First time buyers - advice please :o)

ANonnyMouse_2

Hi :hello:

I live with my boyfriend in rented accomodation. He is a student and I recently graduated. At the moment, we live where he studies and I commute to work.

On 1st MAy, I start a new job for two years on £16.5k. We were goingto rent somewhere closer to my work when boyfriend graduates this summer.

However, we have just had some good news - he has managed to get a graduate scheme job starting on £25.5k for two years (6 monthly pay reviews) and location is good for my job too.

So, we were chatting about it and thought that it may be worth buying somewhere rather than wasting more money on rent, as we will both be settled for at least the next two years. At the minute we pay £750 rent on my current income of about £14k so we can afford to pay a reasonable size mortgage.

Would we be able to get a mortgage? I think we could get a deposit of about £20k together.

We have good credit ratings. I have paid off my student loan and my boyfriend will owe about £5k.

Although my wage is not great, after the two years I will be qualified solicitor and boyfriend should be on way to becoming chartered engineer - not sure if banks will take this into consideration at the moment or not.

If we could get a mortgage, shoudl we use a broker? We use one at work sometimes and it does come back with better deals but tends to be for higher wages and amounts than we are looking at.

What sort of mortgage would people suggest looking at?

Thank you for your help!

beecher

I imagine banks will be wary because you only have 2 year contracts. Personally I'd advise waiting until you have permanent contracts. I'd definitely see an adviser who cant alk you through what you want.