Moving house and temporary contracts
Discussion
So i'm hoping to move home this year, and in the process I will be buying a home with the missus (from my 100k home to a joint 300k, approximately). Probem is, the missus (a Teacher) is on a 2 year contract, which expires in September 2017. I will be the higher wage earner, permanent contract.
Where do we stand in regards to a joint morgage application?
I'm of the opinion that as the role is not permanent for her, an underwriter would not consider her as her job is temporary. However, there is a very likley possibility that the role would turn permanent, and at the very least a slightly lower paid role (HLTA) would be available to her.
Should I tell her to start looking for permanent roles?
Where do we stand in regards to a joint morgage application?
I'm of the opinion that as the role is not permanent for her, an underwriter would not consider her as her job is temporary. However, there is a very likley possibility that the role would turn permanent, and at the very least a slightly lower paid role (HLTA) would be available to her.
Should I tell her to start looking for permanent roles?
devnull said:
So i'm hoping to move home this year, and in the process I will be buying a home with the missus (from my 100k home to a joint 300k, approximately). Probem is, the missus (a Teacher) is on a 2 year contract, which expires in September 2017. I will be the higher wage earner, permanent contract.
Where do we stand in regards to a joint morgage application?
I'm of the opinion that as the role is not permanent for her, an underwriter would not consider her as her job is temporary. However, there is a very likley possibility that the role would turn permanent, and at the very least a slightly lower paid role (HLTA) would be available to her.
Should I tell her to start looking for permanent roles?
Is your income enough to not need to rely on the second income?Where do we stand in regards to a joint morgage application?
I'm of the opinion that as the role is not permanent for her, an underwriter would not consider her as her job is temporary. However, there is a very likley possibility that the role would turn permanent, and at the very least a slightly lower paid role (HLTA) would be available to her.
Should I tell her to start looking for permanent roles?
from what you say, she's not temporary, she has whats called a fixed contract which is easier to deal with than if she was genuinely temping......
Sarnie said:
Is your income enough to not need to rely on the second income?
from what you say, she's not temporary, she has whats called a fixed contract which is easier to deal with than if she was genuinely temping......
Based on 4.5x income, paper napkin figures show that I earn enough (I've been playing with rate changes to 5-6% when factoring this in). It is definitely not temping, it is as you say a 'fixed contract').from what you say, she's not temporary, she has whats called a fixed contract which is easier to deal with than if she was genuinely temping......
I used a specialist broker. There are new lenders who have gone back to an underwriter actually reviewing your personal circumstances. It took us 3 months of information requests and submitting documents but we got there. The lender was Metro Bank, and we got a really competitive rate based on my daily contract rate, we supplied proof of continuing employment (you need to have 6 months left on your current contract at submission), cv, references etc. Not easy but it was better than the high street banks telling us they wouldn't lend us the money to buy the house we already had, or lend us enough to cover the mortgage we already had. Computer said no so they wouldn't do anything for us. Anything out of the ordinary, use a broker. Costs more but it's better than being constantly rejected.
born2bslow said:
I used a specialist broker. There are new lenders who have gone back to an underwriter actually reviewing your personal circumstances. It took us 3 months of information requests and submitting documents but we got there. The lender was Metro Bank, and we got a really competitive rate based on my daily contract rate, we supplied proof of continuing employment (you need to have 6 months left on your current contract at submission), cv, references etc. Not easy but it was better than the high street banks telling us they wouldn't lend us the money to buy the house we already had, or lend us enough to cover the mortgage we already had. Computer said no so they wouldn't do anything for us. Anything out of the ordinary, use a broker. Costs more but it's better than being constantly rejected.
The OP is not referring to the same form of employment that you are referring to..........and naturally, I agree about the use of a Broker! 
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