Can we get a first buy mortgage??

princessjess

Me and my partner want to buy a house for around 195k.
He is on around 22k plus good commission but I'm in my final year of uni doing law.
I do have around 20k of savings though.
We both have a student loan to pay back.
Would we be able to get the first buy scheme and therefore an 80% mortgage of around 150k?
We could technically afford it if they let us? And I would be working from around May?
We want to get this house before the first buy scheme ends if it would be possible?

kingstreet

The amount sounds too high.

Does he have a three year record of commission earnings? What do his P60s show for that period?

If not, £22k a year suggests a maximum mortgage of £90k to £110k.

princessjess

No he's not been working for 3 years as he got his job straight after uni, but we could collect as many payslips together etc to try and show his commission or could a letter from the director stating this help? His salary may also be higher after his review in September so we could wait until then.

If we put down a higher deposit would this help? If we put down 15k for example? The 20% from the gov would be about 40k leaving it at 155k but then we could put that down to 140k.

What would his salary have to be to get that?

I want that house

geoffky

I want...i want...i want.......oh dear...but you are entitled to it my little beauty...

kingstreet

princessjess wrote: »

No he's not been working for 3 years as he got his job straight after uni, but we could collect as many payslips together etc to try and show his commission or could a letter from the director stating this help? His salary may also be higher after his review in September so we could wait until then.

If we put down a higher deposit would this help? If we put down 15k for example? The 20% from the gov would be about 40k leaving it at 155k but then we could put that down to 140k.

What would his salary have to be to get that?

I want that house

If you can't evidence a record of earnings for a protracted period, you are unlikely to get any variable part of his earnings taken into account.

A higher deposit won't increase the income multiples. The figures I've quoted are the maxima I'd expect most lenders to employ for someone with a basic salary of £22k.

To get a £150k mortgage, you need an annual income of between £30k and £40k, depending on the lender you approach. You need to take off the annual value of any credit commitments before multiplying it out too.

As a matter of interest, what happens if you buy this property and you find you need to work 100 miles away when you eventually qualify? The flexibility of renting would appear to suit you better at this time...