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Mature student about to graduate - how long to wait for mortgage?
shortcrust
Posts: 2,697 Forumite
I'm a mature student and haven't been working for that last four years. I'll be starting work again in July and want to buy a property as soon as possible. I have a 20% deposit and will be in a secure job with no debts. Can anyone suggest how long I should wait before thinking about a mortgage? I've been working on the assumption that 12 months will get me the best rates, but would I be able to get one sooner without paying a premium for it?
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Comments
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Some lenders are happy so long as your employed, others want 3, 6 or 12 months.
You wont pay a premium for less than 12 months, but not all lenders will be available meaning you might not have access to the best rates - that doesnt mean the best rates wont be available, it depends on what the lenders are offering when you do come to buy.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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