Mortgage whilst on a fixed contract

Stenwold

Hi all

My partner and I are looking to move into a bigger property. We've currently got a mortgage with HSBC on a fixed rate, so would be looking to port this plus borrow an additional 60-100k. However, her circumstances have changed and is now in a new role which is a fixed contract for 2 years working in the public sector. She's only 9 months in to this contract, but HSBC need to see two years of continuous earning before it can be used as income. The ERC works out to about £1,400 which we are prepared to pay and go elsewhere if it means not having to wait another 13 months to move. Does anyone know of any lenders that take a more relaxed approach to accepting income from a fixed contract?

N.B. although it's purely anecdotal and nothing that we can hold her employers to, they have made it clear there will be plenty of continuous work for her in various departments when her two years is up, so we aren't worried about the risk of there being no income coming in at the end of this contract.

jamielutz1987

@Stenwold Was she working prior to the current contract? If yes, was it in the same field/similar job and for how long?

Stenwold

jamielutz1987 said:

@Stenwold Was she working prior to the current contract? If yes, was it in the same field/similar job and for how long?

Yes she's been in continuous employment since leaving uni (about 15 years ago). The job is fairly similar, Project Management, but as she's moved from working in the Arts to local council funding, HSBC have said the job field is too different to be able to look at the continuous earnings.

jamielutz1987

Based on that, and the fact that there's still more than a year left on the current FTC, I definitely think you should have mainstream lenders willing to lend. In your place I'd get in touch with a broker rather than try to DIY it.