FTB Mortgage and Employment

Kpnuts158

My wife and I have been renting for 6 years, and have through both savings and an inheritance now got pool of money together.

Based on estimates it works out as 12% - 15% depoist.

She is a teacher who has been with the same employer for over 3 years. I am a student teacher who is currently having interviews for perm jobs to start in Septmber.

My question was how long would I need to be in employment for before we could get a mortgage?

I spoke to Countrywide who gave me a very vague answer that some lenders are happy the minute you start work, others want 6 months of history, some want you to pass an probation period (not sure if that applies to teaching).

I was wondering if any people in the know had any information on this?

Any advice would be really appreciate, as I would at least like to be able to do some informed thinking about our future.

Thanks.

herbiesjp

Well what you have been told is correct and not vague.

Different lenders have different criteria. So whilst lender 1 may say they are happy for you to get a mortgage irrespective of your probation, lender 2 may say we would like you to finish your probation period.

Some lenders, in the past, were able to agree mortgage on the basis of having a signed contract and you may not have started work yet.


To make an informed decision, the person you are talking to (the broker) also needs all your information with which to make an informed recommendation, otherwise any pointers would indeed have to be vague and generic.

Get in contact witha broker who would be happy to discuss your scenario and talk through what your plans for the furture would be, and then they would advise you on the best route to follow to achieve that goal.

Kpnuts158

Thanks for the tip. I will do that ASAP.

circuit

FYI, I have had two permanent jobs and a short stint of temping over the last 3 years - mortgage adviser disregarded the temping as it caused the credit check to stall. So, be careful. This was with the Yorkshire Bank.

Kpnuts158

This kind of feedback really backs up my need to go and speak to someone. I have put the feelers out with friends who have brought in the last couple of years and got some names and numbers to contact.

Robert_Sterling_3

Kpnuts158 wrote: »

She is a teacher who has been with the same employer for over 3 years. I am a student teacher who is currently having interviews for perm jobs to start in Septmber.

Try The Teachers Building Society :T :j :T