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Darxide

Mortgage Application Question.

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Can anyone give me some advice before I talk to the bank, in case I'm wasting my time?...

I have recently changed jobs, recently as in 5 months ago. It's a much better job, better conditions, and better pay.

But trouble is, it's a 2 year fixed term contract, with the 'option' to renew at the end. Now I'm getting on very well, boss seems pleased enough with what I do,

and I'm pretty sure they have work well into the future (parent company has just invested millions in the place, new machines, extensions etc...)

But how will a lender look at that situation? Considering that I'm only guaranteed work for another 19 months?

Anyone been in that position? Or know how the bank would view it?

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Might be tough if you are looking to take out a mortgage based on a single income. I know of one friend he is on a 3 year contract, just been approved a mortgage but that was a joint application.

Most contracts (private sector anyway) I would imagine are these two year ones. Could also depend on how high a risk your particular industry is.

I would consult a mortgage broker anyway seems to me that silly salary multiple mortgages are still being throw around I don’t see why someone with a good salary and semi secure jobs like yourself can’t get a decent mortgage.

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Ask an IFA. My situation is different from you though.

Im an IT contractor and rang an IFA up about 2 months ago to see where i stood (not that im buying a house just yet). He was very helpful and said my wife and i , who is working, could get around 3.5 to 4 times joint income. In saying that we have a deposit saved also

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Ask an IFA. My situation is different from you though.

Im an IT contractor and rang an IFA up about 2 months ago to see where i stood (not that im buying a house just yet). He was very helpful and said my wife and i , who is working, could get around 3.5 to 4 times joint income. In saying that we have a deposit saved also

... advice from a salesman is no advice.

I know someone who is taking advice from a IFA. They cannot sell their current house but have found another that they want to buy. So, the IFA has told them to keep their current house as a BTL and buy the other house using all their savings as a deposit.

Sould an IFA be giving someone such risky advice? As far as I am concerned, the couple are doubling their risk of capital losses and the effect of interest rate rises. It is just too risky with the current economic uncertainty. We will have a big austerity package - cuts and tax rises - OR a sovereign debt crisis.

I once asked the question - are we going to have empty pockets or pockets full of worthless money? Maybe I am totally wrong. And taking on as much debt as possible is the right thing to do? The bankers are continuing to allowing people to take on lots of debt. Which would suggest "pockets full of worthless money". Though I don't think that the bond markets are idiots. The bond vigilantes will decide how much we can borrow. They will decide what our interest rates are. I think people will be surprised when we get our own Greek style crisis. Then I think we will see lots of people with "empty pockets".

Am I becoming a deflationist? I just look at Ireland and Greece and wonder.

Sorry for the ramblings.

Where is Vedanta Trader these days?

Edited by Belfast Boy

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Am I becoming a deflationist? I just look at Ireland and Greece and wonder.

Sorry for the ramblings.

Where is Vedanta Trader these days?

welcome to the darkside! ive been in the deflation camp all along although at times it hasnt looked 100% locked in. the government have maxed out there credit cards and for me austerity is now the name of the game

it could all end in hyperinflation but we'll of bought our houses for cash in the deflationary depression by then ;-)

ps was just wondering about VT the other day! at the end of the day those who were on here in 2007 have been proven correct so I guess it becomes less need to come here to be reassured . we all know prices are on the slide (till at least 2012)

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  • 140 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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