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£65K deposit, no job yet..your suggestions
Cuilean
Posts: 732 Forumite
Bear with me please, I need help! I'm a FTB, currently renting a flat in Scotland. Renting is killing me financially, and I'm keen to get on the ladder.
Both my other half and myself are keen to relocate to Derby. I'm a teacher, so I've got a fairly decent income of about £24K, and he does admin work, which brings our income to around £40K.
I inherited £65,000 so we've got a pretty good deposit. In theory, we could also skip mortgaging, buy somewhere small outright and do it up gradually as we'd be mortgage free.
My main worry is that in relocating, we'd both be unemployed, albeit temporarily, and thanks to some idiotic decisions in my student days, my credit history isn't too stunning (Although OH's should be pretty good). I have no idea how much leeway you can get from lenders if you apply for a mortgage while temporarily unemployed.
I'd be ever so grateful if you could help me out with these questions:
1) If we were to apply for a mortgage, what would the theoretical maximum be?
2) Are we better off skipping a mortgage, buying something small outright then upgrading when we're both employed?
3) Is there anything else I need to know?
Both my other half and myself are keen to relocate to Derby. I'm a teacher, so I've got a fairly decent income of about £24K, and he does admin work, which brings our income to around £40K.
I inherited £65,000 so we've got a pretty good deposit. In theory, we could also skip mortgaging, buy somewhere small outright and do it up gradually as we'd be mortgage free.
My main worry is that in relocating, we'd both be unemployed, albeit temporarily, and thanks to some idiotic decisions in my student days, my credit history isn't too stunning (Although OH's should be pretty good). I have no idea how much leeway you can get from lenders if you apply for a mortgage while temporarily unemployed.
I'd be ever so grateful if you could help me out with these questions:
1) If we were to apply for a mortgage, what would the theoretical maximum be?
2) Are we better off skipping a mortgage, buying something small outright then upgrading when we're both employed?
3) Is there anything else I need to know?
© Cuilean 2005. Any connection between your reality and mine is purely coincidental.
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Comments
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Welcome to the madhouse! andrewsmith will be along soon. He's the best! Good luck!0
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iI would try renting in dearby firstly to sort out your employment and sus out the areas of interest for your dwelling this should enable you to get a decent deal on a mortgage and put you in a strong position in the current market with such a large deposit as for mortgage free then good luck to you if you can find a reasonable property for that amount.
hth0 -
iI would try renting in dearby firstly to sort out your employment and sus out the areas of interest for your dwelling this should enable you to get a decent deal on a mortgage and put you in a strong position in the current market with such a large deposit as for mortgage free then good luck to you if you can find a reasonable property for that amount.
hth0 -
oops that will teach me to hit the wrong button0
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You could borrow in the region of 110,000. One way you could do this is to get a mortgage such as The One Account.
This way, you could borrow the money to pay for the house, put in the 65K, which would dramatically reduce your interest payments, and the 65K is instantly accessible should you need it.
The renting idea above is a good one. This way, you can then thoroughly research the area you are looking at, and it will be much easier to view houses if you are local.0
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