Contract work and first time mortgage

13 Posts
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
Greg
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
Greg
0
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Replies
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.
Thanks,
Gary.