First time Buyer Advice

Scott_92

Hi all, first post and new to forum (but always used it as my go to guide)

Let's paint a background first.

I graduated June 2014, employed August 2014 on 3 month rolling contract with salary of 25k. (bad start for a mortgage I know)

I have recently just accepted a new job in a senior position with a company and the salary will be 27-28k (overtime varies and my contract will state my core salary which is 23k)

However the issue with the new job is the company has been caught out in the past and now use an initial 12 month contract before taking someone on permanent, a probabtion period is how it was described despite the company probabtion period as 6 months.

Now I have been told not to worry about being on contract considering I was head hunted for this senior role, I know that doesn't mean much to the bank when asking for X amount of money but it provided me with comfort in taking the position.

Now down to business, I am looking at a brand new house (currently being built in a new development) which is 106k and I have a deposit of 25k

The advice I am seeking is; with my employment, will I be able to get a mortgage? and if so should I go straight to lendor or through a broker.

I am pretty nifty when it comes to savings, as can be seen from my deposit since I'm only 23, and would it be better going directly to who I bank with as they know me and my money better.

Also single, no credit and no independents.

Any advice is greatly appreciated from all your experts ��

amnblog

You need to know the Lender to go to in order 'to go straight to' them.


You therefore need a mortgage broker for this tricky case.

Scott_92

Yes I thought it may be a better option with a broker but also thought on the flip if it were my own bank the process would be easier.

As I wont be starting my new job for 4-6 weeks yet do lenders contact my employer to confirm my contract details? As I know if they contacted my current employer based on my 3 month rolling contract it would be a no.

Or do payslips suffice as proof of employment?

drdpj

Having got a mortgage with a broker, and done it myself, I would always go with the broker option if there's not a compelling reason to go direct (e.g. a rate that's absolutely unobtainable any other way). I can almost categorically guarantee that going to your own bank won't make the process any easier than it would be using a broker. If your bank doesn't lend to people on fixed term contracts with no long history of working in that role then it doesn't matter how long you've been with them, they won't lend to you. A broker will know what's what...

That's my two pennies anyway

amnblog

Scott_92 wrote: »

thought if it were my own bank the process would be easier.

Perhaps the most common misconception on this forum Scott.

Is is natural to think this would be the case but banking with your potential lender does not mean they treat you any differently.

Scott_92

Thanks for advise guys, think the broker is the option then.

From your opinion as advisors yourselves do you think I will get a mortgage? (Which is the main question) Taking in to account all info I've been able to supply.

Scott_92

Right I had an appointment with a highly recommended adviser in town.

According to him I tick all boxes to get an application accepted with the exception of one main one which is my new job contract.

This states I am employed on a "temporary 12 month contract with the view to becoming permanent", according to the adviser if it stated "employed permanently on a 12 month probationary contract" then we would have no issue in attaining an application.

I suppose my new question to you all is do you think I can approach my new employer (where I am yet to start) and ask if my contract can be amended to this?

Looking at it, it doesn't look any different from temporary even in a legal prospective. But I also don't want to cause "trouble" for my soon to be new employer in asking for this change?

What do you guys think? Am I mad even asking for this to change in my new contract?