FTB mortgage query - warning complicated!

xmillyx

Hello lovely people of MSE!

I'm a 22 year old FTB who wasn't officially meant to start looking until September this year. I am currently a student, however commence full time employment in a permanent role on June 16th of this year, with a wage of £19k. I'm also starting a part time job for an extra £200 per month in the beginning of May which would mean an overall income of 21k p/a. I have a deposit of £20k & spares for fees. My mum has also kindly offered to be my guarontor, she has an income of circa £120k

Now here's the issue, I have found my dream home which is a shared ownership property, (76% mortgage) I would need a mortgage of 115k, what are my chances of achieving this? Many thanks!

ETA. I have a good credit rating. I have a credit card that gets paid off in full every month. But a pcp car loan that is £126 per month.

ACG

A mortgage of £115k - impossible.

More like £80-90k, maybe £100k at a push but i dont think that is likely.

I dont really do shared ownership mortgages, but shared ownership reduces down the lenders available quite a lot. Guarantor mortgages are very few and far between. The combine the 2 is probably asking too much.

xmillyx

Thank you for that ACG, if I bought with my other half, (ignoring issues of trust for now) he has a job in the police starting in July, with a starting salary of £19k plus 2k guaranteed bonus. Would that make a difference? Bearing in mind neither of us would have started but do have signed contract?

ACG

A tough ask if neither of you have started. Im not sure, I would be leaning towards no. There are lenders who would consider it but how can you pay for a house between now and when you start the job(s)...

I think underwriters would probably say no.

dimbo61

Either stay at home for another 12 months while you start the new job and build up savings or rent a place with other half for a year

PeacefulWaters

Stay at home with parents. Save 150% of what any mortgage payment would be. Prove to yourself that you can afford it. Get your relationship to a better place. Have a bigger deposit. Progress your career.

Then buy. A normal house, not shared ownership.

getmore4less

Your dreams are running way ahead of your income,

Your mum may earn £120k but you don't.

And those dreams are not even for a full house just part of one.

I see you have come down from you £250k dreams
https://forums.moneysavingexpert.com/discussion/comment/63611987#Comment_63611987

House and a horse will stretch a £20k income?


The other issue is buying reduces your mobility for better jobs(but then a horse will do that already)


With a partner in the wings probably best to hang on secure the income establish spend patterns save more and see if the relationship is going anywhere.

Keep looking for a bargain you can afford or will be a keeper for a good number of years.

Research all the problems people have with shared ownerships when they come to sell so you can try to avoid them,

chanz4

"I will be buying with my boyfriend who is doing his solicitors course. Once he graduates this year he will be on a much higher salary than me.. He currently doesn't have any savings but hopefully he can build them up quickly. " why change to police?

gh4662

Your boyfriend is guaranteed a job?

Do you both have student debts?