Can I get a mortgage with a fixed term job?

cymru_am_byth_2

Hi all,

Myself and my girlfriend are looking to buy our first house.

The house we want to make an offer on is valued at 94,950 but we'd hope to get it for 92k so we'd need an 80k mortgage. We have max 17k deposit but we'd like to save some of this for home improvements and fees

I currently earn 15,200 p.a gross but i'm on a fixed term rolling contract and have been for 3 years now. My current term is due to end 31 March 08 but it is likely to be extended. In Oct 08 I will have been fixed term for 4 years so will either be let go, or made permanent. Will i need a guarantor mortgage? My father has agreed to act. His income is approx £1,200 p/m with no outstanding mortgage or debt.

My girlfriend is a teacher in permanent employment but is only part time on approx £9,500. Although she also does supply so this will boost her income somewhat.

I have no loans or credit cards only my student loan which is not being repaid yet.

Any advice welcome. Thank you

herbiesjp

You should be fine in terms of meeting lenders criteria and getting normal high street rates - assuming no bad credit history.

The only word of warning here is based around your job - do you think they will make you permanent? If they don't, how quickly do you think you could find another job?

MortgageMamma

There are lenders who could potentially look at this for you, skipton building society, chelsea and accord all take people on who are not on permanent contracts. very much depends on the nature of your a job....are you an IT/Building contractor or a teacher or something?

As herbiesjp rightly says though, you do need to consider how you would pay the mortgage if your contract ended.

I don't think a guarantor is necessary in this instance.

MM