First time buyers with future income

Akenwo19

Help needed please.

Me and my other half will be graduating University in July and want to get on the property ladder ASAP.

We have both got graduate jobs lined up but will not start working until September. In terms of a deposit we have roughly £8000 savings between us and then family have kindly offered to lend money to increase the total deposit.

My question is, would we get approved for a mortgage between now and September I. E. Without any current income or credit history?

Or would it be better to work for a year or so and then think about applying?

Many thanks in advance.

[Deleted User]

Future jobs won't be accepted.

Borrowed deposits are also not liked, so you will need to save for that as well.

ACG

It might be a little too soon, but June time I would expect there to be options. I am not sure a loaned deposit will help.

Akenwo19

How would the lenders know it was loaned? Surely the deposit amount is irrelevant? I thought the issue would be not having an income history?

ashe

Akenwo19 wrote: »

How would the lenders know it was loaned? Surely the deposit amount is irrelevant? I thought the issue would be not having an income history?

For money laundering purposes you may be asked to prove the source of the deposit. A large external payment in your account would need to be accounted for.

It could be an issue, it could not. Income definitely will be because you have no proof of income because you don't have an income. Between now and then your job offers may be rescinded, you could be kicked off your course and not graduate, you may go to jail, any manner of unlikely but possible things.

Akenwo19

Thanks for your reply.

So would the sensible thing to do would be to rent for 6 months to a year, whilst paying rent on time and ensuring all bills are paid on time all whilst getting an income history. Then after that time start to approach lenders?

ACG

They will ask where the deposit comes from.
You have a legal responsibility to tell the truth on where it came from.
Your solicitors have a legal responsibility and an obligation to the lender to do money laundering checks.

You mentioned the deposit/loan. I was just responding to your comment. The size of deposit will determine which LTV banding you are in, the lower the bank, the easier it is to pass the credit score.