Mortgage Advice Help!

noakesc

Hello everyone,

I would like to ask advice from some of the clever people on this forum. I am in a rather confusing situation, but would like to ask for some advice, to make it all a little more clear.

Me and my girlfriend are looking to move out into our first home. We are relatively rushed to do so, due to family reasons, which I will not go in to. We live in Loughton in Essex and would like to remain in this area. We will have a fairly large help (deposit) from both her dad and my dad.

The problem is that she earns £16,000 a year as a nursery nurse and has only been doing this job for less than a month now. I also have started a new job as an Estate Agent with a poor basic of £10,000, but with an achievable aim of £10,000 a year commission.

I have been looking on the internet for the best mortgages available, but get the feeling we both need 3 months wage slips. We clearly both do not have this, as our jobs are both new.

Does anybody know if a mortgage is still achievable, even without 3 months wage slips and my basic pay structure?

Please help,

Charles

hcb42

do you have payslips from previous jobs?

They might not take your commission into account, particularly as it is not proven or regular at this stage.

noakesc

She probably does, but i don't.

My last job was unstable and paid cash in hand mostly (silly, but it was all I could get since leaving Uni).

I understand that my commission can not be proved, but it should be the majority of my pay packet, or at least a good figure.

?

hcb42

the problem you will have with commission is that there is no guarantee, and you have no history of earning it.

do you have a mortgage advisor in the branch - who can assist you?

(and paying £10K basic is outrageous - unless you are PT of course....!)

noakesc

Unfortunately no mortgage advisor in branch, no. £10,000 is outragous, but being new to the industry, the level of training, company car and the commission structure, I wouldn't expect more than £12,000.

In fact £12,000 I believe to be the norm, for trainees.

I agree with you on the commission problem, but I think the lender would have to take this into account in some form or another, no?

Even if we all agreed on a measly £16,000 for me too, this would probably be enough for the time being.

kingstreet

You won't get commission taken into account unless you can prove you've been earning it before, or there's a guarantee of a certain amount in your contract which your employer will confirm in writing.

I also think you'll struggle to get an application approved until you've got three months behind you and normally, any probation period is over.

holly_hobby

The lender does not have to take into account any commission or bonuses - although they usually do - normally 50% if not guaranteed & there is a demonstrable history of a regular bonus of similiar values over a given period - the period will be determined by the lender, but its typically over a 3 mth period. If bonuses or commissions are gted then some lenders will still only take 50%, others 100%.
In your position - I would wait 3 mths at least, get your payslips together and then go and see an indepdent adviser - a fee free adviser would normally be located in an estate agents, they should know the basis lending/affordability criteria of a good selection of lenders, both high street & direct lenders, and this will save you the leg work to get the best deal that suits your circumstances & requirements.
You could also try your own bank, they should also have their own adviser who will give you guidance.
(got to say I am absolutely amazed that you work for an estate agt that doesn't have its own in house adviser - got to be a first in my experience !!)
Good luck
Holly x

kingstreet

holly_hobby wrote: »

go and see an indepdent adviser - a fee free adviser would normally be located in an estate agents

In my experience, estate agency advisers are neither free, nor independent. The larger chains work to a panel and also charge a fee giving the customer the worst of both worlds.

A whole of market or independent broker will give the customer the choice of remuneration - fee or commission or fee with commission rebate, with the latter perhaps including direct to lender deals on a fee paying basis too.