employment contract until mid-2015. This is very normal for the line of work I'm in, but we are struggling massively to find a mortgage lender who will accept a joint mortgage application for a fixed deal.

Any advice/ideas?

xLV

kingstreet

Use a whole market broker.

Lenders tend to like a history in the same job/career and/or contract to have been renewed at least once and/or a fair time to go into the future.

There should be plenty of options. Who have you approached that this has become "massively" problematic?

Little_Vics

Hi,

Halifax (who we are with), our bank (HSBC), and a local broker who basically told us we had no chance. Is he wrong?

kingstreet

I can't see anything which would make me think this would be an automatic decline. Back end of last year, I got 90% approved for a teacher in his first one year fixed term contract 9/13 to 9/14.

He head taught for a few years on a permanent basis and the lender was happy with the two things, overall.

I don't know your overall situation, other than what you've said, so I'd be looking for another broker if I were you.

Is there any other issue you haven't mentioned?

Little_Vics

nope - no other issues at all. Thanks so much for the advice - I'll find another broker!

Paully232000

I would second a broker.
We got one as Im on a 2 year Fixed term contract and partner perm contract.
ended up with a good deal of 5 yr fixed rate 2.99% 75%LTV. Mortgage company would only deal with brokers, but all worked out well and only cost 299 in broker fee. Best money I spent.

Little_Vics

Thanks Paully - can I ask which lender you're with?

Paully232000

Little_Vics wrote: »

Thanks Paully - can I ask which lender you're with?

Yes I am with Accord, who are part of the yorkshire building society.
People will tell you horror stories about them being difficult, but we (and i can only speak about my experience) had our mortgage approved with a good fixed rate in 4 weeks. To be fair to them they did ask a lot of questions to our broker, and asked for information not all at once, but it states on their website that application to offer is 4 weeks and that is what it was.
You cant go to them direct though.

Little_Vics

Thank you - very helpful!