Advise - or directions......

geordiebb

Looking to get a house in July/August next year. Renting currently (£500 p month), and saving a minimum of £200 per month.
Girlfriend qualifies as a Mental Health Nurse in August, if lucky will get a job of around £17+k, although not before the date we need the mortgage for.
I am on around £15k, topped up with part time stuff of around £150-200 p/month.
Only loan repayment is for £150 p/month.

We think we can afford approx £100k mortgage.

The advice/directions we need is, will anywhere give us a mortgage before my lass starts work, or should we continue to rent for a while longer?


We have to move out of where we are anyway in July so would prefer to get our own place rather having to move twice.


Thanks.

foot_loose

how much deposit you got??

geordiebb

Should have best part of £3-5k, but I'm more concerned about when we can do it, rather than the cost right now.

Red_Cat

Well things are rarely ideal, so you might fid that you end up moving well before July, or that you need to rent a little longer.

I moved this year, in May, but we started looking in january had an offer fall through on one place, accepted on the house we bough in mid February, finally getting in in mid May.

The variables are plenty, sellers chain, relunctance/desire of sellers to move, legal work, mortgage applications etc.

I'd recommend to start looking as soon as you can, just to be able to identify the areas and types of property you can afford, then take it from there.

All estate agents will tell you that winter is the slow period with fewer properties coming on the market. But that shoul;d not put you off, you might be able to get some bargains from desperate sellers.

Also, if you can get a recommended mortgage advisor , who is ideally independent, then you might condsider using one. I did and my mortgage was approved in a week. It didn't cost any more, as the commision the advisor got was from the lender, the cost for me would have been the same if I went via the advisor or not.

the only other thing is if you believ prices are dropping or not, but that's up to you. if the maths still adds up, i.e. the mortgage payment looks favourable compared to your rent per moth, then that was good enough for me.