Small LTV mortgage on a one year temp contract.

CFELH

I currently have a mortgage offer from HSBC for £40k; however, the house fell through, and I’ve since been offered the chance of a career move.

But there is a catch. I will be moving from a permanent position onto a one-year contract (better prospects for the future etc). I’m aware that obtaining a large mortgage on a temp contract with no guarantee of an extension is slim to none.

My question: Would a lender take into account my £170k contribution against a £20-30k mortgage? I’ve asked HSBC and they have no means to answer this question unless I start the application process for their underwriters to consider

Any advice from mortgage brokers on where to go would be much appreciated.

CFELH

I'll take advice from anyone at this stage 

MovingForwards

Lenders like to see a history of contracts, not just the first one.
Speak with a broker just in case there's a random lender who thinks differently.

Thrugelmir

CFELH said:

My question: Would a lender take into account my £170k contribution against a £20-30k mortgage?

Equity doesn't pay the bills. Cash does. For the amount you are borrowing the total costs of recovery. Doesn't make advancing such a small sum worthwhile. I'd rethink the plans. Which is more important the property or the career opportunity. 

CFELH

Food for thought.