New teacher requiring a mortgage

balloonatic

Hi, any help would be appreciated!

I am a student teacher but want to get a mortgage before I start my job this summer. I have a permanent contract starting in September but I will not have a constant income until then.

I have been offered a deal by halifax that can start 3 months before my job starts but it has a very steep interest rates.

Does anyone know which lenders I could approach?

Thanks!

dimbo61

Most lenders like to see 3 months of pay slips so why the rush to pay a high interest rate ?
this is a long term decision so why not wait until after xmas and rent until then

hcb42

all you can do is compare this "steep" rate to the rate you might get once in FT employment, and presumably with all the deposits etc in place. If the rate is that extortionate then renting might be the answer, but on the other hand if renting is going to be £3-4K for six months then you can weigh that up over the long term costs of the high rate.

CLAPTON

actual facts are always useful

DVardysShadow

Mortgage? And you have not started the job? I would suggest renting and see whether you are happy where you are for a year first. The way things are, there really is no pressure to get on the housing 'ladder' just yet.

balloonatic

The mortgage offer is from Halifax and is a four year fixed mortgage at 5.79. It seems quite steep as the best one my broker could find for me before she asked about my situation was 4.69. However we have just had an offer accepted on a house at a fair bit below the asking price so I guess I will just have to weigh up the potential costs etc...

Thanks to everyone who has responded!

opinions4u

I will be gobsmacked if the mortgage is offered before you even start work.

It's easy to provide an AIP on the basis of a future job, but until that job becomes reality the loan won't go ahead.

Valli

please bear in mind that if the poster has been offered and accepted a teaching job (permanent contract too - well done you) to start in September that is a binding contract - teaching jobs have their own odd system - for instance the job offer is usually made verbally on the day of interview or possibly the day after and accepted at that point, paperwork (eg CRB check and contracts) follows shortly after.
It's not some tenuous future job. Moreover the OP will actually be working/preparing/planning for the job over the summer and, if it's primary, going into school to prepare his/her classroom - all unpaid!

Anyway OP I presume you are joining/have joined a union? Check out their website for details of mortgages specific to teachers. Depending where you are (working) in the country there may well be incentives.

Have you got a deposit at all?

balloonatic

Hi Valli,

Yes between us we have a 20% deposit which helps when banks are considering our situation! I have been ringing around all morning and so far the only other bank to consider it has been nationwide. Which has a similar rate of interest but I guess they have to charge that as they are taking on a greater risk!

thanks again!