so confused, please help sort my head out!

emmamc252

i have been posting on here for a few weeks now and just keep thinking of more things that i need to know, so i'm going to explain all my worries and hope someone can give me some difinitive answers.

I am a newly qualified teacher, I started my new contract today. I will get my first salary installment at the end of the month, I will be earning around 20k. My contract is INITIALLY FOR 1 YEAR, however I am also doing my MA over the next 2 years and am being fast tracked in my school so my salary will increase more rapidly than an average teacher, and a regular teacher's salary is accepted as a proffessional for mortgages.

I am looking to buy a house with my boyfriend who also earns 20k, he works for a family bussiness that has been established for over 60 years and also owns a small share in the company for which he receives dividends of between1 and 2k a year.

both of us currently live at home and have never lived on our own before, renting where we live is crazy, you're looking 800 a month for a very nasty flat. we have been together for 7 years so we're not too worried about the whole "will we get on thing," I haven't killed him yet!:p

neither of us have any debts, all my student loans are paid off as I worked right the way through uni, we have no credit cards, no loans etc. I would therefor imagine we would both have a top credit rating?

we want a mortgage of around 180-190. we have savings of around 20k so we think we will be able to use 10k as a deposit, easily 5%.

the main questions,

1- will we be able to get a mortgage of 190 or 180k?

2- if so is it possible to get interest only on these higher income multiples in order to decrease the payments for the first year or 2 as after this my salary will have increased considerably and then we could begin to pay off the actual amount? please remember we only have a 5% deposit, I notice some say you need 10% for interest only.

3-will the fact that my contract is initially for 1 year effect my eligibility particually as we ar e looking for higher income multiples?

4- would the fact that we haven't lived away from home effect our status?

5- we have worked out a rough idea of our budget for next year, we think we could afford payments upto 1200, this is a very tight budget but as it is only for a year or so we think we could manage, obviously if we could pay interest only and reduce this amount we would prefer to.

please help. thanks so much everyone!

herbiesjp

In answer to your points:

1) YOu should be able to
2) Interest only will be fine as well
3) A lot of lenders are flexible in understanding todays work scenarios, so you should still be ok
4) Not really, as long as you have been on the electoral roll
5) You would need to discuss this with a whole of market adviser and firstly find a lender that could agree the deal for you and then find a deal that you like - and therefore see if it fits your budget, although on interest only you should be well within the £1200pm