Mortgage companies that manually underwrite??

ACG

Bridging loans are not cheap.
No idea what rate he will come back with 0.65% per month maybe?
Typically legals fees which are more expensive than normal mortgages.
Typically 2% arrangement fee
Valuation fee
And then usually another fee or 2 for which I think they have a random name generator when coming up for names for them - facility fee, packaging fee, processing fee are among some that I have come across.

I hate doing bridging, they are an answer to a problem but I almost feel guilty when I do them.

Mummy_Bean

Yea thought they would be pricey and not really a route I want to go down. Borrowing of family would be much cheaper just the cost of remortgaging in 6-18months time.

I spose I naively thought that because I had had the exact same job before (just for a different bank) that it would show that I clearly have a chance to get work at the end of the 12 month contract.

ACG

Have you spoken to the bank you work for?
When I worked for 2 banks there were exceptions that could be made if you knew somoene high enough with enough clout to get it through for you.

It might be worth investing in an apple or 2 and taking them in to the boss.

Mummy_Bean

I had a staff mortgage before so that was my first call but I am now working for one of the big 5 high street retailers and they No quite firmly.

Just a call from the L&C guy and after a day researching he said it would be impossible to get a mortgage including my salary. That everyone he spoke to would need me to have done 6 months of the contract with a further 12 months remaining - pretty difficult when it only a 12 month mat cover.

I have send call back requests to two 'specialist' but they all seemed IT focused but will see what they say.

Seems I may be spending the weekend visiting grandparents and playing the lottery

Mummy_Bean

Well I have been told categorically there is absolutely no way I can get a mortgage using my salary for at least 6 months and this was from a specialist contractor mortgage adviser - simply for the fact that I was made redundant and didnt get a new job straight away because I was on maternity leave. The fact i can prove a long history of working in the exact field means nothing.

gutter - so looks like we will be loosing the family home that been in the family for 100 years.

Mortgage_Mark_2

That sounds odd....the lenders we deal with don't (and I don't think they CAN) discriminate against gaps in employment history due to maternity leave..!? How long did you take off?

Mummy_Bean

Well I took the standard year but I was made redundant half way through they said therefor I dont have continuous employment.

When I was made redundant I could have walked straight into another job but as was on Mat leave choose to take take the rest of my leave off. Mat leave officially ended Friday and I start new job on Monday.

All the mortgage advisers said to get a mortgage on a contract I needed to prove two years continuous employment prior to receiving the contract.

So frustrating as I turned down a different job earning half as much but was perm to take this one thinking it would be better. - fool is me.

Thrugelmir

Mortgage_Mark wrote: »

He clearly doesn't understand contracting at all, the finance industry is rife with contract workers.

Most people would clearly understand the terms of a maternity cover contract and the total uncertainty at the end of the contract term. Suggesting anything to the contrary is disingenuous.

Gentoo365

The data protection act gives you the right to have an automated decision reviewed by a human. That person must look at the facts and consider your arguments and explanations.

...of course if you are declined because your situation is outside of their policy this is not relevant. From your brief description of the situation it seems that you fail based on responsible lending criteria. Which will be set with agreement with the regulator (or at least the regulator would have seen the lending policy). So it would be difficult for them to make an exception.

Although I tend to agree that in many industries (inc. Finance and IT) there is not really that much difference between perm and contract in terms of job certainty. It would be nice if banks and building societies could have some leeway, but in the current regulatory environment it is more likely that decisioning remains cautious.

Mortgage_Mark_2

Thrugelmir wrote: »

Most people would clearly understand the terms of a maternity cover contract and the total uncertainty at the end of the contract term. Suggesting anything to the contrary is disingenuous.

I completely disagree. The OP is talking about a break in contracting due to being on maternity leave herself, something that a broker with decent knowledge of contractor mortgages would know how to get round without too much trouble.

A 1yr maternity contract is no more or less certain to lead to further work than any other 12 month contract.