when to apply for mortgage and put offers in!

emmamc252

I have been told that i need 3 pay slips in order to get a mortgage. i will have 3 by the end of november, i start my job on monday as a teacher. when should we get a mortgage in principal and when can we start making offers on houses?
thanks

herbiesjp

Some lender will take your current status. and look to do an agreement in principle (AIP) for you vased on a signede contract that you have.

So in answer you could apply for an AIP now, and once that has been agreed, start making offers.

WildHaggis

If you get a mortgage approval in principal first, then you are in a stronger position when negotiating prices - even if it is only a mindset.
So, get an approval in principal as soon as you can. You do not necessarily need to accept that particular mortgage.

MortgageMamma

who told you that you needed 3 wage slips?

emmamc252

i went and asked in a bradford and bingley, they said i need proof of 3 months income. is that not correct?

herbiesjp

There are several lenders that will agree the mortgage based on your signed contract

emmamc252

I know they will agree it in principal but i mean, i need 3 payslips before we can actually like have the money. I just posted a big long question with all the bits that I'm stuck on at the mo. just a nightmare! honestly, one of my mum's friends is having to relocate for work and so has just put her house up for 200k, its lovely and the area we really want, just a tad out of our budget, I think she'd take 190 for it and so I'm trying to figure out exactly where I am so that I could speak to her about buying it, she needs a quick sale but, if I bought it off her she wouldn't need to pay estate agency fees which is quite a lot so the 10k drop in price would hopefully not be too bad!
just don't want to say, we can do this if the mortgage people are going to turn round and say, actually love, ya can't!

herbiesjp

They will agree it in principle on the basis of the contract. Therefore instead of payslips, they will ask for a copy of the contract

They may then ask for an employment reference.

So you will not need 3 payslips before you can apply for the mortgage in full - it will be subject to the lender in question and whether based on their assessment they are happy to lend the money and what supporting paperwork will be requested (they will not ask for 3 payslips, as they will know that you will not have them)

It sounds like you have found a place you like and need to move quickly - best bet is to have a word with a whole of market adviser, who will look at all your details, and be able to tell you very quickly if it is possible, and get an AIP for you if needed very quickly

emmamc252

I won't be like devastated if we can't get this house, it would be great if we could though! there's a lot of factors to get right, the area we want to live in realistically we would nees 180 minimum anyway so I'd be asking the same questions even if we hadn't got this option, just perhaps a little less frantic about hte whole thing! thanks for your advice, you've been very helpful!