Can I get a mortgage with this unusual temporary contract?

pipsqueak-mouse

Hi all, new poster here

Me and my partner are looking to move with the Help-to-Buy scheme. We will have a 5% deposit regardless as my parents are lending to us, plus the 20% Help-to-Buy, so all in all a 75% mortgage. The property will likely be around £150,000 due to it being a new build.

I am self-employed at the moment and have been since September 2013, as well as part time (less than 16 hours) as a waitress with a company I have been with since October 2012 (used to be full time).

My partner is currently in a fixed contract job, but it keeps being extended (mainly due to poor planning, but hey, keeps him employed longer!) He is looking for permenant jobs but obviously doesn't have one yet.

Does anyone know our chances for getting a mortgage? My self-employment and employment combined is about £800 a month, but will drastically increase in the coming months due to development of the self-employment side, and my partner is on about £270 a week.

Thanks in advance!

kingstreet

You'll need a broker for this, his fixed term contract and your recent self-employment are going to make this difficult.

pipsqueak-mouse

At the risk of sounding extremely uneducated, what do you mean by a broker? How would be go about this?

kingstreet

In the pecking order, you have lenders whose employees can only talk about their employer's products.

You can have limited panel advisors, such as a national estate agency chain, where products may be selected from only a few lenders.

Finally, you have brokers who will look at the whole market for lenders/products which pay them commission. You would have to research "direct-only" lenders/products yourself, unless you hire the broker on a non-commission basis, where you pay them a bigger fee and any commission is rebated to you. Then they will look at all deals.

Ask friends and relatives for a recommendation.