B
bobble
Guest
Hi all, long time lurker, first time poster so go easy! 
Just wondering if any of you brokers/bankers have any idea on whether the banks are actually lending?!
The bankground:
I got AIP earlier this year for a figure in excess of what I require. I submitted all relevant docs to the broker and was given AIP. My main issue (well their main issue) is with my employment. I'm on a good salary in a contract position (47k). My contract is a specific function contract funded by the EC (i'm public sector). The contract is open ended but the money will run out early 2010. My contract has no end date as a way for my employer to keep employing us contractors over and over again without making us permanent (!). Anyhoo, I'm also in the lucky position of having interviewed and been paneled for a civil service position. I am very high on the panel and know the panel is moving so i should be in there by the end of the year. I submitted a letter from the civil service stating my place on panel for perm/pensionable job with the mortgage app.
Now my problem is the bank keep asking for claification on my contract position. They have queried it 3 times now- how long will it last/am I ging to be let go tomorrow etc etc. I understand that they need to be sure that I am in a secure position but really am at a loss as to what else I can tell them? They have a copy of my contract, and my employer will write a note detailing that I am working a temporary contract etc but they can't put an end date on it as there may be money left over and it could be extended (possible extension but it will definitley be in place until Jan 2010 i.e. it won't be cut short) but broker says this won't help as just re-iterating what is on my contract.
Wouldn't mind but the mortgage I'm looking for is ony 15% of net monthly salary!! If the worst did happen I could move back to my parents and make a tidy profit renting it!
So anyone know of any other options if they still won't go for my job security?? Seems a little unfair as I'm asking for so little money and have relatively good job security (well as good as we can these days!)
Ta
Bobble
Just wondering if any of you brokers/bankers have any idea on whether the banks are actually lending?!
The bankground:
I got AIP earlier this year for a figure in excess of what I require. I submitted all relevant docs to the broker and was given AIP. My main issue (well their main issue) is with my employment. I'm on a good salary in a contract position (47k). My contract is a specific function contract funded by the EC (i'm public sector). The contract is open ended but the money will run out early 2010. My contract has no end date as a way for my employer to keep employing us contractors over and over again without making us permanent (!). Anyhoo, I'm also in the lucky position of having interviewed and been paneled for a civil service position. I am very high on the panel and know the panel is moving so i should be in there by the end of the year. I submitted a letter from the civil service stating my place on panel for perm/pensionable job with the mortgage app.
Now my problem is the bank keep asking for claification on my contract position. They have queried it 3 times now- how long will it last/am I ging to be let go tomorrow etc etc. I understand that they need to be sure that I am in a secure position but really am at a loss as to what else I can tell them? They have a copy of my contract, and my employer will write a note detailing that I am working a temporary contract etc but they can't put an end date on it as there may be money left over and it could be extended (possible extension but it will definitley be in place until Jan 2010 i.e. it won't be cut short) but broker says this won't help as just re-iterating what is on my contract.
Wouldn't mind but the mortgage I'm looking for is ony 15% of net monthly salary!! If the worst did happen I could move back to my parents and make a tidy profit renting it!
So anyone know of any other options if they still won't go for my job security?? Seems a little unfair as I'm asking for so little money and have relatively good job security (well as good as we can these days!)
Ta
Bobble