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When can we get a mortgage?

We're FTB hoping to get onto the property ladder very soon. I work full-time with a permanent contract, husband is a trainee teacher and has just secured his first job for September. We have a very sizeable deposit (looking for LTV of max 70%) 
My question is how soon could we realistically get a mortgage? I know most banks want around 3 months pay slips from a new job, but I understand that some see teaching as different and might accept a contract as proof of income before the job starts? 
Would it be realistic for us to think of buying and being able to move over the summer or is that not likely?

Thanks


Comments

  • I have seen other messages on this forum where people have been in a similar situation and a contract with a start date and confirmation of salary is sufficient for some lenders. Obviously other factors such as affordability (level of income vs expenses) will come into play as well as your credit history. Speak to a broker to see what options are available to you.
     
    • Original mortgage end date: March 2041
    • Current mortgage end date: Dec 2032 
    • MFW 2025 #15 £2878.00/ £2,400 /// MFW 2024 #15 £1,608.85/ £2500 /// MFW 2023 #15 £8,617.84/ £10,000 /// 2022 #15 £7,315.24/ £7250 /// MFW 2021 #15 £8,530.07/ £8500
    • Daily interest is currently £4.48
  • DCFC79
    DCFC79 Posts: 40,641 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    edited 29 February 2020 at 9:13AM
    Definitely speak to a few brokers and go with 1 your happy with. I was asked for 3 months of payslips and bank statements.
  • Yuna51
    Yuna51 Posts: 10 Forumite
    First Post
    A lot will accept contract with details in my experience - I had to use that when I got a new job with higher pay not long before a remortgage 
  • ACG
    ACG Posts: 24,709 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    There are a couple of lenders who will work off a contract of employment. You could potentially be looking at applying for a mortgage in June time (3 months before you start).
    I am a Mortgage Adviser
    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.
  • There is a specialist lender that is really good for teachers (funnily enough called Teachers Building Society) and they will do a teachers future income to a much more flexible degree than most.    For NQT they just need confirmation that PGCE has been passed for instance.  
    If his job starts in September you could probably still meet with a broker in next few weeks and sound out some thoughts.   Make sure they are whole of market though as someone like Teachers Building Society wont be available to all brokers.
    There might be prime deals out there as well depending on the overall case and when you are looking to move
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