📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

How soon can we apply?

Hi all,

I have put a similar post to this on the "House Buying/Renting/Selling" forum - I hope it's okay to have it on this one as well. Hope you can help me out as I can't find anything on any "advice" websites!

My partner and I are looking to buy our first house this year but we would like some advice on what "conditions" we would need to satisfy in order to be approved for a mortgage.

A little backstory:

We originally viewed a house in November - this was part of a new development with great incentives for first-time buyers. We were required to raise a deposit of only £8,500 (5%) with the developers lending a further 15% (this was to be paid back at our own pace via an interest-free loan over 15 years). We had the deposit money, and based on our salaries we were told by an adviser that we would almost certainly be granted a mortgage. Sadly, less than 24 hours later my partner lost his job and our hopes were crushed.

My partner is now in a new job - however, he is currently there on a temporary contract until the end of March, with a view to it hopefully becoming a permanent role after that. My questions are based on the assumption that he gets this permanent role (think positive!)

My income: £15,000
His income: £16,000
Extra income from Territorial Army - £4,000 + £1,600 bounty.
Total: £36,600

My question is - how soon after securing permanent work could we reasonably apply for a mortgage? He would have been with the same company for over two months at the start of the permanent contract, so in that sense we could provide 3 months' worth of pay slips. The TA pay can be proven with P60s. I appreciate that lenders differ in their lending criteria, but a vague idea of when we can start looking seriously again would be useful!

Thanks for your help

Comments

  • jenny_13
    jenny_13 Posts: 159 Forumite
    How much do you need to borrow? I'm sure someone else will come along but when I applied for my mortgage I was advised some mortgage lenders wouldn't lend based on my salary because I was in a probation period. We were lucky and my partners wage was more than enough to cover what we needed.

    I think you need to see an independent mortgage advisor as they'll be able to give you better advice and suggest your options.
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351.3K Banking & Borrowing
  • 253.2K Reduce Debt & Boost Income
  • 453.8K Spending & Discounts
  • 244.3K Work, Benefits & Business
  • 599.5K Mortgages, Homes & Bills
  • 177.1K Life & Family
  • 257.8K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.