We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Advice please- is our only option to wait?
tractorette
Posts: 6 Forumite
Hi,
My partner and I are currently in a fairly fortunate situation, in that his parents bought a house outright as a gift for him and his brother- and I have then bought his brother out.
My partner was studying for a phd for the last two years, and therefore our house is in the city he studied in. This means our current mortgage, whilst a joint mortgage so that his 50% ownership was used as a "deposit", was only taking into account my salary, as his stipend was deemed not to be usable as it was non-taxable.
I've always worked in the next city (1.5h commute), and now that he has completed his phd so does my partner. It now seems silly us both commuting this distance (and to be honest it is making us really, really unhappy!), plus our 2 year fixed deal is up in a matter of weeks- so we would really really like to move to the city we both work in.
We'd be looking at getting a joint mortgage ideally (although- I earn double what my partner does if that makes a difference), but my partner will only receive his first paycheck at the end of June. His phd stipend payments were 3-monthly, and the last one he received was end of December.
My question is really in terms of whether we would really need to wait for my partner to have either passed his probation period (6 months), or received three payslips (which of these is it 'usually'?!), before we would be able to get a joint mortgage- or are there likely to be lenders that would still give us a mortgage, especially considering we are already homeowners and my salary is larger etc?
I'm sure the sensible answer is "wait", but as mentioned the commute/ feeling of isolation where we currently are is making us deeply unhappy.
Thanks in advance for reading
My partner and I are currently in a fairly fortunate situation, in that his parents bought a house outright as a gift for him and his brother- and I have then bought his brother out.
My partner was studying for a phd for the last two years, and therefore our house is in the city he studied in. This means our current mortgage, whilst a joint mortgage so that his 50% ownership was used as a "deposit", was only taking into account my salary, as his stipend was deemed not to be usable as it was non-taxable.
I've always worked in the next city (1.5h commute), and now that he has completed his phd so does my partner. It now seems silly us both commuting this distance (and to be honest it is making us really, really unhappy!), plus our 2 year fixed deal is up in a matter of weeks- so we would really really like to move to the city we both work in.
We'd be looking at getting a joint mortgage ideally (although- I earn double what my partner does if that makes a difference), but my partner will only receive his first paycheck at the end of June. His phd stipend payments were 3-monthly, and the last one he received was end of December.
My question is really in terms of whether we would really need to wait for my partner to have either passed his probation period (6 months), or received three payslips (which of these is it 'usually'?!), before we would be able to get a joint mortgage- or are there likely to be lenders that would still give us a mortgage, especially considering we are already homeowners and my salary is larger etc?
I'm sure the sensible answer is "wait", but as mentioned the commute/ feeling of isolation where we currently are is making us deeply unhappy.
Thanks in advance for reading
0
Comments
-
No and no.tractorette wrote: »My question is really in terms of whether we would really need to wait for my partner to have either passed his probation period (6 months), or received three payslips
There are lenders who will lend with a signed offer/contract and confirmed commencement date, with or without a probationary period attached.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Second what Kingstreet says, go for it, life is too short to spend 3 hours a day in a car!
Use a broker, not every lender will be happy with this situation.
Good Luck
MMI am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.8K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 246.9K Work, Benefits & Business
- 603.4K Mortgages, Homes & Bills
- 178.2K Life & Family
- 261K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards