To ask a stupid mortgage question?

[Slowerthanasnail]

We have a mortgage, taken out a few months ago. As soon as we completed on the property I switched to locum work as its so much better paid than permanent. We need to do some unforseen repairs on the house and I wondered if anyone knows if they would lend some additional if I am on a contract, if I can say that the role will be made permanent (it can be and work would agree to this). Or do I need to go back to permanent to borrow anything additionally? Ideally don't want to go back to permanent work as it pays so much less. Thanks for any advice!

The reason that locum work is paid more is because it is less secure, generally. You could theoretically have 6 months in a year with no work and then your income is a lot less healthy. Of course in the current circumstances maybe the idea of being out of work as a locum is laughable? That might make a difference.

In my recent experience, mortgage is based solely on income and evidence of this (2-3 years booked for self employed) or minimum 3 months payslips for permanent work. Even if I had a million pounds in the bank, no one is willing to mortgage to me on a 12% mortgage without this. 12% meaning I have 88% equity!

Our mortgage providers wanted details of 3 years of dp's income as he wasn't on a permanent contract, but were OK as he'd been earning a consistent amount over that period.

When you say 'locum' does that mean that you're a doctor or maybe a dentist?

If yes, are there any options via your union that recognise that you're unlikely to ever be unable to find work when you need it?

Ring your mortgage advisor and ask. So many variables here...your LTV, partners income, how many times your salaries you borrowed to start with. Or ring your bank and ask. Surely the worst they can say is no? They should be able to tell you their requirements.

Also, in addition to the above there is usually a minimum time you need to have had the mortgage before borrowing extra - mine was 6 months.

Thanks very much. I called and they said 12 months min as a locum (social work) or 3 months if I go permanent, so that solved that!