Temporary contracts and heartbreak

Laylaburrows

Hi everyone,

Me and my boyfriend have already got an AIP but that was with his old job.

It's been a few months since then and now he has got a new job but it's only a temporary contract. He is earning double the wages per month he was in the last job but we just can't get a mortgage.

Is there anyone out there that will give us a mortgage? Help!!

Thrugelmir

Keep saving the deposit and looking for permanent work. Frustrating as it maybe.You'll find something in the end.

Laylaburrows

It is so frustrating we have reserved a plot and everything and now we are going to lose it all.

How can we be earning more money but not get the mortgage!!

Caz3121

Laylaburrows wrote: »

How can we be earning more money but not get the mortgage!!

when does the temporary contract end? any chance of being a permanent job at the end?
from the lenders perspective, his income could go to £0 at the end of the contract

NotSuchASmugMarriedNow

Lenders really dislike temporary contracts and probationary periods and in a way you can see their point. The employee has absolutely no rights and can easily be made jobless.

SophieMarie1

Which lenders have you tried? I'm in a similar situation as we've reserved a property but I'm on a temporary contract. We got a DIP from Nationwide, although who knows for the full mortgage! They wanted my employment history for the last 3 years and my contracts for previous and current job. Speak to a mortgage broker as they are good at knowing which lenders will consider temp contracts and what they require. Good luck!

Laylaburrows

We have spoken to a financial advisor, we have been told lenders won't go near our situation because of the temporary contract more so because he has only been in the job 6 weeks!

It's hard to take because we have fallen in love with the house and feel like everything is being taken right from under us! It was in touching distance!

AnotherJoe

It's hardly surprising that if he's on a temporary contract and has only been there for six weeks lenders don't regard it as a safe bet !

Perhaps you weren't to know but arguably you started looking too early, and you certainly were premature to put down a deposit before you knew you could get a mortgage.

Find a broker and find out how long a history of being paid he'll need before the new salary can be taken into account, then base your plans round that, in the meantime, save.

ap1985

I would still suggest speaking to a Broker...they should know best...however, usually lenders frown upon temporary contracts...

FitzWilliams

My wife and I got approved today for a mortgage and she is on a fixed term contract. She's worked at her company since last year though. He will probably have a better chance of getting a mortgage after working for the company a little longer.

Laylaburrows

We have tried applying with a guarantor now too that came back with bad results too!


Our last option now (is it even an option) getting it in my own name and Him getting a loan to ecover the rest.

Is that even do able? If he isn't named on the mortgage will the lenders go for this?