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First time Buyer help needed dilemma
bermondseybelle_2
Posts: 3 Newbie
Hi there
My Husband and I would like some advice please as we have a somewhat unique situation.
My husband was made redundant on the 10th January after being employed for 18 years.
He has just got a contract position for 6 months at £35,000 pa, (with the view to going permanent after this 6 months, though nothing is in writing about going perm) starting when his 'garden leave' ends on 10th April, so technically is in continous employment.
The property we are looking to buy is £158,500 and have a deposit of £31,700 which equates to 20% of the purchase price. We have set aside £5k for fees, and stamp duty.
My income is £23,000 pa and i have been in full time employment for 5 years.
Will it be possible to obtain a mortgage at a decent rate considering my husband is only just starting a contract which is only legally gaureented for 6 months?
We have seen an IFA but he advised us that the only option we have is for somebody to stand gaurantoor for us.
It just seems crazy that we will be clearing £3,400 net each month and won't be able to be approved for a mortgage?
Any advice will be greatly appriciated.
Bermondseybelle
My Husband and I would like some advice please as we have a somewhat unique situation.
My husband was made redundant on the 10th January after being employed for 18 years.
He has just got a contract position for 6 months at £35,000 pa, (with the view to going permanent after this 6 months, though nothing is in writing about going perm) starting when his 'garden leave' ends on 10th April, so technically is in continous employment.
The property we are looking to buy is £158,500 and have a deposit of £31,700 which equates to 20% of the purchase price. We have set aside £5k for fees, and stamp duty.
My income is £23,000 pa and i have been in full time employment for 5 years.
Will it be possible to obtain a mortgage at a decent rate considering my husband is only just starting a contract which is only legally gaureented for 6 months?
We have seen an IFA but he advised us that the only option we have is for somebody to stand gaurantoor for us.
It just seems crazy that we will be clearing £3,400 net each month and won't be able to be approved for a mortgage?
Any advice will be greatly appriciated.
Bermondseybelle
0
Comments
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Based on th etwo incomes alone and the mortgage needed of £126,800 it would appear that you should be able to get some kind of mortgage.
However without knowing a little bit more around your circumstances, it is difficulut to point you in any direction.
I would suggest having a word with a good broker to let them do the leg work for you, explain your situation in the best light to a lender, and get the case agreed for you.I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Thank you for your comments.
Just to clarify we have no debt all cleared, the only commitments we have is a CSA payment for my Husband's son of £326 per month.
We are completley debt free, have never defaulted on anything.
As i am based in Edinburgh slightly limited in terms of whole of market no fee brokers.
The one we saw was on a recommendation and to be honest sounded like our case was too much like hard work!
Any more advice/ recommendations would be really useful. Thanks0
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