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It will be due to your wife being a locum....
Most mortgage companies have little to no comprehension of what that even means. There are, however, a couple of companies out there that specialise in mortgages for doctors and their spouses. Can't remember their names off the top of my head but a decent broker/ifa will know; ours did.
Nationwide have seriously tightened their required criteria! I'd been with them 7 years till 2 months ago because they just wouldn't budge an inch on their deals, not even for existing customers. I used local mortgage advice bureau, sound guy! Cost me a life insurance top up policy. I did end up with northern rock however!!!
I am led to believe that Nationwide have just implemented a new system without fully training staff and are taking ages to process anything. I wouldn't be surprised if this occasionally manifests itself in declines for people that shouldn't be declined. Where in Scotland are you? I can recommend a broker who has spent the last few weeks kicking up a fuss on behalf of several clients with Nationwide.
It is sometimes useful to have a broker who can get the lender's "BDM" to knock heads together internally.
Dr Death, at the end of the day a Locum is a temp and nothing more, you are not guaranteed earnings any more than a temp in any other walk of life.
I know doctors like to think they are in some way 'special' 🙂
your wife needs to get her employers to change her to a salaried GP. It seems her employers are taking the **** by keeping her as a locum for five years. She has no employment rights and no long term security and i know of local long term locums who have been shat on from a great height by GP partnerships at short notice. She should approach the partners and say she needs a salaried contract and see how they respond.
yours a "special" dr
Welcome to paradise!
We struggled as well, 30% deposit, less than 3 x our joint salary needed and we couldn't get the money, eventually had to drop about 10k, which we were going to use for a new kitchen and bathroom to get approved.
We struggled as well, 30% deposit, less than 3 x our joint salary needed and we couldn't get the money, eventually had to drop about 10k, which we were going to use for a new kitchen and bathroom to get approved.
Stupid thing is, I bet they would have offered you a £15,000 unsecured loan though.
After 5 years as a locum she will have accrued employment rights in some forms.
no she won't TJ none at all.
Can't get a loan, reasons for:
1. You're not a good risk
2. Lender has liquidity problem.
3. Lender thinks the security asset does not provide sufficient cover
4. Lender thinks the security asset will not provide sufficient cover in the near future (ie the value of your house will tank)
Try Yorkshire bs. We had similar situation - most income self employed / contract; could only demonstrate contract to end sept (got another one now though); bit lower LTV but higher income multiplier. Offer came yesterday for 5 year fixed @ 3.99%. to be honest I'm amazed - thought we'd have real problems.
FunkyDunc.... Never said we were special just that some mortgage companies specialise in mortgages for doctors and other with weird working patterns/conditions. Which they do.
http://www.doctorsmortgages.co.uk/
Hi Frank
As others have offered above
My cousin is a Glasgow based IFA and should be able to help you. drop me an email (in profile) and I'll pass on his contact details. He sorted us out with a mortgage about this time last year in fairly difficult circumstances as my wife was not working and I was 1 month into a new job.
doctornickriviera - Memberno she won't TJ none at all.
she will have some but not full employment rights - its a complex area and new legislation is due to come into force next year but after 5 years she will have some rights. No summary dismissal, holiday pay and so on.
Banks just don't want to lend for various reasons - simple as that. Don't blame them really having had their fingers burnt. They also think that a substantial property crash is on the cards (hence the reason why they are asking for such big deposits).
Might have to get used to saving for things again rather than relying on the old plastic.
We had ours "sort of" refused at the last second, and then on calling them and asking why they'd refused they changed their mind and accepted, never once said why they were planning to refuse. Solicitors found it slightly odd. Anyway, I was told by a local financial advisor guy that if you're refused a mortgage you can't apply for another (with anyone) for another 3 months?
I'll be amazed if you can't get a mortgage. I just sorted my mortgage out. 20% deposit, a little bit over 4x salary
Welcome new guy. I dont know how long your post will last tho?
EDIT - Just in case anyone thinks it was me spamming: there was a doctor dude up there a minute ago with a spam link. Honest.
mmmmm fritters
Wow, what a helpful first post.
.....and as if by magic, he's gone!
We just used a broker to get a new mortgage. It was quite painless really despite us being reasonably complicated (in a everything-hidden-in-trusts-and-owning-own-companies sort of way). We got a fantastic deal but the scariest part was the pre-approval let us borrow up to, and I'm serious here, $2.2M !! I worked out the repayments and I have no idea how someone could do that. Anyhoo, we decided to borrow the whole lot and spunk it on useless tat 😆
But thats only fifty pence in real money NZcol ! Do you live in a shoe ?
Very true, the kiwi peso doesn't go very far once you leave these shores.
No, a gumboot. 😉
If you have a permanent contract you could try just getting a mortgage in your name? A friend had a similar issue. As a couple they were turned down but she tried on her own and the bank seemed much happier.
There is a member on here who's a mortgage broker. Would be worth doing a little searching, I could dig out the details if you'd like?
He sorted some deals for people on here and had very fair & reasonable fees too.
This is a 4 month old thread. That is all.