First time buyer -

Jonathan1985

Hello all. Me and my girlfriend are thinking about getting a mortgage. The house we have found is 60,000 and we have about 10,000 deposit.

My girlfriend is currently in a permanent Job (16000 per year) and I am on a tempory contract, but I am looking for work all the time and my job may go to permentant)

We worked out that we will be able to afford mortgage with just one of us working (worse case scenario).

are we lickly to get a morgage? we have no bad credit

Thrugelmir

Keep looking for a permanent role and in the meantime keep saving.

You'll be able to source a mortgage when the time is right.

herbiesjp

How long have you been on the contract? How long does it last for?

Jonathan1985

i have been in a contract for over a year.

it seems like the right time to purchase at the moment because i think prices will start to rise.

Could we not get this morgage based on my girlfriends wage alone let alone mine ?

Nikel

Jonathan1985 wrote: »

We worked out that we will be able to afford mortgage with just one of us working (worse case scenario)

So what monthly payment did you end up with in the calc? What rate of interet?

Jonathan1985

all i have done is a search on money super market:

it was about 300 per months fixed for 5 years at around 6%

herbiesjp

You could get the mortgage agreed in her sole name potentially.

It just depends on whether she will fit other lending criteria on her own i.e. lender affordability calculator, credit score with lender, etc

Jonathan1985

so if i was on the morgage aswell that could effect it ? seems odd they would do that? would it not be less risk to have two people on a morgage

gambit27

I would imagine if you've no bad credit, it shouldn't be a huge problem to get a mortgage for £60,000, if your girlfriend is earning £16,000 per year, 3 x that equals to £48,000, just short of the £50,000 you'll need after your deposit. Lot's of banks do 3.5 or 4 x your salary. I would approach a few different banks and see who can offer what, I don't see any major problems, they may ask for a higher deposit though, as a lot of banks are looking for 20 - 25% deposit's at the moment.

gambit27

They could still give you a joint mortgage, but if your job is temporary, they may see your wage as a risk, but you should have enough to go on with just your girlfriends wage.

spadoosh

http://www.fool.co.uk/mortgages/mortgage-calculator/borrow-calculator.aspx could give you a rough idea, certainly looks doable though. Speak to a mortgage advisor, most of the time its free!