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FTB Buyer as a contractor/Temp worker on shared ownership
JJMayer
Posts: 17 Forumite
Hi Everyone,
I thought i would like to share my experience so far with our buying process. Myself and my husband are applying for a shared ownership property as we cannot afford the full amount of a house. We thought this would be an easy process and boy were we wrong. We finally found our dream home after 2 failed attempts with a horrible company called property eagle, of whom do not tell you after you have been accepted after the first application stage, fail to inform you that you are still in competition/race with other applicants to get a property. The asked us for bank statements to get our mortgage in principle and help to buy number etc... we sent all of this over unknowingly there were other people doing the same. Low and behold we did not get the property as we weren't quick enough. No where in this second stage application did they tell us there were other people still fighting for this property and making us all obtain a MIP.
Any who... now we have found our dream home the next hurdle in our application process was my husband (permanent contract) was unable to get the mortgage by himself as the rent was slightly to high for the affordability assessment. The reason i was not going on the mortgage was because i am a temp contractor and only been in my role for 3 months. Our Mortgage adviser has been fantastic throughout the entire process and has not taken NO for an answer. Our next step is to add me to the mortgage! scary. We now are going to the underwriters to see if they will accept me on the mortgage because there is such a small margin of money needed. I have had to gather all of my payslips and p60's for the past 2-3 years to prove i am good for the money. I have also had a letter from my agency to state my hours and pay. We will be submitting this next week to see if we get accepted. I have never been so stressed in my life and i've moved house and gotten married in the same week!
Fingers, toes and everything crossed. Will update you when i have more.
I thought i would like to share my experience so far with our buying process. Myself and my husband are applying for a shared ownership property as we cannot afford the full amount of a house. We thought this would be an easy process and boy were we wrong. We finally found our dream home after 2 failed attempts with a horrible company called property eagle, of whom do not tell you after you have been accepted after the first application stage, fail to inform you that you are still in competition/race with other applicants to get a property. The asked us for bank statements to get our mortgage in principle and help to buy number etc... we sent all of this over unknowingly there were other people doing the same. Low and behold we did not get the property as we weren't quick enough. No where in this second stage application did they tell us there were other people still fighting for this property and making us all obtain a MIP.
Any who... now we have found our dream home the next hurdle in our application process was my husband (permanent contract) was unable to get the mortgage by himself as the rent was slightly to high for the affordability assessment. The reason i was not going on the mortgage was because i am a temp contractor and only been in my role for 3 months. Our Mortgage adviser has been fantastic throughout the entire process and has not taken NO for an answer. Our next step is to add me to the mortgage! scary. We now are going to the underwriters to see if they will accept me on the mortgage because there is such a small margin of money needed. I have had to gather all of my payslips and p60's for the past 2-3 years to prove i am good for the money. I have also had a letter from my agency to state my hours and pay. We will be submitting this next week to see if we get accepted. I have never been so stressed in my life and i've moved house and gotten married in the same week!
Fingers, toes and everything crossed. Will update you when i have more.
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