New mortgage application

charlotte2702

Hi,
Having followed these forums for a while I have finally chosen to take the plunge and ask for some advice

We have a 2 bed house which we are looking to sell. At our last valuation in August it was valued between 220,000-230,000. We have £165,000 left on our mortgage.
We would like to buy a house for around 300,000 with a deposit of around 50,000 (from house sale) and are looking for a mortgage of 250,000.

Here is the difficult part..
I am currently on a permanent contract as an unqualified teacher which ends in August (schools direct salaried) earning £17,313. I also earn roughly £3,000 per year due to part time work in the school holidays. I have a permanent contract for September as a NQT class teacher earning £23,300. My partner is on a permanent contract earning £30,000. We have a good credit rating and have both worked consistently since leaving further education.

I have found the teachers building society who will lend us enough money at a good rate and lends to NQT ( they will release funds in August). We are also planning on calling Halifax (our current mortgage provider) to discuss options and whether they will lend us the money we require.

We are also thinking of discussing our situation with a mortgage broker to see if any other lenders will lend in our situation. Has anybody had any experience of our situation? Staying in our house for a little longer isn't really an option due to personal issues. Ideally, I would like to put it on the market in May (which would tie in nicely with Teachers mortgages releasing funds in August).

Thank you for any comments/advice/guidance.. I am aware I have rambled!

MortgageMamma

On first glance it seems a little tight on affordability. Do you have any other credit commitments that will still be being paid at the time you will be applying for the mortgage?

charlotte2702

Thank you for your reply.

No credit commitments - we pay around £100 per month for gym/unions etc.

I have completed the mortgage calculator using Teachers building society based on my salary for September and they state they will lend up to 266,000. They will release funds in August based on their NQT policy.
I'm just wondering whether any other providers will do something similar - offer a mortgage based on a job in September.

Thrugelmir

There'll be little point in listing your property in May if you've no intention of even applying for a mortgage until August. This assumes that you find a suitable property at a time of the year when the market tends to cool in activity due to holidays. You appear to be putting the cart before the horse.

charlotte2702

Thrugelmir wrote: »

There'll be little point in listing your property in May if you've no intention of even applying for a mortgage until August. This assumes that you find a suitable property at a time of the year when the market tends to cool in activity due to holidays. You appear to be putting the cart before the horse.

Thank you for your reply

As stated above, I can receive mortgage funds in August. Therefore, I will be applying for the mortgage around May/June (if I applied with the Teachers building society).

amnblog

Yes, there are other lenders. We do purchases in August for Teachers starting in September every year.