First time help (Student)

brickwall39

Hello all,

Need some serious advice here as feeling rather stressed!

My partner and I are looking to buy our first house together and are planning to put down a deposit of around £25,000 but the only problem is only one of us is in full time employment.

I have just finished university (not graduated yet) and my partner has been in steady full time employment for at least 2 years now. Obviously I am seeking full time employment but not managed to get nothing yet (only been finished uni 5 days) my partner is eager to get the ball moving. I have a few irons in the fire but nothing nailed on as of yet.

We are worried that we wont get a mortgage because I am not in full time employment and obviously do not have some form of steady income. Because of the field that I am qualified in I may have to get freelance work but is this feasible to become eligible for a mortgage?

Id really appreciate some helpful advice if anyone has been in the same predicament as myself.

If you need to know anymore information please dont hesitate to ask.

Thank you

kingstreet

You can be party to a mortgage with no income.

To have income taken into account in establishing affordability, it has to be from a source acceptable to a lender and may have a minimum period attached to it.

If by freelance you mean self-employed, you will normally need one year's accounts or HMRC SA302 to evidence your income.

As affordability will be severely restricted with only one income, you would be better off waiting until you have a job. Then you will be able to borrow more and have a better chance of affording it.

brickwall39

Thanks for your advice