Fixed Contract Mortgage lenders

chicco18

New Member
Messages
6
Hi

My wife and I are seeking a mortgage, we have recently moved back from uk. I have a permanent position, but my wife is on a fixed 12 month contract, she has never been out of work and is on a great salary. However we understand her total salary will not be considered when making a mortage application.

Does any know of any lenders that would consider a % or her salary towards a mortgage of say 40% or 50%?

In addition to the above we can put forward 20% deposit to off set the added risk due to the fixed contract situation.

All help appreciated

Regards
 

Sanros

New Member
Messages
2
Hi Chicco,

I got a mortgage at the start of the year while I was under a contract. I was about 10 months into the contract and discussing an extension when I got in touch with a broker (we had just seen a house we wanted to bid on). We went through a broker and I honestly think that is the only way we got this over the line - I doubt if we had walked into a branch that they would have looked at us. I got approval in principle on basis that my contract would be renewed on similar (or better) terms. A couple of weeks later, I got my contract extension and we drew down the mortgage without issue in late April (when COVID impact was already very clear).

I was helped by a good salary and good future employment opportunities (finance).

To confirm, while they did not take bonuses into account, they did take 100% of my base salary. (it helped that we did not need my bonus to be included to get to the needed mortgage level).
 

chicco18

New Member
Messages
6
Hi Chicco,

I got a mortgage at the start of the year while I was under a contract. I was about 10 months into the contract and discussing an extension when I got in touch with a broker (we had just seen a house we wanted to bid on). We went through a broker and I honestly think that is the only way we got this over the line - I doubt if we had walked into a branch that they would have looked at us. I got approval in principle on basis that my contract would be renewed on similar (or better) terms. A couple of weeks later, I got my contract extension and we drew down the mortgage without issue in late April (when COVID impact was already very clear).

I was helped by a good salary and good future employment opportunities (finance).

To confirm, while they did not take bonuses into account, they did take 100% of my base salary. (it helped that we did not need my bonus to be included to get to the needed mortgage level).

Hi Sanros

Many thsnks for your response. The brokers I have discussed with have said that there was only a very slim chance of a lender taking any of my wifes salary into consideration, I got the feeling that they didnt want to waste their time with us. Would you be able to provide more info, ie which lender did you get a mortgage with? or which broker did you use.

All help appreciated.

Thanks
 
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RedOnion

Frequent Poster
Messages
5,266
All the lenders are open to giving mortgages to contract workers. So long as you've a history of work, and on a decent salary it won't be an issue. Some brokers just don't like doing any work!
If your wife is earning more than 65k, and has qualifications relevant to her job you really shouldn't have any problems. Just talk directly to the banks. They all have specialist mortgage advisors.

Edit: fixed typo. I never meant to call banks socialists...
 
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