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Please help! Mortgage and part ex probs!!
bulldog14
Posts: 85 Forumite
I'll try to make this as straightforward as possible...
At the moment we are trying to sell our ouse that has been on the market for 6 months, with no joy what so ever!! We are getting reslly fed up now and need to get moving so are looking into part exchanging for a new build.
We have found a house and fallen in love with it!! It is the last one availible so time is not on our side. We should hear this week what the builders are going to offer us for ours.
Thr problem is that I am currently working on a temp fixed term contract for 6 months, and our lenders told me yesterday that they won't give me a mortage on my salary and will only take into consideration my partners, which is not nearly enough it buy a house (its less than our current mortgage!).
Has anyone got any ideas how we can get round this? Are there any other options for us??
I asked about a parent acting as a guarantor but that isn't going to work as they don't earn enough to do that or go on as a third person because of there own mortgage.
Would we be able to get a loan for the remainder of the cost of the house?? Is this a good idea?? Or would we end up paying way over the odds??
Can any one help us please???
Figures: We need a mortgage for about 160000, and currently they will lonly end us about 100000 on my partners salary.
At the moment we are trying to sell our ouse that has been on the market for 6 months, with no joy what so ever!! We are getting reslly fed up now and need to get moving so are looking into part exchanging for a new build.
We have found a house and fallen in love with it!! It is the last one availible so time is not on our side. We should hear this week what the builders are going to offer us for ours.
Thr problem is that I am currently working on a temp fixed term contract for 6 months, and our lenders told me yesterday that they won't give me a mortage on my salary and will only take into consideration my partners, which is not nearly enough it buy a house (its less than our current mortgage!).
Has anyone got any ideas how we can get round this? Are there any other options for us??
I asked about a parent acting as a guarantor but that isn't going to work as they don't earn enough to do that or go on as a third person because of there own mortgage.
Would we be able to get a loan for the remainder of the cost of the house?? Is this a good idea?? Or would we end up paying way over the odds??
Can any one help us please???
Figures: We need a mortgage for about 160000, and currently they will lonly end us about 100000 on my partners salary.
0
Comments
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In the current climate I don't think you've got any chance of getting a lender to give you the mortgage you require. Sorry.0
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unless you are in permanent employment it is very difficult indeed to see how any Lender will lend you more than the £100k on your OH salary.0
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Thr problem is that I am currently working on a temp fixed term contract for 6 months, and our lenders told me yesterday that they won't give me a mortage on my salary and will only take into consideration my partners, which is not nearly enough it buy a house (its less than our current mortgage!).
You've answered your own question. You have a temporary contract for just 6 months. What happens after 6 months if you can't find work? How will you pay the mortgage? This is a risk for the lender.
If you want them to consider your salary, you'll need to get a permanent contract, or have another permanent job lined up at the end of your 6 months temporary one.Should've = Should HAVE (not 'of')
Would've = Would HAVE (not 'of')
No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)0 -
Say you got the £160K mortgage,your contract wasn't renewed and you couldn't find other work at the same rate?
Sit tight, save up the extra money you would have spent on the higher mortgage and buy one of the houses you like when it comes up for resale and you are (hopefully) in permanent employment. It will probably be cheaper relative to yours in a year or two as new builds tend to be overpriced.0 -
When I got a mortgage I was on a 6-month contract. I was put on the contract purely to be mortgageable as up to then I was on a rolling contract. At the time, things were "easier" mortgage wise. I was offered 2.5x my salary (Year: 2000)
Find out how much of a contract IS acceptable, then speak to your employer to see if they will set your contract up for that amount of time.
e.g. they might lend if you have a 1-year contract
Realistically a contract isn't any more secure than a permanent job. Anybody can be called into the meeting room today to be told they're all being laid off and they've got just one month's money left to come in. But it is a perception and risk for lenders. Especially these days.0 -
Have you spoken to a whole of market mortgage broker to see if there are any lenders out there that will lend to you? That would be my first point of call.
PasturesNew has a good point in trying to extend the contract.
From the little information available in your post, I think it is too much of a risk for you to take on and the lender you have approached seems to think the same.0 -
Thank you all very much for your replies!! I think you have all confirmed what I already knew deep down but was trying to think positively!!
I think perhaps I should just wait until I am in perm work. I am constantly looking for a new job and don't think I will be out of work, as I will do take on any job to remain employed.
I don't think at this stage I have any chance of my employer extending or giving me a contract.
Jorgan- Good idea, but I am currently tied in with my Lendor, so would be hit with fees to pay if I looked else where.0 -
A self cert mortgage might be the answer.0
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Sorry if I sound stupid but how does a self cert mortgage work?0
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