5% deposit - lenders with 1 month payslip or employers reference?

ses6jwg

Hi all.


We are looking at buying a property in the 130k range with 5% deposit.


I have an existing property worth around 120k with a small mortgage of 48k payment is around £195pcm. I am looking to rent this out at around £525 per month as a pension pot. I have considered the extra stamp duty and costs of being a landlord etc. I have consent to let arranged on old mortgage.


My girlfriend has started a new job and won't have a full payslip until the end of June. We have found a property we like and offered on it.


Tesco bank seem the most flexible as will accept an employers reference and copy of contract as proof of income. They also take rental income into account with an ARLA estate agent reference confirming expected rental income (got this.)

We have a decision in principle from them.

Tesco mortgage is either a 2 or 3 year fix with no fee at 3.99% (should we go 2 or 3 year). £225 valuation fee.


The house we are hoping to buy and add value (needs work). So would prefer something with no ERC and move the mortgage (hopefully) to a 90% LTV within a year.


Are there any other lenders that might offer in our circumstances? I've seen Santander do a 2 year tracker no ERC at 3.74% with no valuation but think they require 1 month full payslip.


Any thoughts guys?


I know we're a pain in the !!!!!

Neutrinno

I know Halifax will accept employer's reference and copy of contract, may be worth a look? Otherwise use a broker who can assist all your options and look at most suitable products.