Getting mortgage after career break

penwise

Hi
I am returning to work after long period of unemployment Would like to get a mortgage for a house ASAP. how long will I have to wait. I am a civil servant and was on a long career break . Thanks

akamustang

Rule of thumb is 6 months, however it's well worth asking now, can't hurt to ask.

opinions4u

What is your income, price range and size of deposit?

Do you have a clean credit file?

Does your new employment have a probationary period?

kingstreet

There are lenders who will lend with a job offer and a firm start date and in a probationary period.

The longer you go into employment, the more lenders you'll have open to you.

penwise

Thanks for the replies

opinions4u wrote: »

What is your income, price range and size of deposit?

Do you have a clean credit file?

Does your new employment have a probationary period?

My income is about 20,000 ( if not enough for selected house my OH would do it jointly) my deposit is about 10,000 (but could be more if it made a difference,) expected price range is around 80,000 - 100,00) haven't picked yet). Thinking about letting the property, I see it as a long term thing.


I am returning after career break to civil service post I was in twelve years before taking break (so there is no probationary period as I am an established civil servant.)
I have a clean credit file .

GMS

You will not get a Buy to Let mortgage with those figures.

Do you own any other property?

penwise

GMS wrote: »

You will not get a Buy to Let mortgage with those figures.

Do you own any other property?

Thanks for the reply.
Could you explain why I would not get a buy to let mortgage? What way does this work?
My OH would do it jointly with me if my wage is not enough or I could possibly earn more ( I am part time)
My OH has another property but it has a very small mortgage
Thanks

Wh05apk

Because you would need a minimum of 20% deposit, probably 25%, and most lenders have a £20/£25k minimum income.

Thrugelmir

penwise wrote: »

My OH has another property but it has a very small mortgage
Thanks

Better return maybe made by paying this off first.

penwise

Thanks for the replies.

Wh05apk wrote: »

Because you would need a minimum of 20% deposit, probably 25%, and most lenders have a £20/£25k minimum income.

If my wage is not enough my OH will do this jointly with me (as the mortgage he is currently paying is small.) Is the income to be made from letting the property not taken in any way into consideration as well as my wages?

If necessary we could increase the deposit to 20% or 25%

Supposing I have the necessary deposit and income my main concern is how long I would have to wait to go for a mortgage - I am returning to the Civil Service in April but am an established civil servant who had done 12 years before the career break.

Thanks

penwise

Thanks for the reply

kingstreet wrote: »

There are lenders who will lend with a job offer and a firm start date and in a probationary period.

The longer you go into employment, the more lenders you'll have open to you.

Given my set of circumstances ( i.e. returning to the Civil Service with a firm start date and not in a probationary period (ie established)) what lenders would consider me?

Thanks