First Time Buyer - Start Mortgage Before Work?

tomwright

Hi,

I am about to graduate from university and have secured a graduate job. The job is fully confirmed and all contracts have been signed and I have a confirmed start date, and know exactly what my salary will be, etc.

I want to buy a property now so that I can settle in to my new location for a few weeks. I certainly don't want to have to rent a place to live because most rental contracts are for 6 months and I want to buy asap. I have even found a property which I like and it is within my means in terms of the average 3 - 3.5x salary mortgages + deposit.

Basically what I would like to know, if whether mortgage providers will allow me to take out a mortgage now, even though my job doesn't start until the 8th August (it is all confirmed, etc). I have more than enough savings to pay the mortgage costs in the one-two months before my job starts.

Many thanks for any help/advice!

Tom

herbiesjp

There may well be a few lenders that will look at this scenario for you.

It will however depend on your current circumstances and more detail for them before they would be in a position to agree.

thaylock

If you are on a probationary period at your new job (normally 3 months), then mortgage companies may not offer you a mortgage until that period had expired, also mortgage companies like to see 3 months (sometimes more) of your last 3 pay cheques.

Lemoncurd

Not quite the same but some years back myself and then partner got a mortgage from Abbey National when we were both still on the probationary period of our first jobs having just left university. I think we only had one or two payslips.