First time buyer on a fixed term contract...advice please

rachelanders

Hi,

I am looking for a little advice - earlier in the year I was made redundant however found new work very quickly (just 2 weeks after coming out of gardening leave). My partner and I are looking to buy our first property. We have a 7.5% deposit and savings for all other additional fee's. However when looking into mortgages have hit a road bump due to me being on a Fixed Term Contract. I have 11 months left of the contract and confidence that it will be extended or made permanent but only towards the end.
My wage is the highest (£25k) and my partner is on (£22.5k). We currently rent and have been in the same property for 3 years, we are looking to move to something similar - but something we own rather than paying someone else's mortgage. We know our spending and are realistic with our money. We both have excellent credit ratings.

How difficult is it to get a mortgage when I am on a fixed term contract? And does anybody know of any lenders willing to do so?

Thanks

Munteoir

Hi,

Not exactly the same situation, but might give you *some* hope.

I got a 95% mortgage from the Post Office/Bank of Ireland while on a 1-year fixed term contract with only 5 months left of it at the time of application.
However, I already had this contract extended once before, which I believe has worked in my favour.

I was also asked whether I had worked in the same industry before and, realistically, how difficulty would it be for me to get another job in the same line of work.

How long have you been in your current job now? And is your partner in full time permanent employment?

Best of luck.

dimbo61

Keep saving as 10% will be better than 7.5% and if you can save 15% all the better

rachelanders

Thank you for your help! I haven't been in my current role very long however it is an industry I have been working in for 4 years. My partner's contract is permanent and has been working there for 2 years so far.