When to realistically look into / apply for mortgages

d.a.mcfarlane

Good evening all,

My partner and I are interested in buying our first house after both graduating from university this year (although my partner is 27 and I am 30). My partner has been working in a part-time permanent job for 2 years which she has now increased to 4 days per week earning £18,000 basic (with some overtime adding to that). I am starting a full time job in October earning £27,000.

We have a few thousand in savings and generous parents to cover a deposit (looking at a 10% deposit on a house up to about £160,000). My job is fixed-term until the end of 2013 but I am in the lucky position of having more opportunity for jobs than most having just qualified as a social worker.

My question is when we could realistically be looking at applying for mortgages given that I have not been employed full-time for 3 years (discounting part-time work in my first year and summer working). Would I need to wait for a few months before anyone would even consider an application so that I have pay slips, etc?

Thanks for any help / advice / experience!

System

I came out of Uni last summer, worked for almost a year being self-employed and then became an employee this April. I was worried about being able to get an mortgage given the constant doom and gloom in the news. My lender offered me what I asked for and did not care about my past self-employment, only my current (employed) circumstances, for which payslips were essential proof. My mortgage was somewhat simpler that yours though, I have just my income and a 20% deposit on a £40k loan.

As I understand it, joint mortgages are more complex (double the chances of someone losing a job) and the fixed term contract will make it harder too.