Mortgage chances with first job

brendon

I am currently considering moving out of my parent's home, and was initially looking to rent a property. However, having input some values into mortgage calculators, it looks like a mortgage works out 20-40% cheaper than rents in my local area, which doesn't surprise me.

My current situation is that I am in my first job out of university, and have been employed for 10 months. I have about £25,000 saved (mostly in an S&S ISA atm) which should give me a reasonable deposit on a £100,000 flat. My salary is £32,100. My initial instinct is I would be unable to get a mortgage because I haven't been in work for very long. Does this factor into lender's decisions or are they more interested in income and the deposit? Most online calculators don't seem to ask about age or how long I've been in a job, etc.

My credit score is good. I've had two credit cards for 2 years making full repayments every month, phone contracts, etc.

Interested to hear if anybody else has been in a similar situation, and whether you managed to secure a mortgage.

libf

Best bet is to engage a broker who will know which lenders would be most likely to approve you. It's a decent deposit and a reasonable salary for the amount that you want to borrow, so it should be do-able.

DandelionPatrol

Hmm. I would not bother with a broker at this stage - subject to a caveat or 2.

A 25% deposit as a FTB is absolutely amazing and £75,000 loan on £32,000 [2.33 times salary] is very doable assuming you have no other credit.

Make sure you are on the electoral role and your credit record is clean. Check around lenders yourself - but don't let any of them run a full credit check until you find the one you are ready to go with - otherwise the credit checks may ruin your credit record for 6 months.