New job and no credit rating for financial associate

thestarwalker

Hi all.

Love the forum! Hope you guys can offer some advice.....

I am looking to apply for a mortgage in the next few months. I have £50k deposit (20%), and looking to buy a £250k house. I previously owned a house, but sold it a few years back. I don't own one now.

Two potential issues I foresee. How much of a problem do you think this is, and if so, what could I do to fix, or how long do I wait to apply for a mortgage.

1) I recently went from being self employed, to a permie job. I now earn £65,000 per year. However, I am only two weeks into a 6 month probationary period. Should I wait till the probationary period is over?

2) I am financially associated to my wife, who has a new credit rating. I have a long, good credit rating, but moved abroad for a couple of years (keeping accounts open in the UK) and have now moved back to the UK with my new wife. She doesn't have any sort of credit rating (abroad or in the UK), apart from the last few months. Her experian credit score is around 750, but that is mostly because there is nothing 'bad' on it....she has never had any credit apart from a bank account we opened in the UK on arrival.

So, do you think lenders will look at her lack of credit rating and not offer me anything? Would it make any difference if I apply for a mortgage on my own, compared to a joint application?

Any help would be much appreciated!

kingstreet

1 - There are lenders who will lend even in a probationary period, as long as you pass their credit score. These are limited ion number, so you won't get much choice.

2 - She will be dependent on you if you apply solely, or jointly, and is unlikely to drag you down sufficiently so that you fail, as long as your application data is sufficiently strong.

You need to put your whole case in front of a broker so a proper assessment can be made. As this may not be a simple job, I would keep away from high street lenders who'll want to credit check you "just to see" as each speculative search may add up to another problem, if you have more than a couple in a short period of time.

thestarwalker

Thanks kingstreet. I'm going to arrange a meeting with a Mortgage Advisor to see what products are available that will look deeper at our situation.....last thing I want is a failed speculative search as your mention.

thestarwalker

Just a little update....
1) This doesn't appear to be a problem, there are lots of products available for those in their probationary period.

2) The mortgage advisor said that there are several products (currently ~3.5 - 4% for 20% deposit) that will allow for one person with a good credit rating, 'associated' with someone who has a lower rating.

So, neither seem that much of a problem.