Mortgage on new Fixed Term work contract

[Putyourdamnshoeson]

Devastated. Sold our house really quickly for full asking price of £250k. Thought we'd never find anywhere, but got an offer accepted on a brilliant property, right at the top of our budget, £380k. Vendors initially wanted quick move.

We've got £110k equity so need a £270k mortgage. Current mortgage only in DHs name as I was sahm for years. Been working v part time since November 2016 and started a new 2 year fixed contract 3 weeks ago, for a charity. Dh pre tax is £51.5k mine is £7.5k.

We had the offer accepted based on an agreement in principle with HSBC. Last night I phoned to check they'd be OK with my part month payslip. It emerged then that as I'm on a fixed contract, they won't take my earnings into account. Didn't say this Anywhere on any of their forms. Have made a complaint.

So now we aren't proceedable. Have spoken to a broker who is trying to get us something. Looks like Halifax want me to be 6 months in post with 12 remaining on contract.

I feel sick. We're letting everyone down and in all probability will lose the one house that suited, in a slow market.

I've not eaten today and can not shake the stress.

I needed to write it down and ask if anyone has experienced this or similar and has any advice or general wisdom.

Nobody?

There are lenders who will accept an offer letter from a job so don't despair just yet! Do you have a whole of market broker? Ours mentioned this as a possibility if I had got a job during the process. Sorry I can't remember what they are. Breathe and call a good broker!

I am also a contract worker-we have an OIP with HSBC at the moment...I had to wait a year as they said they would need one year in post plus a new extension by 6 mo or 1 year. We haven't applied yet as we haven't found a property-but I'm not sure that HSBC are the best bank for contract workers as they are not that flexible. We only got the OIP with them are our current mortgage is with them and we'd have to pay a big early exit fee to go elsewhere.

I'm sure your broker will find you something-a 2 year contract is really good and it's not a big amount that you'd be adding to the mortgage. I totally understand how you feel as this house moving business is SO stressful, but try to keep cool and obv don't mention these issues to the EA! Hopefully the broker can sort it quickly for you. Good luck!

Can you try Santander? I needed 3m payslips and no contracts.

Thank you. We are away, so we've phoned broker. He has said that Halifax are good at using common sense, we have AIP now with them and application lodged. He was able to speak in person to business development manager from Halifax today, they were really optimistic. But of course now, it's a nail-biting 15 day wait.

We have mentioned it to the EA, we had to. We won't be going with HSBC now and we'd told them we would. We have a really great relationship with them and are buying and selling with them.

Lots of brokers have no problem with fixed term contract aslong as you have 3 payslips. Worth paying for a good one to sort it

Check out The Coventry Building Society website. They are really good and we have never had any problems with them. They were super quick to approve our mortgage too. Most lenders insists upon 3 months payslips and if fixed contract at least 1 year left on a fixed contract. You have 71% LTV so should get a decent rate. Most income comes form your dh so should not be a problem. We always stick with tracker mortgages.

Also, try your local branch of Handelsbanken; they take decisions in branch and don't have any set criteria.

They have lots of branches now

You will have a better chance if you use a good broker than directly approach the bank. They cab tell you who have more Lenient criteria perhaps for a higher rate. Don't despair...it's still very possible just going to be a bit more expensive (worst case)

If it helps Halifax got back to us within 24 hours with a decision based on us giving a slightly higher deposit. Fingers crossed.

I'm sure your broker will be able to come up with a few options for you, but with a 2 year fixed term contract nationwide is definitely worth looking at