First Time Buyer looking for some advice!!

Jordyl10

Hi,

Me and my gf have had an offer of £158,000 accepted on a 2 bedroom flat, we have began the process of getting a mortgage and will be receiving mortgage in principal before going into the full application process. Our total income is 44k and aside from phone bills my gf has a credit card currently with about £400 on it (she pays chunks off every month)

After meeting our broker previously around Xmas time he has all our details so once we had an offer accepted he's taken our bank statements etc and we should hear back from him with a offer in principal today.

HOWEVER, my gf has discovered today that she is being made redundant, she has only been in her job for 5 months (When we met the broker my gf had just started her job) and they are not asking her to work any notice (she will officially not work there after 2nd May). Because of the industry she works in (recruitment) the company have offered to put her in temporary work and keep her on the payroll (so to speak, though her job title will of changed) and that will start immediately. But her pay slips and other info will change wont it?

I guess what I'm asking is.. What can/should we do? Go to our broker and tell him what's happened and see what he says? I have looked to see if I can cover the mortgage on my own and I am about 30k short of being able to borrow enough.

Any help would be appreciated!

Thank you

kingstreet

You should disclose it to broker/lender and wait until she has a new job before you continue with a property purchase, as they will be unlikely to proceed on the new basis.

Jordyl10

Hi,

Thanks for the quick response.

She will be back in employment on 5th May (on a 6 month temporary contract) after finishing her current role on 2nd May.

As you can imagine she is devastated as we have been looking around for our first place together for so long. The big thing is that we want to do anything possible to prevent us from having to pull out.

kingstreet

A six month temporary contract will not be acceptable to many lenders (if any) without a history of at least one renewed fixed term contract in the past.

You should refer this to your broker as a matter of urgency.

Jordyl10

Prior to her current role that ends this week, she was employed for approx 18 months on a permanent full time contract.

kingstreet

Yes, that's not a previous fixed term contract.

Please discuss with your broker immediately to give him as much chance as possible to source possible lenders.

Jordyl10

Thanks so much for your advice KS.

My gf is in contact with the broker so I am waiting to hear back from her after she has spoken to him about what our options are. I have told her that she needs to find a permanent position ASAP. She has applied for plenty of permanent positions but nothing back concrete yet.

Thanks again.

piedmontboot

Jordyl10 wrote: »

Hi,

Me and my gf have had an offer of £158,000 accepted on a 2 bedroom flat, we have began the process of getting a mortgage and will be receiving mortgage in principal before going into the full application process. Our total income is 44k and aside from phone bills my gf has a credit card currently with about £400 on it (she pays chunks off every month)

After meeting our broker previously around Xmas time he has all our details so once we had an offer accepted he's taken our bank statements etc and we should hear back from him with a offer in principal today.

HOWEVER, my gf has discovered today that she is being made redundant, she has only been in her job for 5 months (When we met the broker my gf had just started her job) and they are not asking her to work any notice (she will officially not work there after 2nd May). Because of the industry she works in (recruitment) the company have offered to put her in temporary work and keep her on the payroll (so to speak, though her job title will of changed) and that will start immediately. But her pay slips and other info will change wont it?

I guess what I'm asking is.. What can/should we do? Go to our broker and tell him what's happened and see what he says? I have looked to see if I can cover the mortgage on my own and I am about 30k short of being able to borrow enough.

Any help would be appreciated!

Thank you

Not to put a dampener on things, but given the change in circumstances and your partners employment is now not guaranteed, do you think it's worth waiting until she secures another full time position? As first time buyers, would you want to be in a position where you're stretching yourselves to pay a mortgage that you're in danger of not being able to afford?