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Mortgage while on fixed term contract

4 replies

Soopermum1 · 27/07/2012 23:54

What are my chances of getting a new mortgage at the moment?
Excellent credit rating
Large amount of savings with bank I want to get mortgage with
Great loan to value ratio
DH has permanent job, though not well paid
I have well paid job BUT am on fixed term contract until may next year. Am hopeful it will become permanent. Previously 7 months with same company as now, but as a contractor, then previous to that unemployed for 5 months and previous to that steady well paid employment for 11 years.

Will it fall down due to FTC job status?

OP posts:
Rockchick1984 · 28/07/2012 08:31

If DH's salary is enough to get the mortgage then can get it in his name, but no chance of them taking your income into account. What would happen if your contract wasn't renewed??? The bank aren't going to risk their money when (as things stand at present) you won't be able to pay the mortgage a few months down the line. That would be incredibly irresponsible of them!

DrDolittle · 28/07/2012 08:47

Talk to the bank. I got a mortgage 3 years ago, at the peak of the financial crisis, with a fixed rem contract and the promise of a permanent job at the end of it. All worked out OK, I got the permanent job :-)

Rockchick1984 · 28/07/2012 09:09

I can only go by what happens at the bank I was a mortgage adviser at until my maternity leave (1 year ago) Smile

mrsbugsywugsy · 29/07/2012 15:32

This happened to my DP and I two years ago (except the positions were reversed).

We were told by the mortgage advisor that no banks would lend based on my DP's salary, BUT they found us a deal which would lend at 5 x my salary, which was enough for us. The only problem was that DP's name couldn't go on the deeds of the house.

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