Mortgage company recommendations - non permanent contract

itsrachelhere

Hi there,

My husband and I are likely to put in an offer for a house, so naturally I am considering mortgages at the moment. In theory it should be nice and straight forward... Details as follows...

Property: £335k
Costs: Approx £15k

If we sell our house at the expected cost we should have £310k in the bank. I would still want to get a mortgage for about £80k because of the work required to the house, and also not wanting to use up all our savings.

My issue is that I work in Higher Education where permanent contracts are becoming a scarce commodity. I am not technically on a 'fixed contract', however I do have an open contract with a 'review date' which coincides with the end of my current funding stream. Now I have worked in my current role for over 6 years and the institution for a further 6 years on consecutive contracts and have never had a gap in my funding (will save the discussion about the unfair nature of my contract for another time..!). My problem is at this point I only have just over 6 months on my contract. Our HR is incredibly slow at processing new contracts (my last contract I didn't get through until a month after my old one expired, even though we had had funding approval 6 months previous), and I am worried this is going to affect me. In theory I have funding up until April next year, but it's not reflected at all on the document which matters.

Any suggestions of what to do here. TECHNICALLY I am on an open contract, and not a fixed term one. But do I declare that, and if so, will a mortgage provider view my contract as any different to fixed term? Any suggestions of providers to approach?

Oh and just for completeness, the mortgage I am after would be just over double my salary, so very comfortably within the general range of four times salary.

Thanks for sticking with this mammoth post!