First time buyers - contract jobs

nmg24

Hi all,

My partner and I are desperate to buy a house - we're recently out of uni and live in a city that is very expensive to rent in (£10,000 a year for a 1 bed flat!) My partner's parents have said that they could help her with the deposit, and I myself have some money that I have saved too. So, we would probably be able to make up 15-20% deposit.

We are both about to start work, and both on 1-year contracts (I will be earning £20k, she will be earning £16k). I was just wondering if anyone had any experience getting a mortgage on a contract without extensive work experience in the field that they are looking into?

Thanks!

YHM

If you are on your first contracts, you will struggle to identify a lender that is comfortable with the risk the income may not sustain. Generally, lenders will want to see either a history of working in the same line of work or a record of contract renewals.

karasdfghjkl

Congrats on graduating!

My partner and I were in very very similar circumstances this time last year, I was on 22k on a 12 month contract and he was on 17k on a 6 month contract and no mortgage lender would go within a mile of us!

Now (a year later) my employer has made me permanent and we have access to more mainstream lenders (we have a DIP with Nationwide) now my partner has been working for 1 year and has at least 6 months left.

I know its not the best news but believe me those 12 months go very quickly and gives you lots of time to save (which you'll need!)

Hope that helps!