FTB Mortgage, couple of questions...

Samantha9

Hiya,

Thanks for having a look....

I'm currently coming to the end of an MA... when I get a job it may well end up being a 12 month contract - full time.

We have a 40% deposit and are looking to buy a property for around £160. My partner has a permanent contract and has been working there for a number of years. We both have good credit ratings.

My questions are.... .... Will a 12 month contract affect being able to get a mortgage? Would I be able to look at getting a mortgage as soon as I get a job or do I need to wait a certain amount of time. Would having a parent as guarantor help with either of these?

Thanks very much in advance - I'm a little bamboozled by it all!!

Sam xxxx

herbiesjp

Hi Sam

Different lenders have different criteria.

However having a 40% deposit is great start - so well done!

You will need a mortgage of £96k, and at 60 % LTV you will be able to get the better income multiples offered to you - and this may result in the mortgage being agreed (jointly) but on the basis of your partners income alone.

Assuming no other debts.

It may be worthwhile having a chat with a whole of market mortgage adviser to show you what is available and what the cost would be, and see which lenders could help