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First time buyer

april575
Posts: 2 Newbie
Currently renting a property from my Dad and he has offered to sell it to me and my partner.
I won't be receiving a salary until July (currently on a student bursary) but between us, we have a good deposit saved up and really want to buy this property providing we can get a mortgage that covers the house price.
Am I right in thinking you need to have at least 3 months of pay slips to prove your income before you are able to get a mortgage? And if so, does this apply to an agreement in principle or can this be done with written proof of what I will be earning? I am really keen to find out roughly what we could borrow so I can formulate a plan.
Thanks!
I won't be receiving a salary until July (currently on a student bursary) but between us, we have a good deposit saved up and really want to buy this property providing we can get a mortgage that covers the house price.
Am I right in thinking you need to have at least 3 months of pay slips to prove your income before you are able to get a mortgage? And if so, does this apply to an agreement in principle or can this be done with written proof of what I will be earning? I am really keen to find out roughly what we could borrow so I can formulate a plan.
Thanks!
0
Comments
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the main lenders have affordability calculators so you can see how much you can borrow, but usually they would want 3 months payslips and/or bank statements"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
Thank you - I have completed a mortgage affordability calculator online but wasn't sure how accurate they were compared to getting an agreement in principle.0
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Am I right in thinking you need to have at least 3 months of pay slips to prove your income before you are able to get a mortgage?
Speak to an independent broker to get rid of your erroneous thinking...I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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