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Increasing our mortgage when bigger income is potentially only for a year?

(5 Posts)
OrmIrian Mon 10-Aug-09 14:41:03

We need to move. Current income isn't enough to buy a house big enough to justify the costs/hassle. DH is starting a teaching post next month and his income will increase by about a third. So we could afford to move. Will our mortgage company lend us enough (we've been with them forever) on the basis of a temporary contract, and is it a stupid risk? Does anyone involved in teaching know how likely DH's contract is to be renewed (assuming he doesn't balls it up that is)?

Lots of questions. Anyone have any answers please?

OrmIrian Mon 10-Aug-09 15:50:32

Anyone?

fivecandles Tue 11-Aug-09 20:14:09

What is the temp contract for? A year? And why to cover a mat leave or is this just what is done at the particular school? I'd be very careful. I work somewhere where 1 year temp contracts are becoming more and more typical esp. where there are reservations about the employee. Usually they end up becoming permanent but in the last 5 years there've been 2 that haven't and they had to look for other jobs after a year in my department alone. I think much better to wait until dh has a permanent job and rent esp with house prices continuing to go down.

hippipotamiHasLost55lbs Tue 11-Aug-09 20:19:40

Could you hold off for a year and wait until dh gets a longer contract?

I cannot imagine he would balls it up (based on what you have said) but with the economy as it is I would not take the risk....

OrmIrian Wed 12-Aug-09 11:17:40

fivecandles - He is going to be a yr 11 teacher in a Special school. It is the normal way of things in this LEA I think. He has been a LSA at the school for a year and the school is backing him to the hilt so I am not too worried that he will make a mess of things. But I guess it is still a risk.

hippo - I guess you are right. We will wait and use the extra money to save for moving costs.

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