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Being accepted for a mortgage

We want to enquire if we will be eligible to get any form of mortgage either via the bank or through some kind of scheme.

I'm not looking for yes or no but whay are the chances of being accepted on our circumstances?

We both work 42 hours a week earning £1,200 a month each.

My partner has been at this job since november and ive been in my job since the beginning of January. We both have guaranteed contracts until July 31st 2015 and will either get another 6 fixed term contract or a year contract

Advice please...


Posted from TSR Mobile
Original post by emjaylu
..........


Well, if you want random TSR advice, then I suspect you have no chance at the moment. Two main reasons for that - neither of you are on permanent work contracts, so the lender has no certainty you will continue to be able to pay back the loan, in fact, they know that currently, when your contract ends you won;t be bale to , unless you get another job. That is usually too big a risk for mortgage lenders. Second - your combined incomes do not suggest that you will have the disposable income to pay for a mortgage. When the mortgage company takes out all the overheads in house ownership, food, clothing transport etc they will probably decide you haven't got enough left over to repay a mortgage.

Having said all that, what schemes you have open to you, I have no idea. You also don't mention if you have any deposit - having a deposit will improve your chances. There are likely to be more schemes available if either of you are emergency services workers or nurses.

TSR isn't really your best place for this, online searches for mortgage schemes, maybe the CAB or a local residents scheme might be more help.

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