Mortgage worries!!!!!

[Aarti96]

Hello everyone!

Out of desperation I’ve decided to come into here for some help…

Currently trying to buy my first property, we found a house we liked and put in an offer, which was accepted.

However, our broker has only just told us that it’s a massive problem that I am on a fixed term contract…I’ve been working in this post for 7 months and my contract has just been renewed for another year. My partner is on a normal permanent contract.

The broker is adamant that no lender will give us a mortgage UNLESS we give a much higher deposit, which would mean we would spend every penny of our savings.

However, I’ve been doing my own research online and it seems like it is possible in some cases?

I just wanted to hear from anyone else who has been in a similar position and has been granted a mortgage. Maybe I need to find a different broker or go to the banks directly?

Any advice would be greatly appreciated :)

When we bought our first property (2016) I was one month into an 18th month fixed term contract. It was my first "proper job" post uni. Had a 10% deposit. Didnt get the best interest rate because a lot of banks wouldnt lend to me. We used a broker, perhaps a different one might be able to help you?

My son and his gf are in the same situation. Their mortgage broker has got them a MIP and given them a list of lenders that will lend to them. They have gone for RBS for a fixed 2 year rate. I think the rate is higher than you’d get at say nationwide for example. They have 10% deposit. Are you anywhere near Guildford? Happy to message his details if so. Good luck it’s so difficult xxx

Mortgage brokers don't deal with all lenders. When your broker says no lender will give you a mortage unless you provide a higher deposit, what they mean is that none of the lenders they deal with will do so. Try another broker or go direct.

Thank you so much for the responses. I’ve arranged a meeting with another broker tomorrow so will see what they say. Hopefully they’ll be able to find a lender with an ok-ish interest rate!
@NoLongerATeacher I’m living in south London at the moment! Not sure if the broker covers that area?

Would anyone be a guarantor?

I got a mortgage with Natwest on a fixed contract.

A telephone / online broker you could ring is London and Country and ask them as a general query - without obligation - whether they know of any lenders who will lend in your circumstances. I've found them quite open and helpful in the past and without having to sign up and apply through them - although you could do so if you wished. They are a fee-free broker and are open and transparent about the market they cover.

Another well-known broker is John Charcol but I haven't any direct experience of contacting them and I don't know how they operate, fee wise or market coverage etc.