Can I arrange mortgage on future salary?

Lokolo

Beckyy wrote: »

I would have thought that the time between getting a conditional job offer and actually starting probably wouldn't be that long (from my experience), chances are it would be a couple of weeks, maybe a month?

I received my contract in January and due to start August 30th (but it is a graduate job!)

kr15snw

I just took out a 65% mortgage (first one, but hubby has owned before) and we had issues with my application.

I have been employed for 12 months in a good job, BUT before that I had spent 18 months in 3 different jobs and a period of unemployment. The lender didn't like this one bit.

Luckily my MD was able to write a very nice reference for me to say that I was a permanent member of staff and detail my wages completely. We're a national company which I think helped.

So you *might* be able to but it would completely depend on the lender.

I would highly reccomend you get a good broker who will help you find the right deal who will allow this!

Blacksheep1979

You can get an AIP in a matter of minutes on-line and you will frequently be asked for 3+ months of payslips prior to getting the mortgage so tbh applying ahead of time isn't really going to save you much time when searches/surveys etc will hold you up more. Is your plan to find a property and move into it as you start the job?

Running_Horse

What is the rush?

Are you expecting prices to double overnight?

somethingcorporate

Running_Horse wrote: »

What is the rush?

Are you expecting prices to double overnight?

+1 on this, we rushed in to it with our hearts and not our heads. Fortunately all turned out ok, but it could have gone horribly wrong!

poppysarah

There's no rush.

Really.


Graduate.

Get a job. Save.

Then think about a mortgage.

YoungBaker

No I am not planning on moving in as soon as I start a new job. I am planning on working for a few months and most likely moving in the beginning of th enew year after having a good few wages behind me and being settled in the job.

However, I don't really get what hurts about trying to go to a bank and asking to see how much they would let you borrow based upon your figures so in the mean time you can have a look at the market in the area you are looking to purchase - get an idea of the prices and what you can expect for your money etc.

That was what this thread is about - to find out if anyone has had a similair experience, not to say "Oh can I move in on day 1 of my job".

Lokolo

Allan_r_123 wrote: »

No I am not planning on moving in as soon as I start a new job. I am planning on working for a few months and most likely moving in the beginning of th enew year after having a good few wages behind me and being settled in the job.

However, I don't really get what hurts about trying to go to a bank and asking to see how much they would let you borrow based upon your figures so in the mean time you can have a look at the market in the area you are looking to purchase - get an idea of the prices and what you can expect for your money etc.

That was what this thread is about - to find out if anyone has had a similair experience, not to say "Oh can I move in on day 1 of my job".

You don't need to go to a bank for this, plenty of them have calculators on their website to see how much you could possibly borrow. If you credit rating is trashed then obviously take the figures with a pinch of salt but its a starting guide.

YoungBaker

Lokolo wrote: »

You don't need to go to a bank for this, plenty of them have calculators on their website to see how much you could possibly borrow. If you credit rating is trashed then obviously take the figures with a pinch of salt but its a starting guide.

My credit rating is fine. Yeh I had been using these calculators just wasn't sure how accurate they were really but thanks.

Blacksheep1979

you really won't know what you'll get until you find a property and start going through the motions - an AIP is really easy to get and takes a matter of minutes you can put in your future salary there and nobody is going to check.