Employment and mortage lending

ambroze

I'm in a bit of a (fortunate and lucky) pickle and could do with some advice please.

I have split with my partner and we are in the process of selling our joint owned home.

I will be getting a large sum from the house and I'm looking to buy a small flat in about 6 months. I am wanting to take out a £25k mortgage. I have £70k to put down as a deposit. My problem is is that I am only working 4 days a week (aprox 30 hours) and training for a new career on two other days (for which I get paid the national living wage).

Will banks find me working part time and while being in paid training unacceptable? I've been told by a family member who works as a chartered surveyor that I need to be in full time employment for at least a year before the banks would consider lending to me.

But the way I see it is I am earning a full time wage, just broken up between a job and training. Also surely my large £70k deposit would go in my favour?

Do I need to be in full time employment (and either quit my training or work 7 days a week) or will my large deposit and actual income be enough?

Any help would be greatly appreciated.

kingstreet

Lenders work from your income, not the number of hours it takes to earn it.

ambroze

Despite it being broken up by two sources. I should have added that my training ends in 11 months. Do they not worry about dependability and reliability of the source of income?

hazyjo

Check you can borrow £25k - there is a minimum (often £30k - I'm looking to borrow around that figure soon too.)


You are in a job so I'm a bit confused. You might go on to get a better job due to your training, but you won't be getting a mortgage based on that salary, it'll be your current one. Or are you saying that your current job only lasts as long as your training? ie it is on a contract or temporary basis, not permanent?


Jx