Who will lend to me?

HouseBuyer1

Hi there
Looking for some advice to see if any of you guys have had a similair experience and could give me a headsup to some lenders who are lenient to employment time?

Quick Summary:
21 year old male finished uni this Summer, have been in full time permanent employment for 2 months (Since September) earning 27k pa. looking to borrow 90k with a 10k deposit (100k total).

I am aware the fact I have only been in my job a short period of time is not ideal but I am fresh out of uni, and this is a permanent employment with no probationary period or anything.

Does anyone know of any lenders who are lenient to this, or should I be better going to a broker? Or am I being totally naive thinking anyone will?

Dave_Ham

Vote broker..

This should be achievable subject to a good credit score.

All the best

HouseBuyer1

Owe 1200k student overdraft, no other debt, have got credit cards / had other credit all paid, no defaults, late payments, ccj's etc.

Dave_Ham

Cool - try and get a recommended broker and they will know where to place this, once they have been through the specific details of your case....

HouseBuyer1

Thanks Dave
You wouldn't say it's a total no go or anything though?

GMS

Try for 89.9% rather than 90. As bizarre as it sounds it can often make credit scoring that little bit easier.

As dave say shave a chat with a broker. Try your own bank first to get an idea of what they would do so as to give you a benchmark.

HouseBuyer1

Thanks GMS.

How much weighting is there with AIPs? I have considered going into my own bank to see what they say to it before going to a broker or looking elsewhere, but as I am clearly new to the process I have been unsure as to how rellevant AIP's are? For example, will they just say we will give you x based on my salary, or do they actually take into account in greater detail the fact you have been in employment only 2 months etc. and make a decent offer that they would stand by based on this?

Thanks both for your help

GMS

Who do you bank with?

Credit scoring takes into account many factors. The higher the LTV the higher the score required generally.

Don't worry about scores from Experian and Equifax etc. Worth getting copies of statutory £2 reports to check all data is correct.

HouseBuyer1

I bank with Bank of Scotland.

Any feedback or advice on them? Thanks again

Dave_Ham

Bank Of Scotland/Halifax are pretty flexbile, although your issue here is that their AIP is worthless.

It checks affordability, but does not fully credit check your history until full application..

Have a chat with a broker and they can manage all of this stress and you just have one point of contact..

Good luck

HouseBuyer1

Hi again
Just to update I contacted Bank of Scotland this morning.

They advised me they would lend me up to £118,900 but would require a 35% deposit. This is almost 30k more than is need (only want 90) and she couldn't tell me what deposit I would need for that amount.

Guess the only real possibility left is to speak to a broker or to try and get over the house and keep saving while I gain time in my job.