Contract work and first time mortgage

Hello Forum

I am looking to buy my first property in the next 12 months. My approximate circumstances will be:

deposit: £15000
value: £100000-110000, so loan value of £85000-95000
I have a credit card which will be paid off. I will have had it for 15-18months by the time I look to get my mortgage.
I am a single person, looking for a first-time mortgage. No dependents.

My employment details are the complication! I will be on a 20-24 hour permanent contract, so earnings of min £10500, with probable overtime of £1500, further optional overtime, and small bonuses approx £200.
I also work for a UK examining board, and have been doing this work, increasing in scope and income, since 2010, and in the financial year 2015-16 my gross income from this will be £13500. I have payslips and P60s going back to 2010.

So I am looking for a mortgage provider who will consider these circumstances. If anyone could offer any advice or point me in the right direction I would be very grateful, as both my current building society (Nationwide) and Virgin money (my phone sim-only plan is with Virgin) are unable to consider me!

With kind regards


  • Hi,

    This may be difficult - to borrow £90,000 over 25 years at 4% is £475 per month. If your guaranteed income is £10,500 per year then that is approximately £850 per month, leaving you with £375.

    To a lender it looks like 55% of your guaranteed income would go on mortgage payments.

    I know you have the overtime and other work but not all lenders will consider those - the overtime for example may not happen.

    You need to find a good broker, they will know the right lenders who will advise if it is possible for you.


  • ThrugelmirThrugelmir Forumite
    89.5K Posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Open a Help to Buy ISA and work as much overtime as you able in order to boost your savings. You won't be able to borrow that sum of money on your current earnings.
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