First time buyer!

matt1987

Hi all,

Me and my partner have been living with her mom and have been for 5 years now ( I am 22, and my partner is 21 ).

I am due to start as a Police Community Support Officer with West Midlands Police in just under 3 weeks time, and my partner has just graduated from Uni, and has just been offered a job in an Admin role.

What I want to know is does it matter how long you have been in employment for? I have to go through 10 weeks training with the police first, so obviously I would have to wait until my training had finished, but after that period is there anything stopping us from applying for a mortgage?

Were looking at apartments at around 100k - 115k mark and we have a 19k deposit.

My salary would be £20,665 a year, and my partners £13,500 per year. This would equate to a net joint monthly income of £2200.

Obviously we dont want to live uncomfortably, and would like some room for luxuries like Sky with Sky Sports!!!!!!!

I have looked at things like the mortgage calculator on HSBC, and if were to get a property at 100k, they would borrow us 80k over a 25 year period, with a tracker for 2 years at 4.59%. This means our payments would be £450 per month for atleast 2 years right?

How easy is it to get a mortgage, and again does it matter how long you have been in a job for?

Any advice appreciated!!!!

herbiesjp

matt1987 wrote: »

I have looked at things like the mortgage calculator on HSBC, and if were to get a property at 100k, they would borrow us 80k over a 25 year period, with a tracker for 2 years at 4.59%. This means our payments would be £450 per month for atleast 2 years right?

How easy is it to get a mortgage, and again does it matter how long you have been in a job for?

Any advice appreciated!!!!

Some lenders would look at you from day 1 of being in your jobs.

Other lenders will want any probationary period to have expired.

You are wrong about the £450 pm from HSBC - if you are sure it is a tracker deal you have seen, then it is a variable rate, which means that it will increase if interest rates increase (which seems very likely in the next 2 years). So the £450pm could turn into £500pm

If you want the monthly payment to remain the same in that 2 year period, you would need to look at fixed rates.

brit1234

Your going to have to pass the course first, the banks won't touch you unless you do. There are some schemes that might count you as a key worker so might give you acces to a better deal. I know police are looked favouribly by banks for mortgages it may be the same for C3POs, you union should be able to help you out with that once you get in.

matt1987

Thanks for all the advice so far. Yeh I understand I would have to complete the 10 weeks training first. I hope it dont go by your probationary period as for a PCSO its 12 months, the same as a normal PC.

Oh btw, I am loving the C3PO lol.

Just to add, I had a leaflet given to me at my introduction evening for mortgages with Police Mutual, but its underwritten by Brittania building society, so they probably will apply the same rates and standards as they would anyone else.

matt1987

Also at the moment I have a car on finance. I have never missed a payment, and I am due to finish paying for the car in March 2010.

Would this have an affect on any mortgage I would apply for ( good or bad? ).

puppy8910club

Your car on fianance would help your credit scoring providing you meet all payments which you have been doing so thats fine. GOOD