1st time buyer but no proof of income

dentalmonkey

Hi there,

My first post, so be gentle with me!

So here goes...

I'm looking to buy a property with my other half.

I've just graduated, I'm a dentist, and I have signed a 1 year contract to start work in Aug 09. I have no proof of income at the moment, but have always paid off my credit card bills in full and on time. My income this year is in the mid £30K region.

My other half is self employed, already has a number of buy to let properties, has good credit history etc etc.

We also have a 40% deposit available to buy any property within our budget.

My question is, will I be able to get a mortgage??? I don't think my other half will have a problem getting a mortgage, but I'm worried they won't lend to me. Would I need a guarantor? Would the banks take into consideration my occupation?

Any advice would be much appreciated!!

bryanb

I would try offering my employment contract as proof of likely income. Good luck.

dentalmonkey

bryanb wrote: »

I would try offering my employment contract as proof of likely income. Good luck.

Hi, thanks for replying.

Problem is, the contract doesn't state my income, just the duration of the contact etc. Reason being is I'm getting paid directly from the NHS but the contract is with the dental practice I'm working at.

Perhaps I would need a letter from my boss?

Wakey2008

dentalmonkey wrote: »

Hi, thanks for replying.

Problem is, the contract doesn't state my income, just the duration of the contact etc. Reason being is I'm getting paid directly from the NHS but the contract is with the dental practice I'm working at.

Perhaps I would need a letter from my boss?

And something from the NHS themselves would help.

dentalmonkey

Hmm...ok, thanks

Perhaps I'll just have to wait a month or two before trying to buy somewhere? May be an "easier" solution than trying to get letters from my boss and the NHS.

We have a place to live right now, so it's not like we will be homeless but I'm a slightly impatient person, if i want something done, I want it done now! :o

jugglebug

dentalmonkey wrote: »

Hmm...ok, thanks

Perhaps I'll just have to wait a month or two before trying to buy somewhere? May be an "easier" solution than trying to get letters from my boss and the NHS.

We have a place to live right now, so it's not like we will be homeless but I'm a slightly impatient person, if i want something done, I want it done now! :o

Get advice from a specialist dental financial advisor, there are quite a few around. Look in the probe, BDJ ads etc.

Dentists are seen as low risk for loans so there are specific mortgage products out there.
Pm me if you want the name of the financial advisor I use, but otherwise ask people you know locally VT advisor etc.

absolutebounder

Wait till you have a mortgage broker client in your chair then tell him to get the mortgage for you otherwise no injection for a root filling:D

benjo

Most NHS trusts have a local pay section, find our where yours is, find out the name of your 'paymaster' and cherish him/her - they can and are usually really helpful and probably wouldnt mind emailing you to confirm details etc you could then forward this email to the lender - goodluck.

dfh

Do you get a monthly payslip? If so a payslip with the contract should be sufficient proof.

dentalmonkey

thank you all for your help so far.

a friend of mine who is in the same situation as myself managed to get a proof of income letter from the director of his training scheme, so i too have contacted the director of my training scheme and hopefully that'll be me sorted!!

my friend has already taken his letter to banks etc and the banks were ok with offering a mortgage! :T

so fingers crossed now!