First time buyer! Help.

stratdude

Hi
We have finall found a place and it has a great deal. It's a new 2 bed home for £140,000 on the government homebuy we can start out with £98,000 Mortage (70%) and thye give the rest as deposit.

Right spoken to an advisor who did a quick check on our income (£32,000) combined. Said the scheme only allows 3 time income so £96,000 this means we need to make up the £2000 which we have arranged.

Secondly my partner started a new job, only been there 5 weeks but does have a payslip and all previous employment payslips. She is in her probationary period, will this cause any major issues?

The advisor seemed hopeful but I think this is too much and the bank will deny it I will be gutted if so. Or is it im just too panicky?

She advised putting a £500 retainer on the property so I guess she is reasonably happy with the outcome. I just want a second opinion.

Thanks for any reply.

happybroker

was the adviser with the selling agent by any chance?

stratdude

yeah thats why im sure they just want the sale.

happybroker

ask for an agreement in principle in writing from the lender, the adviser can print this off for you. The application to the lender should state what sort of purchase this is and then you will haved a bit of come back. If you're not sure about things then think about if you want to hand the cash over over not.

The lenders that deal in this area have been re-affirming their criteria over the last couple of weeks which makes you wonder what is being submitted to them I suppose.

Hope it goes well, it sounds like exciting times

stratdude

Thanks for the reply. Do you think the probabation will cause any issues?

happybroker

Probation could be an issue, not only for the lender but also you guys. Think about how affordable the mortgage would be without that income for instance.

Many lenders are concerned with continuous employment which is fair enough but you have to look after number 1 at the end of the day.........making the application "fit" a lenders criteria isn't the be all and end all.