change of circumstances

dollydaydreams_2

Hi there,

I would really appreciate some advice. I have a 2 year fixed rate mortgage with my partner. When we took this out we were both in full time employment. However, I am going to be going back to university in September to do a 1 year teacher training course. My only income will be a 6k bursary and a 6k student loan. During this time our current mortgage deal will come to an end. I'm anxious about whether we will be able to get another mortgage given our income will have dropped so dramatically. Will lenders take into account that when my course ends I will go on to be employed as a teacher (roughly the same salary as when I took out the mortgage)? I'm anxoius about not being able to get a mortgage due to the change in circumstances!

Thanks in advance

Debt_Free_Chick

Some lenders look at affordability, rather than income multiples. Difficult to give you any suggestions without more information ....

Your partner's salary/earnings?

Mortgage required?

Approx value of property?

dollydaydreams_2

Thanks for the reply.

A bit more info...

Partner's salary - 28k

Mortgage - 160k

Approx value of property - 195k

When our current mortgage deal ends I will be one month away from finishing my course. All going well I will have a job lined up as a teacher - salary 25k. However, I wouldn't be starting this job for 2 months.

herbiesjp

dollydaydreams wrote: »

Thanks for the reply.

All going well I will have a job lined up as a teacher - salary 25k. However, I wouldn't be starting this job for 2 months.

At that point in time there will be lenders that will agree the mortgage based on your new income provided you had a signe dcontract for the new position

HTH

Debt_Free_Chick

dollydaydreams wrote: »

When our current mortgage deal ends I will be one month away from finishing my course.

LOL! I thought you meant you would be very many months away

As Herbiesjp says, with only a month to go, you should be fine - provided you have had and accepted an offer for a job. And that your new employer will confirm your income, if the lender asks for a reference (some do, some don't).