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Mortgage on a Temporary Contract?

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lancs_lad
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2015/01/19 20:15:36 (permalink)
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Mortgage on a Temporary Contract?

Just accepted an offer on my house.  My current provider Halifax said no to providing a new mortgage and gave no reason!!!
My partner has a permanent position but I only have a temporary until august 31st, I have been in this type of job for 8 years with the first 7 being in a permanent position.  Obviously I plan on having work in place for next september but currently don't.  We contacted a broker http://www.lcplc.co.uk/ (quick google so probably not an expert expert) and they are getting back to us tomorrow.  
We have a deposit that will make our LTV 85%.  We have the usual outgoings of a credit card each and a car loan each.  I believe we can easily afford the new mortgage.
 
Anyone been in a similar situation?  What do you rate our chances? Anyone recommend a good broker?
 
Thanks
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4 Replies Related Threads

    Ian4996
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    Re: Mortgage on a Temporary Contract? 2015/01/20 00:01:06 (permalink)
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    I switched my mortgage a month ago. Went to see an in-branch mortgage advisor and wasn't that convinced by him, so after asking on a local Facebook group, got recommended to an independent advisor called Rod Billington, who owns a company called Willmor Financial Services (phone number available if you google him).
     
    Went to see him and the deal he got me was far far better than I could have got from the other chap. In-branch advisors, so I'm told, will only recommend 'partner lenders', which massively restrict the deals available to you, whereas independent advisors can recommend whoever they like.

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    #2
    Ian4996
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    Re: Mortgage on a Temporary Contract? 2015/01/24 12:52:59 (permalink)
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    You're welcome!

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    #3
    Rasputin
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    Re: Mortgage on a Temporary Contract? 2015/01/24 13:11:15 (permalink)
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    I have a similar problem as I just set up my own company even though I have a very large amount of money for a deposit they won't lend me anything until I have two years of accounts. Which tbh I think is fair enough so I just had to bite the bullet and wait. 
     
    I would expect that they view contract work as the same and would probably be only willing to lend on your other half income. Which on the face of it seems daft as you are just as likely to get fired in a full time job as a contract one but I guess from a risk perspective they view people with full time contracts as less risk. 

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    lancs_lad
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    Re: Mortgage on a Temporary Contract? 2015/01/24 17:13:30 (permalink)
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    Cheers.  
     
    Halifax who I am currently with said no to me.  However, via a brooker they are now saying maybe!!!  So fingers crossed.
     
    Worse case scenario my parents said they may be able to lend me some money to make a huge deposit.  Enough so my other half who has a permanent contract could afford it on her own wage.
     
     
    #5
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