Mortgages - Employment Period

Lokolo

OK hello y'all.

I am graduating this year (woo) and starting my job in September.

Now I am going to buy a house ASAP, or near enough.

Looking at a few banks/bs's they do not seem to give an indication of how long I need to be employed before they would consider me. Co-op say "Last 3 payslips and a P60", which is pretty rubbish as I can't get a P60 until May, but can get 3 payslips by December. Looked at few others, Nationwide, Post Office and none give any sort of indication.

Now before I go to town on Tuesday and bug every employee in the bank, wondering if anyone has any sort of idea?

Bigsmak

My idea, Don't speak to people in the bank. Speak to an Independent Mortgage Advisor or an IFA.

I like your enthusiasm for getting on the housing market as soon as possible. However, I would probably wait a good 5-6 months after starting a new job to do this.

You might not like the job or you might be rubbish at the job.... Also - getting a house / flat is a lot more expensive than you think. No matter how well you plan there is always something you miss.

And, do you have a big enough deposit?

Lokolo

Yes I have enough of a deposit. I will be saving £800-£1k a month whilst earning but no house (living at home) as well which will just increase the deposit.

I won't be buying STRAIGHT away but I'd rather not live at home too long IYSWIM

I would go and see a broker etc. but theres no point til I know I will be considered, hence the original question. Not going to bother seeing anyone if all they're going to say is "You haven't got long enough employment record, come back in 6 months". I wasn't going to go to the bank for quotes or anything, just asking that question so I can work out some sort of timescale.

As for the plan, it's there don't worry, and I will be putting more into the plan over the next 2 months, I don't start my job until September so all I am doing currently is being a 24/7 slob, watching properties on rightmove, working out my financial plan etc.etc.

Thrugelmir

At the very least past the probationary period of employment and being employed on a permanent\longer term basis. The items you quote merely substantiate your earnings.

Lokolo

Thrugelmir wrote: »

At the very least past the probationary period of employment and being employed on a permanent\longer term basis. The items you quote merely substantiate your earnings.

How do you mean?

Thrugelmir

The lender may require sight of your payslip to ascertain your net earnings. In addition this will disclose other deductions such as court orders for child maintenance, pension scheme contributions etc.

Lokolo

Thrugelmir wrote: »

The lender may require sight of your payslip to ascertain your net earnings. In addition this will disclose other deductions such as court orders for child maintenance, pension scheme contributions etc.

Well the amount I will need to borrow is a little under the maximum which is advertised at 4.5x (I will likely borrow around 3.5x) and I can also add parents as a guarantor. I currently have enough for a 85% at the lower end of the market. Depending on the timing I will either go for 80% or up the market a little.

What happens with bonuses? I will be getting 2 confirmed bonuses in first 3 months of employment, plus the annual company bonus (not confirmed) after 6 month. Do they just tend to completely ignore these?

Thrugelmir

Underwriting criteria is not set in stone and differs lender to lender. So best to wait until your ready to apply for a mortgage.