Opinions on my situation please

PP1984

Hello all,

I hope someone can give me some frank opinions on my plan of action.

I am hoping to buy my first home in the UK in a few months.

I've been working abroad for some years and finally have a job offer back home. I will be relocating in February.

The job offer is temporary 6 month contract, extendable on completion. There is a high likelihood of a more permanent posting based on the past experience of others.

I have a good credit score with about £3000 remaining on a credit card, which will be cleared by the time I want to apply for a mortgage. My Experian score is 538, in the "Excellent" band.

My gross salary is £45,000 plus bonuses. I will have around £10,000 for a deposit and would hope for a house value of circa £170,000.

I want to take advantage of the FirstBuy scheme.

The problems I foresee:
1) The fact that my job is temporary, albeit full-time
2) My lack of UK history over the last 5 years, except a bank account.

I am completely new to the world of house buying, mortgages etc.

Any advice for me please?

Yorkie1

Make sure you are on the electoral roll as soon as you return.

Thrugelmir

As you stated, permanent employment will be required.

You'll need a larger deposit. Compared to 5 years ago lending criteria is much changed.

Mortgage interest rates are progressively edging upwards. So be prepared to pay more than current interest rates by the time you are in a position to buy.

Annisele

Are you talking about this FirstBuy scheme? If you are, then the deposit is unlikely to be a problem - but you should be aware that availability of the scheme is likely to be limited, and that it will seriously restrict your choice. There are strong arguments for saving a bigger deposit and buying the normal way.

PP1984

Thanks for the input guys.

I think I will take your advice and wait a little more before buying.

If I wait 6 months until a more permanent employment is offered, it will also allow me to save more deposit and build some UK rental history.

Now, the next problem is trying to find a rental property landlord who doesn't care about the lack of references.

Thanks again!