FTB in current job 5 weeks

browney_2

Is it true that you have to have been with your current employer 6 months before you would get a mortgage ?

Charlton_Taz

No. It depends on your lender and your job. I actually got my first mortgage (from Nationwide) just before I started my first job after I left university. I had to provide the mortgage lender with a reference from the company applying me showing what my salary was going to be. All you need to do is ask your lender.

browney_2

Thank you, does anyone know where I can get the mortgage advice booklet ? It isn't working, I want to try and find a broker. How much do you expect I could get for £50,000 salary with £2500 loan and £5000 cc (interest free.

MortgageMamma

Hi there

some mortgage lenders will let you lend without a minimum employment period but they will reference you carefully with your employer. others stipulate periods of 1 month and some 6 months.

As for maximum lending, this depends on the value of the property and how much deposit you have. for example, one lender will let you borrow 4.7 x salary and another may restrict you to 3 x salary. Each lenders policy varies, and some will assess on affordability rather than income multiples, which can be beneficial when you have a largeish salary.

MM

PS - annualise your monthly credit payments then deduct from salarybefore multiplying will give you a good idea.

herbiesjp

browney wrote:

Is it true that you have to have been with your current employer 6 months before you would get a mortgage ?

With some lenders it is true - however there will be some lenders that could look to do a mortgage for you.

YOu would need to find out whether they would lend you the right amount based on your income though