Mortgage application depression :(

Dark_Jester

kegg wrote: »

excuse me if i get this wrong as i know little about mortgage applications and am just really a lurker but it realy surprises me that a bank will take into account the wages of a person doing a pupilage as a pupilage only last one year and there is no guarantee that a pupil will be offered a tenacy at the end of that period.

My wife was one of the lucky few to have a pupilage that was affiliated with a firm who employed my wife on a fixed permanent contract. Therefore, once her pupilage was over she would still have a job but the pay was pretty poor when compared to other firms.

JA1000

Dark_Jester wrote: »

. I always promised myself that once I completed my PhD and got a job, I would buy myself a house and never rent again - this shared ownership property has enabled me to achieve 50% (originaly 25%) of that dream!!

Do you mean you own 25% of the 50% with your wife or are you not paying rent on the other 50%?

kegg_2

Dark_Jester wrote: »

My wife was one of the lucky few to have a pupilage that was affiliated with a firm who employed my wife on a fixed permanent contract. Therefore, once her pupilage was over she would still have a job but the pay was pretty poor when compared to other firms.

so she has not taken a tenancy?
sorry i am being nosey so you dont need to reply :rotfl:

Dark_Jester

JA1000 wrote: »

Do you mean you own 25% of the 50% with your wife or are you not paying rent on the other 50%?

lol

No, if you remember we originally were only going to buy a 25% share of the property. However, once we got provisionally accepted and my wife got her new job we increased the amount that we wanted to own to 50%.

So we will own 50% and will pay a mortgage on that and will pay rent on the other 50% owned by the HA. We will look to buy the remaining 50% share within 2 yrs.

:beer:

HarveyGal

Well done DJ. Good Luck with your move and best wishes.

Dark_Jester

kegg wrote: »

so she has not taken a tenancy?
sorry i am being nosey so you dont need to reply :rotfl:

No she refused since she got a better offer for a significant amount more.

The firm that she was affiliated to during her pupilage were just taking the mick especially with the salary that they offered her. They justified it using the "credit crunch" excuse but yet still had enough work to make her work 8am to 9pm some days! The sad thing is that they will continue to exploit young lawyers since once she leaves there will be 1000's of application for her role from desperate unemployed young barristers!! (yes i know, a barrister getting exploited....boo hoo!! )

Many firms, in particular magic circle firms pay top dollar, but you need to be the best of the best. Fortunately, I married one!

Dark_Jester

HarveyGal wrote: »

Well done DJ. Good Luck with your move and best wishes.

thanks :beer:

kegg_2

Dark_Jester wrote: »

No she refused since she got a better offer for a significant amount more.

The firm that she was affiliated to during her pupilage were just taking the mick especially with the salary that they offered her. They justified it using the "credit crunch" excuse but yet still had enough work to make her work 8am to 9pm some days! The sad thing is that they will continue to exploit young lawyers since once she leaves there will be 1000's of application for her role from desperate unemployed young barristers!! (yes i know, a barrister getting exploited....boo hoo!! )

Many firms, in particular magic circle firms pay top dollar, but you need to be the best of the best. Fortunately, I married one!

Looks like she got lucky. Not many firms offering decent salaries to junior barristers these day and for pupils in chambers it is even harder. If they are lucky enough to get a pupilage in the first place they still have to then get a tenancy, pay their rent to chambers and then hope to start making enough to earn a decent wage for themselves. The bar is just to over subscribed for everyone to make a decent living.

Cannon_Fodder

Have you double-checked with the Homebuy/Housing Association (or similar Shared Equity organisation) people that the scheme still applies?

Dark_Jester

kegg wrote: »

Looks like she got lucky. Not many firms offering decent salaries to junior barristers these day and for pupils in chambers it is even harder. If they are lucky enough to get a pupilage in the first place they still have to then get a tenancy, pay their rent to chambers and then hope to start making enough to earn a decent wage for themselves. The bar is just to over subscribed for everyone to make a decent living.

Do you have a legal background your self? you come across as if you do.

To be honest, I'm not much of an expert and what I know about the profession is second hand information from her. However, I know based on her experiences its a tough profession to crack.

I'm just a poor scientist after all and would love to be earning the money some of the city folk earn!