Can I get a mortgage with one payslip?

sercombej

Hello

So I am due to finish uni in December and start my new job as a registered nurse in January. My husband and I already have a mortgage and we would like to move as soon as possible. Am I like to be accepted for a mortgage If we apply in February with one of my pay slips to prove my part of the income?

Also any ideas roughly how much we might be able to borrow? And the most accurate calculator to use?

My husband has been in his job for over 20 years. We will have a joint annual income of around £49000 and we have 4 children.

Many thanks in advance.

ACG

There are a few lenders who will accept you with one payslip. There are even lenders who will accept you with a job offer letter - providing the job is due to start within a couple of months.

All of the calculators are accurate - providing you enter the information correctly. By that I mean, as the lender would expect you to enter the information, which may not tally up with the actual figures.

I would say as general ball park idea, with 4 kids, assuming little debt/commitments then maybe 4x combined income should not be too far out.

sercombej

Thank you very much for your reply.

It is interesting to know that some lenders will also accept just my job offer letter. So if I start my new job in January when would be the best time to put the house on the market?

Or are we likely to be hindered at all by applying for a mortgage with just a job offer or one pay slip? Would we getter a better deal/variety of lenders if we waited until we have the 3 payslips?

Many thanks

ACG

3 payslips is ideal, 1 payslip gives you options, a job offer letter (with a view to start within 3 months) gives you 1 or 2 lenders.

Without knowing more it is difficult to know what is best for you. But it should not cost you much more (if at all) if you apply before you have 3 payslips.

sercombej

Thank you.

The dilemma is that we would like to buy a new build in a particular location, however the last phase of the development is due to be finished next March so I guess Im trying to work out how we can make sure we don!t miss out on one the houses. But until I finish uni I cant do anything.

So it definately seems like I should at leat wait for 1 pay slip which will be February and then just hope that the house we want is still available and put ours on the market straight away.

Of course I was also concerned as we dont know for sure that we will be able to borrow enough when the house we want is £315,000 and we will have between £80-90,000 deposit (depending on what our house sells for).

It might just be a case of wait until Feb and go from there perhaps.