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Mortgage for a recent student

edited 30 November -1 at 1:00AM in Mortgages & Endowments
2 replies 544 views
SavingWolfSavingWolf Forumite
49 Posts
10 Posts
edited 30 November -1 at 1:00AM in Mortgages & Endowments
Hi,
We are looking to move house to a larger property, hopefully by the end of the year.
I have approx 40% equity in my current property and this will work out to be approx 25% deposit on the next property after fees etc.

My partner will graduate later in the year and has already been offered a job. The job has a 6 month probation period.

We are both in our early 30's if that has any bearing on the process.
My current mortgage is in just my name and the next one would be in both of ours, it is likely we would need to use my girlfriends salary to get the house we want but online calculations show I am in the region of 6k behind on deposit / my salary if we based calculations purely on mine.

Realistically, how long would we have to wait to get a mortgage application in? Do any lenders waive the probation period based on job and age as she is going into a specialised area with not so many staff, especially in the area we are looking to relocate to.

Sorry for the ramble but wanted to get as much info down as possible...

Replies

  • kingstreetkingstreet Forumite
    36.7K Posts
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    There are lenders which will take her income into account with a written offer and confirmed start date, regardless of probation period.

    Speak to a recommended independent broker. Ask friends and relatives for a recommendation.
    I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.
  • SavingWolfSavingWolf Forumite
    49 Posts
    10 Posts
    Thanks for the advice, I have spoken with a broker and they have confirmed this.
    We have a few lenders that are willing to offer us a mortgage based on the start date but with based on my girlfriend passing her final placement and exams as the job required this.
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