Advice on a mortgage

ShaunW50

Hey!

So my situation at the moment is I am looking to buy my first house, I have just finished my University degree, where I was studying full time. I have now started a full time new job which I got straight after my degree.

I have been there for less then a month, so I have no payslips etc. I do have my employment contract and a welcome letter which both state my annually salary etc. I spoken to a mortgage broker today, and he did a DIP with Halifax which came all back good.

I explained to him my situation off not having payslips, but instead my employment contract etc stating my yearly salary. His response was Halifax will accept a employment contract. I am just wondering if anybody else has been in the same boat, new job or first job and going through the mortgage process. Was you successful and only had to show a employment contract etc? Or has anybody had or heard experience like this?

I do have a three month probation period as well, but then again what job doesn't these days. He also advised this will be fine.

John-K_3

It!!!8217;s understandable that you like the idea of buying straight away, but what!!!8217;s the rush? Monitor your spending for a few months, see how much you manage to save, take your time finding the first house that you really want.

You job will hopefully work out well, but it may not. A few more months will give you a better perspective on that too.

ShaunW50

John-K wrote: »

It!!!8217;s understandable that you like the idea of buying straight away, but what!!!8217;s the rush? Monitor your spending for a few months, see how much you manage to save, take your time finding the first house that you really want.

You job will hopefully work out well, but it may not. A few more months will give you a better perspective on that too.

I already have a good understanding of spending money. I have been managing my own money for years now. My credit report does NOT have one bad thing on it either, all green ticks and payments on time. University has teach me how to be reasonable.

I already saved up the deposit for the house as well. I am going with the help to buy route as well. I already know my budget, how much bills etc will be all together and what is left at the end to spend on myself.

I just need some information based on my circumstances based on my first post about Halifax from somebody that has had that experience.

kingstreet

Halifax will lend to those who have a job offer and start date.

ShaunW50

Thank you for the reply.

That is good to hear, so I'm assuming proof of income will be based on for example my employment contract that states my salary etc?

kingstreet

No. An employer's reference will be requested directly from the employer.

robgoode

My partner was in the same position as yourself when we applied for a mortgage. The mortgage company contacted his employer and asked for a reference based on time of employment, salary, permanent/temporary etc. Once they received the details they were happy to proceed.

ShaunW50

Hey there.

It's great to know that my position might not effect the mortgage. I have a meeting with my mortgage broker this Saturday to go through the application, so let's hope it all goes to plan.

Cheers for the house guy :T

dimbo61

Have you found a property yet ?
It normally take 10/12 weeks to sort the mortgage, survey, moving dates etc.
By that time you will have some payslips.
Just save save save for the time being.
Do not take on any credit commitments ! No Loans or credit cards, No 0% deals on TV,s or sofa's etc.
Limit what you spend on your credit card and clear the overdraft.
NO pay day loans or online gambling.
Check you credit report with the 3 credit reference agencies.
If you have any loans see if you can clear them

ShaunW50

Hey,

Thanks for the information.

The only loan I have is my car finance, that will be cleared in 4 and half years. My credit card is £0, all payments are up to date and I've never missed one. I have no CCJs, defaults or anything like that. My credit report from Experian has no problems with it.

I won't be buying anything until the mortgage application has cleared, so it seems I'm on the right track!,

sammyjammy

ShaunW50 wrote: »

Hey,

Thanks for the information.

The only loan I have is my car finance, that will be cleared in 4 and half years. My credit card is £0, all payments are up to date and I've never missed one. I have no CCJs, defaults or anything like that. My credit report from Experian has no problems with it.

I won't be buying anything until the mortgage application has cleared, so it seems I'm on the right track!,

You can't put a mortgage application in without a house to buy!