First Time Mortgage - How Much Could We Borrow?

Lyns15

Just a wee enquiry about how much we could borrow.

I am employed full time for the local council, and have been there for 7.5yrs, earning £34 200 a year. My husband has just started a new job this week earning £22 880 a year, having previously been self employed, though his pay could go up £23 920 to after 3 months. We have 4 dependents. I have £6 000 on my credit cards (2 that are interest free), which I plan to pay off befor eteh end of the year. We have no other debts.

We have £15 000 in savings for a deposit.

Would we be accepted for a joint mortgage, given that my husband has just started a new job or would we be better waiting? If so, how long should we wait before looking into mortgages?

Many thanks in advance.

kingstreet

Based on the information given, the Nationwide's affordability calculator says a maximum of £184,000 would be considered. At this time, assuming your husband is in a probationary period, there are a couple of lenders who would consider an application now.

Once this ends, more lenders would join the list of possibles and after around six months, subject to credit score and other criteria you should have the whole market available to you at your chosen loan to value level.

Lyns15

Many thanks for your reply kingstreet.

I don't think that my husband is in a probationary period. It seems that all new starts, start at a lower hourly rate before quickly working up to the rate the rest are on. Would that make a difference to lenders?

Would you still advise to wait 6 months before trying to get a mortgage?

kingstreet

There will be more lenders open to you the longer you wait. I would not seek to advise you on the timing of a purchase.

You will get a mortgage to include your husband's income at its current level, or when it's higher, depending on when you apply.

A lower income means a lower mortgage. As you haven't given any indication of what level you might want to purchase at, I've no way of knowing if the current mortgage amount is enough, or sadly short of what you need.

_Andy_

If you have £15k saved up you'll be limited to a property value of around £150,000 (although that doesn't factor in moving costs, fees, legals, etc)