Is this possible or am i dreaming?

alipops1986

Evening,

I am 22yr old, soon to be secondary school teacher, with job confirmed for September. Just shy of 21k.

Have seen 2 bedroom terrace house on rightmove and i am very interested. It's priced at £79,950, no onward chain, needs cosmetic work.

I currently have 10k and a bit saved. However, getting a morgage might well be a problem, requiring 90% LTV.

Would this really be a problem or not?

LoopyPrune

Is this your first employment or have you held any other positions?

alipops1986

Depends how you see it:

Have always been employed on a part-time basis while a student [at Tesco and Boots mainly]

Currently, I am completing the graduate teacher training employment route. Which is £15,112 a yr, my last payment will be August. Then i will start on full teacher wage in September.

scottn

ali, when you start in sept, is that a probationary year or the start of a permanent contract? Some newly qualified teachers in Scotland have struggled to get a mortgage as there are not enough jobs at the end of their probationary year. your mortgage application will also probably be based on your current income and not your income come sept. good luck and let us know!

alipops1986

It's perminent, as long as i pass my first year of probation. :j

davidla

alipops1986 wrote: »

It's perminent, as long as i pass my first year of probation. :j

Well, let's hope you're not teaching English then
I'm not sure - for mortgage purposes - whether probation is the same as a permanent job. Someone later on will probably know.
Remember that you will also need money for legal fees, stuff for your new place etc.
Good luck!

ShelleyC_2

davidla wrote: »

Well, let's hope you're not teaching English then

Let's hope not :rolleyes:

ukclarkkent

english teacher or not, looking at the financial status in alipops's signature he/she gets the thumbs up from me.

you could teach economics!

alipops1986

ukclarkkent wrote: »

english teacher or not, looking at the financial status in alipops's signature he/she gets the thumbs up from me.

you could teach economics!

Lol. Worryingly i do teach English! However, it's half term.....that's my excuse

I am rather proud that after 4yrs of being a student, working part-time and moving out of home [for 3 yrs out the 4] I have managed to save a lot. Plus, I have no other outstanding debts, aside from Student Loan.

Extra bonus was getting on the employment based route tho, a total fluke and therefore being paid 15k this year AND securing a job in January for September. :T Never underestimate the power of luck!

Ali

PS: I am indeed female....
PPS: thankyou for your help and suggestions. The wait and saving continues *sighs*

Jacka87

As far as I am aware you will not get this mortgage. Probation periods at work get taken differently by different providers but generally they either reject you completly or will dent your credit score massivly. You also dont have a job at the moment so how do you intend on paying the mortgage in the mean time. I know you could use some of your savings but not if that forms your deposit.

I am currently needing to wait until my probation period finishes at my first proper job since graduating. So have done a little bit of research.

I would suggest that you try enjoy your summer before you start proper work and hope that you can pass the probation period. I know a number of young teachers where I am and they all struggled after there first year to keep or get a job. The first year is guaranteed in Scotland but then you need to fight it out with lots of other teachers for not that many jobs!

Good luck!

Trying_to_be_good

Just a thought - would the Teachers Building Society treat you more favourably? http://www.teachersbs.co.uk/

Not sure how competitive they are, but make take your circumstances into account?