Mortgage for post-doc

asc1991

I'm in the midst of a mortgage mess and any advice would be very welcome. I am at risk of losing an excellent house which I have managed to get at a very good price indeed.

I had an AIP with Natwest, but they declined the formal application based on job history as I technically wasn't 'employed' during my PhD.

I have just finished a 4yr PhD, after finishing I had a 1-month break before starting a full-time job at the same place I did my PhD. I have been in that job since Jan 2nd 2018. So I have been working at the same place for 4 years, just most of that has been on a PhD contract.

As a first time buyer, I have had an offer accepted on a £230,000 property. I am aiming for a 25% mortgage but could perhaps push up to 40% if absolutely necessary. I earn £30k a year plus have income from savings (dividends, interest, appreciation etc.) of around £5000 (although very hard to show on paper). I have a perfect credit score with no debts.

This issue is two fold (1) Natwest were the only ones who originally seemed happy with lending me as much as I wanted and (2) Despite being paid during my PhD it does not legally count as 'income', hence why they rejected my application.

[STRIKE][/STRIKE]

juniordoc

Where are you in the purchase process? Survey done, searches applied for, is it in a chain?
Presumably once you have 3 pay slips at the end of march with "propper employment" Natwest would reconsider?

asc1991

Thanks for the reply.

Offer made a week ago. Seller is ready to move asap.

It's a lot to spend on solicitor fees if it were to fall through...

juniordoc

Ok so may be worth seeing if 2 Pay slips will be enough for natwest to go on. Our chain free purchase took 11 weeks with both parties keen to exchange asap so you might not struggle to wait for your 3rd pay slip....

ksmokey

I think Natwest will require a minimum of 6 months in employment.