obtaining mortgage strategy required

blinko

Hi all,

I am looking to buy a house within 2 months after nearly a decade of saving and penny pinching.

One of the drawbacks is that I am on a temporary contract and have been for6 months I should've taken perm in September but obviously can't guarantee it...
So I have to be careful in terms of applying for a mortgage etc as this will appear on my credit file.

Do you think if i were to apply for a mortgage and the first one is rejected then this will mess up other mortgage applications likewise if I am accepted this may assist with following mortgage applications

I'm particularly interested in HSBC mortgage product, I know they're uber choosey

Thanks for your thoughts,

B

ACG

It will come down to whether you are made permanent or not I think.

HSBC have great rates, but they are fussy.
As for how much impact it will have is difficult to say as it will depend on the rest of the case. 1 credit check being declined beforehand should not be a deal breaker but nobody can give you that guarantee.

HappyMJ

A temporary contract shouldn't be a problem but not all lenders like them. As long as the contract has been renewed then it should be OK I'd just speak to a mortgage broker and find out their advice before putting in an application.

blinko

Re - PAYE temp contracts. Do you think that will be a deciding factor just for HSBC or across the market? As ideally I would like to avoid the dodgy/shark sub prime lenders.

Also do barclays/woolich accept broker recommendations? As they also have a mortgage product that I find quite suitable....

amnblog

Who are these dodgy/shark.sub prime lenders?

I thought that my labouring under reams of regulation was protecting the consumer?

ACG

amnblog wrote: »

Who are these dodgy/shark.sub prime lenders?

He must have heard about my friends in yorkshire... Accord

blinko

amnblog wrote: »

Who are these dodgy/shark.sub prime lenders?

I thought that my labouring under reams of regulation was protecting the consumer?

Haha it was more of a general comment aimed towards lenders that lend knowing that the individual cannot afford the mortgage

May be this is more pre credit crunch than now. But I still remember being able to borrow 6.5 x income through the estate agent mortgage advisor hhmm luckily I dodged that bullet.

Anyway I hope the point I am looking at making is ideally i'm keen to take advantage of the cheapest product on the market and HSBC fits that bill perfectly. If I cannot obtain the mortgage through HSBC it will effect considerably my strategy alas the lack of permanence at my work appears to be a major spanner...

HanPanStrawberryJam

Hi, I've just completed a house purchase as a first time buyer with NatWest (Congrats on the saving btw!!)

My OH is on a temp contract but we were able to provide his pay slips for the last 12 months to prove his income. The mortgage advice lady took his lowest pay slip and multiplied it by 12 to calculate his years wage and went off that I'm aware this probably isnt regulation or whatever but it's really just proof that if you go in with an open mind and dont worry about it, they will usually try their best to help you

Best of luck!

blinko

Also another question if I could be so kind to ask.

Is there a limit on the number of times I can apply or between mortgage applications?

Also when mortgage lenders do an AIP is it based on we will lend you X OR is it based on how much deposit and lending criteria you meet eg we will lend you £200k because you have £50k deposit and earn £35k