Wife is teacher on fixed term contract

NIFTB

Really? I knew they lent up to 90% but didn't consider them yet as they don't seem competitive! When I do their quick calculators they seem to suggest they can lend us more than we need.....but I guess that's why it's only a quick calc....the saga shall continue!

saverbuyer

NIFTB wrote: »

Really? I knew they lent up to 90% but didn't consider them yet as they don't seem competitive! When I do their quick calculators they seem to suggest they can lend us more than we need.....but I guess that's why it's only a quick calc....the saga shall continue!

The N.I. lenders have always offered 90% on new build. Most of the GB ones don’t. I think you'll have to go with an N.I one.

Also they are quite conservative with lending on commission based earnings.

NIFTB

The way my bonus works it is pretty much guaranteed, employer says they can write letter to confirm that.

I think my main worry is the acceptance of my wife...

saverbuyer

NIFTB wrote: »

The way my bonus works it is pretty much guaranteed, employer says they can write letter to confirm that.

I think my main worry is the acceptance of my wife...

Same thing with my wife's billing bonus(never been under x), most of the N.I. lenders would only take a percentage of it into account max was 50%.

I would look at contacting one of the local brokers. I honestly don’t know how your wife’s temporary employment will affect things but as I say, they do seem to be more conservative.

NIFTB

***Update to my situation ***

Been accepted for a mortgage for £161,000 with Ulster Bank based on my wife's current employment status (contract to June 2015 but has been told will be either made permanent or another 1 year contract - however can't put this in writing yet!).

We have spotted a house now at £220k and can get to 15% deposit (new build house so we need to push to 15% deposit) - updated earnings are:
Me:
Salary £30,168
Car allowance: £4,932
Bonus: roughly £15-20k per year
P60 earnings for 2014/15 will be about £62,500

Wife
Salary: £26,400

Outgoings:
Mobile £45
Car PCP: £475
No other debt
Both excellent credit reports

Based on above and my wife's employment history (teacher, always had work over past 6/7 years) do we look ok for getting a mortgage? We also have a problem as she does not have a written 'contract of employment' her principal has just provided a letter saying she is in employment u til August 2015....

************************

saverbuyer

Looks like Ulster Bank hasn't taken your wife's earning into account at all it they are only willing to lend £161,000.

NIFTB

Sorry my fault....we were originally going for a house at 179k with 10% deposit so it's not their max....now we are going for house at 220k with 15% deposit and new build also.

Problem is my wife's employment contract...she is teacher fixed term but the principal didn't update the contract to say she is there until August 2015 (and almost certain to be extended).....so we are in limbo until that is sorted and if not sorted bt end of next week it means contract has less than 6 months left...