help re 1st time buyer

MinniMe_2

Hi, hoping someone can point me in the right direction.

I am a 1st time buyer looking to buy asap, I have a large lump sum deposit available due to a family member but my problem is i have not started my job yet, i know what i would be offered on my wage however i am not starting until dec. is there any mortgage company that will give me the mortgage based on the contract I have and the fact that my sister is willing to go Guarantor for me?

thanks

MortgageMamma

Are you a professional? a school teacher, doctor, solicitor

a lot depends on the job itself and the contract, there are a few lenders who may look at this but I need more info from you

MinniMe_2

I am a proffesional, will be earning £26000, only have 1 cc debit of apx£1000.
I am actually currently employed by the company in question however am not earning at the minute and start a new contract with them in dec.

MortgageMamma

Ok, when you say professional, what sort of thing do you do?

Its good you have no debts, really good start. What sort of a deposit do you have, how much are you looking to borrow? Whats your credit history like? Will you be earning anything at all between now and December?

MinniMe_2

Yeah my parent have taught me well - keep debts down! only reason there is any was an emergency on holiday (and thanks to this site its at 0%!!)

any way, I will be looking to borrow apx £100,000 and have a deposit of £40,000, I am an Engineer with a global company, i will be earning apx £450 a month from now until dec (possibly more with overtime) from a part time job (one that i will be giving up when i start in dec)

as for my credit rating, have checked my file, nothing bad on it at all, never had late payments on anything, have £2000 OVD which i use occasionaly, have 3CC's all with limits above £2K so there really shouldn't be an issue with credit score

MortgageMamma

Ok yes you are right no issues with credit score

I dont think you would qualify for a professional mortgage. will you be working abroad for the global company? Have you signed a contract with them yet? When would you ideally like to be able to buy a property ad move into it?

Your loan to value is pretty good so no issues there

Do you have a partner who is going on mortgage or just you? A parent or relative who could guarantor it in the meantime until you begin employment?

MinniMe_2

The contract is signed and has been for apx 2months, doubt I willbe abroad, short term only if anything, would ideally like to have property aug/sept time, give me a chance to get settled etc.

It will just be me on the mortgage however I have two family members willing to go guarantor, each with very good incomes

MortgageMamma

You wont have any problems from what you are telling me, theres three or four lenders I know off the top of my head that will look at this

I would suggest you use a broker with experience in guarantor mortgages though if thats what needed, I think there is one company who would lend if you could prove you had the savings to pay mortgage until you started work without a guarantor

I'm not suggesting you would but if you tried to do this by yourself you might struggle

Have you got anymore questions before I go to bed I'm shattered - hard day!

MortgageMamma

MinniMe_2

OMG you have made my night! I have the savings to pay for 3months mortgage apx.

you have put my mind at rest knowing that there is someone out there who will give me a mortgage! I am going to spend the rest of the evening looking at houses for sale!!

thank you for your help

MortgageMamma

No problem, come back for more if you need it, I will check once or twice tommorow. I don't think you are going to have any problems if you put yourself in good hands. Just a few tips when looking at properties, if you go onto the house buying, selling and renting boards at the top there is a sticky called how to negotiate on property or something by a chap called AndrewSmith, have a read through, might help you