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Growing up and staying in archaeology - Mortgages
#11
When Mrs Vader and I got our mortgage, I was on a 6 month rolling contract as a project officer and she was in the final year of a government department's management training scheme. She got paid more, had much better prospects (still does!) and had the promise of an even better paid, permanent job at the end of it. However, when it came down to paperwork, the lender was much more concerned about her 'in training' status than my contract.

D. Vader
Senior Consultant

Vader Maull & Palpatine
Archaeological Consultants

Your powers are weak, Curator
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#12
A couple of friends of mine (both archaeologists) have just managed to get a mortgage even though they are both on short contracts (i think there are mortgage lenders out there that deal with people in such cicrumstances) but I am not sure who they are, sorry I am not much help.

I was interested in Oxbeast's post about a friend with a PhD grant who got a mortgage - Oxbeast i hope you don't mind me asking but do you know who the mortgage was with? I also have a grant for my PhD and I recently went to see a mortgage advisor with my partner, but I was told that as i was a student and the grant was not classed as an income nobody would touch us. Without my income my partners didnt really give us much options. We were advised to self certify and try and save as big a deposit as we could (at least 10-15%) if we wanted to pursue it at this stage. Needless to say we have put the mortgage plans on hold for a while! B)

"Only two things are infinite, the universe and human stupidity, and I'm not sure about the former."
Albert Einstein (1879-1955)
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#13
When me and my now husband were first looking at mortgages we were both on short-term contracts with our local unit but with a long stretch of work ahead of us. We consulted an Independent Financial Advisor as we knew this might be a problem and he told us that some companies are happy to lend you the money, providing that you can get a letter from your employers stating that although your contract is temporary, in reality you are unlikely to be out of work in the short-term.

I obviously don't know your personal situation regarding future work, but the general opinion is that very few jobs are 'permanent' these days and so mortgage lenders are having to become more flexible on such things.

I would definately recommend finding yourself an IFA (of the financial and not archaeological sortWink)- you don't pay for their services yourself, they take commission from the company they recommend if you sign up and they are your best bet for impartial advice.

Good luck - it is definately possible, you just need the help of someone who knows where to look for the best deals Big Grin

Melandra
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#14
Not having a permanent contract is considered to be a minus when applying for a mortgage, but as an archaeologist who has recently done just that (with my archaeologist husband) I can assure Oxbeast and anyone else thinking about signing their life away for 25 years that bigger minuses include : not being registered to vote (a big minus for any credit score), and lots of other borrowing (although a friend of mine was turned down by one bank when she applied for a mortgage two years ago for precisely the reason that she had never had credit).
Don't be disheartened by one person's gloomy advice, shop around for the best deal (applies to everything - mortgages, insurance etc) and beware that any brokers or advisors who are paid on commission might not be getting the best deal for you. An upfront fee (depending on how big it is) might work out better.
Best of luck Oxbeast.

"a pound of shelled peanuts was handsome pay by any apes standards" Pratchett 1998
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#15
Agree with Ladyjen's advice on the broker front but the most important thing to ask them is if they are 'whole of market'. If not, walk away!

Good advice here on mortagages and other finance matters...

http://www.fool.co.uk/

I have been following their advice for some while. Making a low wage go further is time consuming but an interesting challenge.

btw, ironically, my first house deposit money was redundancy payment from two arch. units in the early 90s.
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#16
I got my morgage last December from Allience and Leicester. I am a supervisor and my parner only works casually 20hrs a week. We didn't think we had a chance but all they were interested in was seeing our last 3 months payslips, they did not even ask what sort of contract i had. Check out their website to get a quote (you will find that the bigger deposit you have the more they will lend you)
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#17
Same here - my partner works for a community organisation where she has to raise her own salary through funding grants, even more precarious than archaeology.

We are on our third lender, and none of them have been bothered about contracts.
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