£900,000 new build mortgage agreed despite gap in employment history
What was the issue?
Trinity Financial recently arranged a newly built property mortgage for a couple buying a new family home.
At the time of application, one of the applicants was on a one-year fixed-term contract with just two- months remaining on it. She had taken a two-year career break to look after their child prior to starting this contract. While she did have a permanent full-time position to start with a new employer when the fixed-term contract ends, the new salary was three times the fixed-term contract.
Most lenders have issues with the length of contracting history being too short and her gap in employment. They would not use her new salary for affordability calculations because that job had not started yet and the level of salary was much higher than current income, but at the same time could not use her current salary because that job is ending in two months.
Both clients were experienced professionals with a track record of working in financial firms. Her partner received a salary plus a large bonus.
How did we help?
Trinity’s broker researched the mortgage market and found a lender offering competitively priced rates for new build properties. The lender automatically allowed mortgage offer extensions if the property was not ready on time subject to additional credit checks.
The lender also had a good contractor policy and were happy to assess the case based on their overall financial situations and work experience.
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The information contained within was correct at the time of publication but is subject to change.
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