First time buyer motgage help

drspec

Hi,

I am looking to buy a flat and need some advice on getting a mortgage. To give a bit of background info I have just completed my PhD which was funded for 3 years with a salary followed by one year to write my thesis which was unfunded. I was registered as a full time student for the duration and took 9 months to write, so have been without a salary for the last 9 months and lived off my savings. I am due to start a full time job with a good salary on 1st June.

I have a £10k deposit and need to borrow the remaining £80k. Using online calculators I can see that the repayments would be affordable (leaving me with ~£1500 per month). My boyfriend will also live in the flat so we will have his salary too but as he has a poor credit rating, from what I understand it would weaken my application to have him on and therefore the mortgage would be assessed on my own circumstances. My parents have offered to be guarantors if required.

I hadn't planned on buying just now, I had planned on waiting 6 months so I had payslips etc as I don't have any other savings than my deposit but I have always wanted to buy one of these flats and its just too good pass up...provided I get a mortgage.

Do you think I would be able to based on the info provided? I don't know much about this so if you need more details please ask. What can I do to strengthen my application? Would it help to have a joint mortgage with my dad? He is mortgage free on the family home now, has a lot of savings and a good job. He is 55 and plans on retiring at 65, so would this limit the length of the mortgage term?

Thanks in advance!

drspec

Just noted the spelling mistake in the title...oops!

drspec

Any thoughts? Especially re getting a mortgage with my dad.

Thanks

stephenni1971

From what you have said should be perfecly doable on your own as long as you have no major outgoings such as car loans or bank loans that will work against you on affordability.

ethank

You've not put what your salary is going to be, so really hard to advise you, but you can't put an application in until you start your job, you don't have any recognisable income right now.

Yorkie1

OP, it's best to try to continue in one thread - otherwise information gets missed and you risk getting opinions which might not be helpful in fact.

https://forums.moneysavingexpert.com/discussion/4956188