Is this possible or am i dreaming?

seeff

Ali,

The way I'd look at it is: if you keep saving at that rate in a years time you'll have 80% LTV on a better £100k house (not 90% LTV on a £79k) and you'll know about your probation (aka be able to get a mortgage with complexity of your current situation at any provider you want).

Re extra space - not the best money saving advice but for the sanity of both you and your parents a weekend away here and there does wonders! Doesn't even matter who goes - you can buy them a weekend break for Christmas, feel extra generous and get some peace!

alipops1986

Jacka87 wrote: »

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!

Thanks for your msgs.

I understand what your saying. However, at the moment i'm getting paid through the employment based route of approximately 1k a mnth, that will end in August, followed by full pay starting in September.

As far as NQT status goes and as far as i have been able to research, it's a formality and as i've been working as a teacher for the last yr, alone, as part of the employment route, i have had good experience. Currently teaching 5 GCSE groups by myself, have my own form group, go to training meetings etc.

The repayments on a 80k property, having put down 10% depost. The repayments could work out no more than renting!

opinions4u

Get yourself an appointment with a whole of market mortgage broker and get them to do the work for you.

As far as I can see, you're financially sound.

There may be issues securing the amount you want now (as opposed to September) but I would feel fairly confident that a decent broker should be able to secure you a competitive deal with a mainstream lender, even with a probationary period. If not, ask your parents if they would consider acting as guarantor.

Don't lose sleep if you miss out on the house you've spotted on Rightmove. The market is slow and supply of housing high. Prices aren't going up in the next 6 months. They're probably not going up in the next two years.

If there's any way you can get up to a 15% deposit (parental bribe to help get you out from under their feet?) you may be able to access better deals.

Good luck!

Mini_Bear

I think you need at least 6months (if not a year) iin the same continuous employment before you can get a mortgage.
My advise is save, save, save. wouldnt it be great to save 20k for a deposit and the houses may have dropped another 10k in a year. You will have a mini mortgage!
i know what its like tho, i lived at home with my parents after graduating, i just had to focus on my ever-increasing savings pot! Good luck!

Batchy

Some good advice here, I think you have a problem if your on probabtion or haven't got the 6 months at least in the current employment.

SAVE SAVE SAVE... best way forward.

And good luck!

Jacka87

I appreciate that you feel the probation period is just an inevitability, its the exact same for me, they are recruiting double the amount of graduates as they did a year ago when my cohort started at my company however the lenders dont always listen to the individual circumstances and do tend to see the black and white side of things and some might just see "Probation Period" and say no!

I hope you get a mortgage and get the property you like but I would say take your time finding the right place, as a previous poster said the market is slow and you might find yourself a better place or even get somewhere similar for less!

Again good luck!