First time buyer - possible without starting my job?

aimeeeliza

Hi,

My partner and I have been saving for a good few years now and are in a position where we really want to buy a house. However, I am currently a trainee teacher studying a PGCE. I finish in July and have a job already lined up for September. Is it possible to get a mortgage before I start getting my payslips? I would love to move in over summer. My partner works and will have his payslips ready to go.

We have a decent sized deposit, parents who are willing to be guarantors, and good credit history. We can even keep money back to show mortgage lenders that we can afford to pay the mortgage before my September payslip.

I'm waiting for my job contract to come through before we go and visit an advisor. But before we do, has anyone had any luck with this?

Thank you!

hazyjo

Guarantors won't help.

Will you be on a probationary period? That may be your stumbling block.

I'd wait if I were you. A rejection won't do you any favours.

If you want to try, you'd better speak with a mortgage broker.

GoingOn30

The process of finding and purchasing a property can take up to 3-4 months so if you've not already started viewing places then you would be pushing it to move over summer anyway.
If you're confident using online calculators that lenders will lend what you need then you don't need to see an advisor for some time yet.

jonnygee2

You will normally need a job before your income can count towards the mortgage. You'll need to pass probation or something like that with most lenders too. And that's before you can get a mortgage in principle - it'd then usually be another 6 - 10 weeks before you actually completed and moved. So if you start in September you are probably looking at moving around January next year.

If you can borrow only on your partners income, then you are okay to start the process now.

ViolaLass

I was told by a broker that if I had a contract (for teaching) then I could get my mortgage up to 3 months before the job started. This was a permanent contract though, is yours or it is for one year? Most teachers don't have a 'probation period' although you could be fired if you failed your NQT year.

aimeeeliza

hazyjo wrote: »

Guarantors won't help.

Will you be on a probationary period? That may be your stumbling block.

I'd wait if I were you. A rejection won't do you any favours.

If you want to try, you'd better speak with a mortgage broker.

- I'm still waiting for my contract to come through (I only got offered the job on Wednesday), but from the phone call i'm pretty sure as an NQT it's 1 year temporary until I pass that. Once the contract comes through will go and see a broker. What about guarantor mortgages? Are they not worth it? Thanks.

aimeeeliza

ViolaLass wrote: »

I was told by a broker that if I had a contract (for teaching) then I could get my mortgage up to 3 months before the job started. This was a permanent contract though, is yours or it is for one year? Most teachers don't have a 'probation period' although you could be fired if you failed your NQT year.

Yes I have heard this before years ago, and it's what i'm hoping. I'm waiting for my contract to come through but I think it is 1 year probation subject to me passing my NQT year with them. We shall see...

aimeeeliza

AFF8879 wrote: »

You could try a specialist lender such as TeacherBS

Thanks, I had a look on this website, just worried that the interest rates seem a lot higher than a 'normal' mortgage? I also have the additional issue that my partner has a base salary but gets lots more from commisson, so also need to find a lender who will accept commisson.

aimeeeliza

GoingOn30 wrote: »

The process of finding and purchasing a property can take up to 3-4 months so if you've not already started viewing places then you would be pushing it to move over summer anyway.
If you're confident using online calculators that lenders will lend what you need then you don't need to see an advisor for some time yet.

We've been looking online at lots of properties for a while now, but are hesitant to visit if we don't know how much we can borrow. Online calculators are useful but they don't give you the option to put in that you're not earning yet but will be in September etc...

M2808

I am a new teacher!

If it is a permanent job you should be ok. Try Teachers Building Society although they don't seem to lend as much as others but if it covers what you need then go for it. What is the situation of the person you are buying with?

If you go to a non-specialist, explain how the teachers pay scales work which might help. The NQT year is not a worry to most as there are very few people each year that wouldn't get through it (they usually extend and put in so much support that you can get through it if there are any problems).

aimeeeliza

jonnygee2 wrote: »

You will normally need a job before your income can count towards the mortgage. You'll need to pass probation or something like that with most lenders too. And that's before you can get a mortgage in principle - it'd then usually be another 6 - 10 weeks before you actually completed and moved. So if you start in September you are probably looking at moving around January next year.

If you can borrow only on your partners income, then you are okay to start the process now.

Yes i'm worried that will be the case and we won't be able to move until next year. Just annoying because we've been saving for so long now and are SO ready to move out, but hey ho I guess a few more months waiting wont hurt in the long term. Not sure my partners income alone will get us the amount we want to borrow. Will do some more enquring once I get the contract. Thanks for your help.