First time buyers mortgage wih guarantor

PRodgers4284

I want some info on a first time buyers mortgage, myself and my fiancee would like to buy a house (new development) priced at approx 140k. We have a deposit of 10K but my current job pays a salary of 18K, its a fulltime job but not permanent, but i may be possibly inline for a permanent post with a salary of 21K in the next few months. My fiancee is currently finishing a nursing degree in the next three months but earns approx £300 doing agency work in a local hospital which is pretty much guaranteed work until she qualifies and gets a full time staff nursing post. My dad would be an acting guarantor, he has has own solictors business going for about 36 yrs and also has a deputy courts post so his salary is quite good. My question is could we get a mortgage for this property with my dad as guarantor and with put current employment situation?

Any help/advice is much appreciated.

bluejake

PRodgers4284 wrote: »

I want some info on a first time buyers mortgage, myself and my fiancee would like to buy a house (new development) priced at approx 140k. We have a deposit of 10K but my current job pays a salary of 18K, its a fulltime job but not permanent, but i may be possibly inline for a permanent post with a salary of 21K in the next few months. My fiancee is currently finishing a nursing degree in the next three months but earns approx £300 doing agency work in a local hospital which is pretty much guaranteed work until she qualifies and gets a full time staff nursing post. My dad would be an acting guarantor, he has has own solictors business going for about 36 yrs and also has a deputy courts post so his salary is quite good. My question is could we get a mortgage for this property with my dad as guarantor and with put current employment situation?

Any help/advice is much appreciated.

You want to borrow over 7x your salary. Why not work on your deposit until your partner gets a job.

superfran_uk

You'll need at least 10% before anyone will lend to you, plus don't forget another £3000 or so for fees and costs. I would expect this to be the case even with a guarantor.

So I would say keep saving!

I would also suggest you wait until your OH has a permanent job, as you can expect to get about 3x salary - which on your own wouldn't even add up to half even including your deposit. You will also find it much easier to get a mortgage if both of you work, particularly if the job you have isn't permanent.

Ron2256

PRodgers4284 wrote: »

I want some info on a first time buyers mortgage, myself and my fiancee would like to buy a house (new development) priced at approx 140k. We have a deposit of 10K but my current job pays a salary of 18K, its a fulltime job but not permanent, but i may be possibly inline for a permanent post with a salary of 21K in the next few months. My fiancee is currently finishing a nursing degree in the next three months but earns approx £300 doing agency work in a local hospital which is pretty much guaranteed work until she qualifies and gets a full time staff nursing post. My dad would be an acting guarantor, he has has own solictors business going for about 36 yrs and also has a deputy courts post so his salary is quite good. My question is could we get a mortgage for this property with my dad as guarantor and with put current employment situation?

Any help/advice is much appreciated.

What's the rush. This is the worst recession since the 80's, house prices are falling like never before, 1.000.000 peoples are going to lose their jobs in the next few years.
Do you really want to be repossessed + lose your deposit? Never heard of Negative equity?
Can you not wait 3-6 months?