FTB (Bored of these types of thread yet?!)

Sillystudent

Ok before I posted this I have done a search for similar threads in the past but not come across anything that quite matches my situation so be nice please!!

Me & my partner are both in our mid twenties and are looking to buy in a cheap area.

House price about £80k.

We have initial deposit of £25k - could possibly stretch this to £30k.

Partner is on an income of around £14k.

I am due to start my job in september (contract signed) at a starting salary of £16.5k.

I have student debts at around £15k by way of student loan.

Realistically - what are my chances of getting a mortgage offer prior to starting my job? After reading a couple of threads on here I am guessing VERY low!

So, realistically if I have to wait until I have actually started the job - how long should I wait before applying for a mortgage? Do lenders like a good few months payslips?

Last question (promise) - my new job is on a temporary contract basis. For two years. Likely to be a problem?

Please keep in mind that I am young, naive and am just seeking initial advice here before I embarrass myself totally in the real world!!

Any advice you can give will be greatly appreciated

DannyboyMidlands

1. Your deposit is good. Will give you under 70% LTV and access to some decent rates.

2. Your temp contract will be a problem.

3. Somebody starting a new permanent job would need to provide at least 3 months payslips.

4. You need to borrow about 4 times your partners salary which may be possible but borderline.

5. Your student debts wont matter if it's your partner doing the borrowing.

6. Personally I'd save for another year or so, get the required LTV even lower and your borrowing to max 3 times partners salary.

Sillystudent

Thank you!

East_Shore

There's a good chance you could get the mortgage before you start your job as it should fit on your partners income alone (subject to credit score).

If you apply nearer the time to when you start your job some lenders may take your income into consideration if you can get written confirmation from your new employer of start date, salary etc so you wouldn't necessarily need 3 months payslips.

Hope this helps

Sillystudent

Thank you East Shore that is very helpful I have a copy of my contract of employment with start dates & salary etc. So it is potentially do-able then which is good. Guess the next step is to go in and speak to someone. Might leave it a month or so and see if I can up my deposit in the mean time. Thanks

Doshwaster

DannyboyMidlands wrote: »

6. Personally I'd save for another year or so, get the required LTV even lower and your borrowing to max 3 times partners salary.

I agree. The OP is in a decent position but another 12 months of hard saving, cutting out all but essential spending, in addition to (maybe!) falling house prices should leave them in a much better position with some spare cash to spend doing up the house.