How long to be in job before you can apply for mortgage?

babbler_2

Hi, first post so please bear with me, I know it is long but trying to put all facts down,

Daughter has just qualified as a Nurse, she has a job offer but unlikely that she will start before end of Nov/Dec as CRB process is not quick, she will earn @ £21k.

She and ex boyfriend bought 80% shared ownership house, when they split in April she moved home as knew there was no way she would get the mortgage. Her ex still lives there, but so far has not been able to get a sole mortgage. They would both like the house as the mortgage is at least £120 a month less than the rents around here, so have basically agreed that first to get the mortgage will buy the other out. Total mortgage is about 80k v an original purchase price of £90k in 2008. Bucking the national trend if anything the house will now be worth more, prob £95-£98k.

She has also asked would I go guarantor, I have no problem with this, but don't think lenders will accept me. I earn £30k, have mortgage of £120k and own 2 houses, combined value £320k. I also have £6k year rental income from my younger daughter who lives in one of the houses.

Both daughter and myself have good credit histories.

So please, any views on when she can apply for mortgage or usefulness of me as guarantor? Would she be best starting with current lender or going to a broker?

Thanks

betmunch

She can apply for a mortgage now if she likes, I would speak to a whole of market mortgage broker to help you find the lenders that will accept her during her probation at work.

Another option could be to have a look at your own properties and the mortgage on them, could money be raised on them and given to your daughter to buy the share of the property outright? That is assuming the housing association will allow it? As she is already the owner of the share I dont see how they could stop her.

Definately get some proper advice from a qualified broker, not a bank salesman!

peter567_2

it obviously depends, but i can say from my experience your likely to get the mortgage you want as long as youve had a secure income for 6 months plus. hope this helps

GMS

It varies from lender to lender.

Some will want 6 months minimum current employment, some will want 6 months continuous employment, not necessarily in the same job. If in probation this will ad an extra hurdle.

Best to speak to a 'Whole of Market' broker to see best way forward.