First time buyers advice needed

barber1982

I am a newly qualified teacher and i will be starting my new job in September on a starting salary £19,500. My girlfriend is £13,000 in debt and is on a debt management plan with CCCS she will have paid everything approx in 7 years time. She is earning £16,000 a year and will be living with me. Is there any way we can take her salary into account to get a mortgage? she will be helping me with the mortgage.
Also is there any schemes which help NQTeachers with mortgages i know they help in the London area i live in Cardiff Wales.

Any advice would be appreciated

Joe_Bloggs

Congratulations on qualifying as a teacher. A new and existing teacher, around London, is considered a key worker as they could not afford to even rent, never mind buy a property . Hence there are creative shared ownership schemes etc managed by local bodies.

You often need to have around 5%+ of your share in savings to take part so that keeps the demand down. You might try other teachers in your area as to what home finance deals are available as a newly qualified teacher in your area. Consider contacting teachers unions/representative bodies.

It is good that your GFs finances are to be resolved eventually. You would be better going for a mortgage on your own with a significant deposit in my unqualified opinion.


J_B.

barber1982

Thanks for the reply i have appoximately £20,000 deposit. Is there any way i can self certify? as 3 x my earning wont be much to buy a decent house.

Joe_Bloggs

That is an impressive amount of savings. It could be seen to illustrate a dedicated approach towards a house purchase. Clearly you feel your joint finances do not add up to a convincing mortgage application for the properties that you have considered to purchase. There may be more opportunities once you are an established teacher (given probationary periods etc.) . How much are you considering to borrow on a possibly depreciating asset ?

J_B. (I can almost remember Cardiff.)