First Time Buyers With No Job (As of Yet)

ncfcstar

Hi Guys,

Hopefully you can point me in the right direction, or along those lines anyway.

My girlfriend and I have been saving for a deposit since leaving Uni, and have managed to put together around the £40k mark between us. We don't particularly want to use all of this at once, but we are looking to buy a home for around £170k.

At the moment I am employed full time, and have been since leaving University (although I changed jobs last August). My girlfriend on the other hand is currently studying for her PGCE with the aim of getting a teaching job in September. Obviously there are no guarantees on this, but we are hopeful.

Essentially what I need to ask is if she is offered a teaching job prior to September, then what are the chances of us being approved on a mortgage without her actually earning from the job prior to getting a mortgage? I appreciate she will need proof that a job has been offered, but would this be enough to placate the lender?

Ideally we wanted to move in during the school summer holidays i.e. the beginning of August, but is this unrealistic?

Thanks for any help, I look forward to seeing what you have to say!

molerat

I think your timescales are a bit unrealastic. When will she be qualified ? I would wait until she has a few months in the job before committing.

ncfcstar

molerat wrote: »

I think your timescales are a bit unrealastic. When will she be qualified ? I would wait until she has a few months in the job before committing.

The course she is on is slightly different to the normal PGCE in that it is linked to our local education authority/council and has an extremely high rate of employment (something like 98%) upon completion on the course. She would be qualified in June, with job offers usually on the table sometime between March and July.

maninthestreet

Does your GF have a job offer already?

borokat

No idea to be honest I think it is one of those situations where it's unlikely anyone has been in that exact situation. Why don't you try going to your bank and asking their mortgage adviser what they think? I guess you want to have an idea of when you might be able to buy, so you can sort out your acommodation for the near future? I would have thought you'd be an attractive mortgagee with a steady job and a healthy deposit.

ncfcstar

maninthestreet wrote: »

Does your GF have a job offer already?

No, not at the moment. I'm trying to do some research so once we are in that position we can see what steps are actually viable.

kingstreet

I would expect a good independent or whole market broker will be able to get you a mortgage when she has a firm offer of employment in her hand. Let's face it, it'll take three or four months for the purchase to complete and by that time, she'll be working anyway.

Professionals are still sought after by mortgage lenders.

dorset_nurse

I was given an offer on a mortgate (65% LTV) when I had a job offer letter and start date for two months in advance. I was applying on my own for a house valued a little more than yourself.

ncfcstar

Thanks to everyone who has responded so far, obviously we will need to speak to an advisor, but at least it looks like we can still stick as close to our timescales as possible!