FTB on fixed term contract. Best chance of a mortgage?

househoping

My husband and I are hoping to buy a house ASAP, but my husband is just finishing a full-time uni course and his new job, which starts in September, is a fixed term contract for one year with the possibility of being made permanent.

My question is, is there much chance of us being able to get a mortgage while he does not have a permanent job (say, once he is over 3 months into the contract)? Or do we need to wait until he has been in a permanent job for a few months? Also, would a broker be our best option?

Some background info.:
Our combined salaries will be around £43000, we have a £35000 deposit saved and are looking to buy a house for around £170000. My husband's credit history is excellent, and mine is good - no hidden nasties. The only debts we have are student loans and our monthly outgoings are very low (we've been saving hard for four years!).

Any advice you can give would be much appreciated! Thanks

RickyC_IFSWP

Yes, see a broker.

I think he'll be seen as self-employed by the lenders, so would require minimum 2 years' accounts. Given this, best bet is to wait until he passes probation period once he's offered a permanent role.

Saying that, depending what your salary is, you could consider getting a mortgage in just your name? All the best.

househoping

Thanks for your advice. Would they really see him as self employed even though he's a teacher and will be employed by the council? Also, if the job is made permanent after say six months, and he is no longer in a probationary period then would that be accepted by mortgage companies or would they see it as a new job starting from when it was made permanent?
My income is around £22000 so not enough to get the size of mortgage we were hoping for on my own.

RickyC_IFSWP

househoping wrote: »

Thanks for your advice. Would they really see him as self employed even though he's a teacher and will be employed by the council? Also, if the job is made permanent after say six months, and he is no longer in a probationary period then would that be accepted by mortgage companies or would they see it as a new job starting from when it was made permanent?
My income is around £22000 so not enough to get the size of mortgage we were hoping for on my own.

He should be ok as long as he's employed and has a permanent contract in place. So if his job was made permanent 6 months down the line with no probationary period, then he's good to go to apply for the mortgage.

househoping

Just to clarify, we will not get a mortgage while one of us is on a one year contract?

On a different subject, what are the differences between a mortgage broker, a mortgage advisor and an IFA (apart from obviously IFAs don't just deal with mortgages)?