First time buyer - new job

nix1984

Please can someone let me know if we are likely to be approved for a mortgage.

My partner is in a long term job earning £20k pa

I graduated from university in the summer. I am just about to complete a 3 month job on 31st December where I was earning £15k pa. I have been offered a new permanent job to start on 1st February, also on £15k. Will we be offerred a mortgage even though I will have this break in employment?

Thank you for your help!

UK007BullDog

It depends on the lender. However as there is a gap of one month and you would be in a probation period of 3 to 6 months it would be unlikely that any of the high street lenders would be interested.

It would be better if you were settled in your job for at least 3 to 6 months before trying for a mortgage together with your partner.

However depending of your deposit, purchase price, any other outgoings, loans and credit record maybe your partner would be able to carry the mortgage just on his income.

worrypants

dont despair my husband has just got a halifax mortgage on the the very first day in a new job with a 13 week probationery period so it can be done! try a broker as not quite as easy if you go direct to the lender
failing that just go on your parteners income if the multiple will be high enough to meet your needs
good luck

herbiesjp

nix1984 wrote:

Please can someone let me know if we are likely to be approved for a mortgage.

My partner is in a long term job earning £20k pa

I graduated from university in the summer. I am just about to complete a 3 month job on 31st December where I was earning £15k pa. I have been offered a new permanent job to start on 1st February, also on £15k. Will we be offerred a mortgage even though I will have this break in employment?

Thank you for your help!

There are lenders that can indeed look at this for you, even in your current situation.

What are the property prices you are looking at? DO you have a deposit? Do you have any other debts in the background?

MortgageMamma

Will the new job you are going to in feb be in the same line of work as the job you are just finishing? are you going to do some temping for the time you are not in permanent employment? What was your degree in?

nix1984

Thanks for all the replies.

We are looking at houses around £125k with a £10k deposit.

The only other debt I have is £9k student loan, and my partner is debt free.

My degree is in Business and Computer Science. My new job is working for the National Probation Service which is different to what I do now. I am planning to go to a recruitment agency as soon as they re-open in the new year to organise temping but I am worried that the slightest break in employment may be bad. Can a week or 2 without a job really have an impact?

Thanks again for your help everyone. Good to hear it may be possible. Really want to get on property ladder and avoid renting if at all possible!!

MortgageMamma

There are some lenders that will assess this individually. you need to approach lenders who actually pick up the application and look at it on its individual merits, rather than what I term a "computer says no" type of lender (Nationwide currently being the biggest culprit IMO.

Some lenders are happy to lend to you without you having a minimum period in employment, but obviously they will want to see the contract and take employers references

One thing I would say to you it dont try to do this yourself, by approching lenders and getting credit checked continually you will be damaging your credit rating which is the last thing you need right now. Speak to a fee's free whole of market mortgage broker and let them do the legwork for you.

I would urge you though to think long and hard before commiting, what will you do if you take this mortgage and the new job does not work out?