Naughty Selfish 1st Time Poster Seeking Advice :-/

shiny_nosehair

Hi All,

As the title says, apologies, but my 1st post is looking for help (but then I would assume that's the case for the majority of users, that's why we came here right?).

Anyway, I'm a member of HMF currently working in the sandy place (we don't like to say it out loud online) and am coming to the end of my time thanks to the recent redundancies.

Unfortunately, due to previously marrying the wrong Woman, I have never had the opportuninty to purchase property, however, since divorce I have been on a mass saving spree.

By the end of this tour I should have just above the 40K mark saved away, also as part of my redundancy, I have another large sum coming to me, roughly 65K, however, I won't get this until after I am jobless and homeless.

House prices I'm looking at are around the 200-210K mark in the area I need to live.

My problem. I'm pretty sure nobody will give me a mortgage for anything above roughly 105K so the only way I can see me getting the desired property is waiting until I have left the forces, or is there another way around it i.e. show the lender I have 'X' amount coming to me and come to an alternative arrangement.

Also, I suspect a potential lender will be far happier offereing a mortgage with my current employment details i.e. 21 years in HMF on a decent'ish wage (but I won't have my full deposit), rather than a few weeks into my new employment on slightly less money but with the 100K ish deposit.

I hope my ramblings make sense.

Any assistance greatly appreciated, I really am completely foreign to all this.

SNH

kingstreet

There are lenders who will offer you a mortgage with a job offer/contract and a start date, or during a probationary period. You don't need to buy cheaper now thinking you won't be able to buy until a lot later.

Talk to a few independent or whole market mortgage brokers when you are back in the UK, or email from your current location.

Ask friends and relatives for a recommendation, or use this https://www.unbiased.co.uk but turn off the "website/email only" option as this ensures you see the whole list, not just the ones who pay for the big adverts.

harvey115

You can usually get around 4 X your income multiples.

I would say once you have started your new job you would have far bigger deposit to put forward (thus less risk to the lender). On the same time you will be asking for smaller amount to borrow and you will also be getting better rate for your mortgage.