Impatient and frustrated. Should we try?

marliepanda

Is it worth trying?

Long story short. Seen the perfect house at 185k. Joint salary is currently £40-46k (partner gets dividends, so currently judging it on 40k although actual income is more like £46k)

We have 10% deposit which could be topped up by family inheritance but not relying on it. Santander/Barclays and some others have suggested lending around £177k is possible, so should be possible with the 10%.(not sure if relevant but we both have good credit history, no defaults or anything and no debt)

The problem: I am currently working full time on a temp contract which ends mid August. Shortly I will be offered a permanent contract from August but at the moment this is only three days. It MAY increase before August, it will definitely be FT permanent from next march. But at the moment, it's not. Current salary £19k, 3 days will roughly 12k)

Is it worth it. I tried not to look at houses because I knew I'd get my heart set on something.. and I've gone and done it.

ACG

Can you get a letter confirming you will be offered a permanent contract with what your wage will be?

kingstreet

How long have you been working for this employer on fixed term contracts? How long have you worked in this sector?

marliepanda

kingstreet wrote: »

How long have you been working for this employer on fixed term contracts? How long have you worked in this sector?

I've worked for local authority's for five years previously as a teacher. I have worked at this place for 6 months and this has been extended an initial 3. So it'll probably only count as 6 months.

Not sure if a letter confirming permanent status and salary is possible as although the job is 'mine' I'm not sure how 'public' that can be. However the retirement plans are in and the hours are there.

marliepanda

ACG wrote: »

Can you get a letter confirming you will be offered a permanent contract with what your wage will be?

My three day contract should be 'imminent'

When I get that, I can ask regarding the increase from March. I feel that will be okay.

I guess I'm just panicking my dream house will go before I even get my three day contract (which is from August, working full time until then)

ACG

If your combined income is £40k based on the 3 day week you should be fine with that contract as it should pass affordability (based on quick basic calculations).

marliepanda

ACG wrote: »

If your combined income is £40k based on the 3 day week you should be fine with that contract as it should pass affordability (based on quick basic calculations).

Based on three day sorry it would be £32-38k depending on how much of his dividend income they take into account.

As I said making more of a deposit is more than possible, however, if they won't look twice at me for a mortgage then what's the point

Currently I'm on a full time temp contract which will drop to three day permanent from mid August. Things may change and make the FT contract happen sooner (if someone leaves for example, and two are applying for other jobs) but that's not a certainty.

marliepanda

Does anyone else have any experience of obtaining mortgages on a temporary FT contract?