Mr and Mrs A wanted to buy a property for £450,000 and needed to borrow 85%. Mr A had started working on a contract 1 month before they made their application. It was an open ended contract and he’d been employed in a similar role previously. They both had a good credit record and were able to demonstrate that the new mortgage was affordable. This was also a Let to Buy situation, where their existing mortgage was being remortgaged onto a Buy to Let, raising the deposit for the new purchase.
We reviewed Mr A’s employment history and were comfortable with the situation as we accept Day 1 contractors providing there is evidence that the contract will remain for 3 months. We were also happy with the Let to Buy situation as we could see that the Buy to Let was self funding.
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