We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Declined for a mortgage, twice?!
davidjames_96
Posts: 11 Forumite
Hi everyone,
Me and my partner have been declined a mortgage twice in the past week. We have a 10% deposit, passed all credit checks etc only we cannot secure a mortgage because my partner has a 12 month fixed term contract and no employment history (she only finished uni this summer and becomes a primary school teacher in September, hence the 1 year fixed term contract - standard practice in the profession for NQT’s).
Would it be worth asking our mortgage broker if we could speak to his contacts at the bank ourselves in an attempt to talk about the situation? We’re desperate.. the head teacher has even agreed to write a later saying that the position will ‘likely’ become permanent (they can’t say for 100%), would this help change their mind when they have asked for a permanent contract instead of a fixed term one?
Thank you in advance!
Me and my partner have been declined a mortgage twice in the past week. We have a 10% deposit, passed all credit checks etc only we cannot secure a mortgage because my partner has a 12 month fixed term contract and no employment history (she only finished uni this summer and becomes a primary school teacher in September, hence the 1 year fixed term contract - standard practice in the profession for NQT’s).
Would it be worth asking our mortgage broker if we could speak to his contacts at the bank ourselves in an attempt to talk about the situation? We’re desperate.. the head teacher has even agreed to write a later saying that the position will ‘likely’ become permanent (they can’t say for 100%), would this help change their mind when they have asked for a permanent contract instead of a fixed term one?
Thank you in advance!
0
Comments
-
As a mortgage broker you should not be naming specific lenders for people on the forum. You are implying advice without a fact find and could find yourself in bother - schoolboy error.
Suggest you edit.
You clearly haven't read my footer....
Naming a lender option is not implying advice at all.I am a Mortgage Broker.
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice0 -
If you were declined for a reason like this once, you should have checked with the second lender before applying really.
A broker should be able to place it.
YHM, by naming lenders you are opening yourself up to a complaint. We only have limited information to go off on here and by suggesting a lender it could be seen as leading. You know what our industry is like at the best of times, it's not worth risking your livelihood.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Teachers Building Society specialise in this situation but highish interest rates - maybe look into them.
Halifax appear to be one of the more understanding lenders.
However the applications may now be a little bit of a worry. Maybe ask your mortgage broker about the two I mentioned (unless these are ones you've applied for) and see if they have a reason why they haven't done it.0 -
You clearly haven't read my footer....
Naming a lender option is not implying advice at all.
I am well versed with it. It doesn't change anything. You shouldn't be doing it. And of course it is implying advice. Everything you say as a mortgage broker / adviser is implying advice when put as bluntly as you did.0 -
I am well versed with it. It doesn't change anything. You shouldn't be doing it. And of course it is implying advice. Everything you say as a mortgage broker / adviser is implying advice when put as bluntly as you did.
Mike has a point here YHM.
When it all goes wrong and someone says 'he told me they were the right Lender', you don't need the FOS crawling all over you.
Unnecessary risk in my view.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards