Getting a mortgage based on future salary?

sparryy

My husband is currently in his final year of his nursing degree and has secured a job for next September (2020). We would ideally like to buy and move into a house before he starts so would like to get a mortgage based off my full time salary and his future salary. We also have a large deposit saved.

Does anyone have any experience with this and how it works? Also should we get a decision in principle before we start viewing houses even though it only lasts 3 months? I think we might be too early to start looking at houses yet but then I know how long it can take to find a house and go through all the motions.

csgohan4

Generally banks only go on the now and not if. Consider getting a broker to consider all your options

ACG

You can buy based on a future salary if you have it guaranteed in writing but you might find 10-11 months is a little too far ahead, 3 months I would be pretty confident, 6 months possibly but I think beyond that you may struggle.

However, there may be a way around it but it wont be with a high street lender and would need a fair amount of work from a broker, but depending on the size of your deposit, you could potentially hold some of that money back so you can show the lender that you would have savings to bridge the interim period. I am not sure if that is possible but it might be worth investigating if you really want to move.

sparryy

That's really helpful thanks. I am definitely planning ahead here but good to know what kind of time I can start the ball rolling.