First time buyer- mortgage help

Peeler

Hello, please-can anyone help me...?

I currently live at home with my parents and I have a low paid casual job. In August I will start a graduate chartered accountancy training scheme at one of the 'Big 4' professional services frms. I have a contract of employment with a start date in August and a salary of £19500 per year.

My boyfriend has a full time job and he earns £16500 per year. He's been with his company for 4 months.

We would like to buy a house (first time buyers) to move into in time for the start of my new job.

We have £50000 available for a deposit.

We want to start looking for a house now. We would want a joint mortgate and, if we find a suitable house in time, I'd be able to pay my share or the morgage repayments with my savings before my job starts.

But the morgage providers I've spoken to say that they wouldn't be able to provide a mortgage until I start the job/ have been in the job for 6 months/have been in the job for a year. :eek:

But I want the house before the job starts- so that I have somewhere to live!

Does anybody know of any provides who would give us a mortgage before my job starts?

Thank you in advance.

opinions4u

If you haven't started the job, then why on earth should you expect anybody to give you a mortgage?

Regardless of this, I think you should wait until you've both been in your jobs for longer than 6 months before buying. That way at least you can get through initial probationary periods and know that you like your work.

Rent until then.

But I want the house before the job starts

May be I'm picking out words typed and highlighting them unfairly, but I believe the "I want" approach to life is not always the most appropriate or realistic way to live.

Peeler

opinions4u, I did not ask for advice on my 'approach to life'. I don't think that that's what this thread is for.

Of course I appreciate that I will have to rent if it is not possible to get a morgage in my current situation.

I am inexpereinced at mortgage applications. All first time buyers are. I did not say that I expect someone to give me a mortgage. I asked for help.

I've done some research and found some mortgage providers that would give me a mortgage within a month of starting my job. So I don't understand why my query is so shocking to you opinions4u?

opinions4u

Peeler wrote: »

opinions4u, I did not ask for advice on my 'approach to life'. I don't think that that's what this thread is for.

A mortgage is probably life's most significant financial commitment. People who make mistakes with mortgages often go on to ruin their lives. You stated an "I want" approach to mortgage and I commented, in context, on that.

I am inexpereinced at mortgage applications. All first time buyers are. I did not say that I expect someone to give me a mortgage. I asked for help.

I think I gave help in my answer. Don't expect a mortgage if you don't have employment.

I've done some research and found some mortgage providers that would give me a mortgage within a month of starting my job. So I don't understand why my query is so shocking to you opinions4u?

I'm not shocked. I still think you should be in the job for longer before committing yourself to a mortgage though. You did clearly state "I want the house before the job starts". It doesn't work like that.

Over the years I have seen individuals fresh out of university jump on to the housing ladder at the first opportunity based on a cracking income from one of the professions. Within months they realise that, for whatever reason, that profession is not for them.

Signing up for a 25 year financial commitment in an iffy economy and an iffy housing market when you don't even know if you will enjoy the work or fit in to the company ethos is a big step.

Hence my suggestion to give it a few months.

Sorry if I offended you. You do have the option of ignoring any points of view that I have. But you want it all before you've even started, before you've seen a pay packet, before you've really been able to decide "this is for me".

getmore4less

High risk, could cost a lot of money if it goes wrong

Lived with the BF before?

New jobs, might not last, might not like them, might need to change locations.

Your job is likelty rquire a lot of work/time outside normal hours.

Where has the deposit come from(how much each)?

How big a mortgage are you looking for?

beecher2

I'd advise renting and getting used to the area - from what you've posted it sounds as if it isn't within commuting distance? It is hard to judge commuting times and get a sense of a place without living there first, and renting for 6 months seems the wisest choice. I understand why you'd be keen to get everything organised, but buying a house is a huge responsibility (often think that's been forgotten in recent years with everyone rushing to buy as if there's alternative).

leemuddywaters

This person has come on looking for mortgage advice not to have thier bloody lives scrutinised, what's the lived with your bf before got to do with it????

My god...

Chinkle

We are living in austere times, with more likely to come. The banks are taking a cautious approach to lending. Even in good times (ignoring self-certs) they wanted to see that borrowers had secure incomes.

Everyone knows that when you start a new job you are on probation, so neither side are tied in. Also for the first year a company can get rid of you pretty easily without having to explain themselves. While the future looks rosy, neither of you have secure incomes at present.

Can I also assume the 50K deposit is from the bank of mum and dad? If so, you are also not demonstrating the ability to save and budget (fine we know that's difficult when you are a student).

I see you are anxious to rush into a perfect house to match your perfect jobs, but I'm afraid you really are going to have to wait. As others have suggested, rent for a while, get used to your new lives and routines.

beecher2

leemuddywaters wrote: »

This person has come on looking for mortgage advice not to have thier bloody lives scrutinised, what's the lived with your bf before got to do with it????

My god...

Read some of the posts on here from people who have rushed in to buying a house with someone they haven't lived with before, and 6 months down the line are stuck in a house with negative equity. It is something to be aware of, surely?

leemuddywaters

Yes of course it is, but she asked for mortgage advice not relationship advice..

beecher2

leemuddywaters wrote: »

Yes of course it is, but she asked for mortgage advice not relationship advice..

Well it is an open forum so people will always post other information they think is relevant. The OP isn't under any sort of compulsion to follow anyone's advice and her best bet is to go to see a mortgage adviser to be given professional advice.