Employment/income history needed for FTB mortgage?

Ultrasonic

Hi all,

I’d be grateful if someone could help me with what I hope is a fairly straightforward question.

I have been in full time employment for the last 10 months, and have a permanent contract in my current job. Prior to this I was a PhD student at university on much lower pay, and towards the end essentially no pay as my funding ran out and I lived off savings.

My question is, will I be able to get a (first) mortgage on the basis of my current salary, or will my employment history either reduce dramatically what I could borrow, or even prevent me from getting a mortgage at all? (I’ve read some comments about income over the previous 3 years being important, but can’t work out if this is purely for people who are self-employed.)

Thanks for any advice.

spadoosh

Yeh think thats generally self employed, think banks expect 6 mts payslips. mine did anyway.

Dave_the_Ginger_Cat

By the time a mortgage completes, you'd probably have been in 12 months which is helpful.

There are two main aspects you're probably looking to address here:

Permanance
No unaccounted gaps

I'm sure you can evidence your time at Uni.

You may find that referecing your residences proves harder than the job though. Many recent graduates move a number of times during their degrees, and it makes it harder to track - much will depend on your approach to the voters role where you lived.

Happy hunting

kingstreet

Your employment history will not be a problem for most lenders. You may find you don't score as well as an applicant with a three year job history but all you can do is hope the rest of your application is strong enough to generate a "pass".

Ultrasonic

Thanks for all the replies. Must admit I'm quite relieved not to have got a definite 'no' response .

Dave_the_Ginger_Cat wrote: »

By the time a mortgage completes, you'd probably have been in 12 months which is helpful.

As you point out it isn't that long till I'll have had my job for a year. Is there any merit in delaying an application till then, in terms of either likely acceptance or mortgages I might be eligible for?

Dave_the_Ginger_Cat wrote: »

You may find that referecing your residences proves harder than the job though. Many recent graduates move a number of times during their degrees, and it makes it harder to track - much will depend on your approach to the voters role where you lived.

That's something I hadn't thought of but hopefully I should be OK as I was actually pretty settled. I lived at my previous address for getting on for 4 years, and the one before that for about 2.5 years. I was also on the electoral role at both addresses. Before that I moved around a bit more but I hope that's long enough ago not to matter?

Dave_the_Ginger_Cat

Ultrasonic wrote: »

As you point out it isn't that long till I'll have had my job for a year. Is there any merit in delaying an application till then, in terms of either likely acceptance or mortgages I might be eligible for?

I would not let that delay you - these things tend to take longer than one hopes

Ultrasonic wrote: »

I lived at my previous address for getting on for 4 years, and the one before that for about 2.5 years. I was also on the electoral role at both addresses. Before that I moved around a bit more but I hope that's long enough ago not to matter

Sounds pretty stable

All the best