Will apprenticeship affect mortgage

Ac2000

Hi,
I am considering purchasing property. 

However I am an apprentice and assume this would reduce chances of being accepted for mortgage. 

So I’ve come up with 2 scenarios - could you please give opinions on which you feel is most suitable?

1. I purchase in 2 years while still apprentice - I will have at least £45,000 for deposit and house prices should be near rock bottom. I’m confident that I will have continued employment after programme finishes (as the total cost to employer is an additional £10,000/year on top of wages for degree and chartership), however I do recognise the lender may want hard evidence of this - which may be difficult to obtain. 

2. I purchase in 4 years time when programme is finished. I will have at least £85,000 for deposit. I will also (almost certainly) have continued employment and be on a higher wage. However the drop in prices may be less severe by this point (although comparing to drop post 2008 the recovery will be over a stretched period of time). 

I feel option 2 is probably the best as the LTV will be lower, and I’ll get a better deal (markets more stable in 4 years rather than 2 + I will be in secured employment). 

I look forwards to your response,
thanks in advance. 

Unicorn_cottage

What are the houses prices you are looking at and which part of the country?

Ac2000

Between £200,000 to £250,000 most likely. I live in Newcastle, so the value for money is relatively decent. 

Unicorn_cottage

What income do you have as you will need £50k a year ish?

Ac2000

Income will be around £25-30k/year excluding any bonus.  

Would it be feasible to get mortgage on that amount then borrow the rest (I could probably get around £100-150k interest free)?

Or would it be advisable to aim for a lower price/wait for wages to increase?

thanks for your responses 

TripleH

Sorry but you cannot borrow the rest. Any difference between the mortgage and the purchase price (i.e. the deposit) cannot be borrowed, it must be yours to start with or gifted (i.e. non-repayable or refundable). Gone are the days of the 100%+ mortgage (for a long time )

Unicorn_cottage

Have you run your numbers through the mortgage calculators to see how much you can potentially borrow? https://www.moneysavingexpert.com/mortgages/how-much-mortgage-borrowing/ It would also do you good to read this: https://www.moneysavingexpert.com/mortgages/mortgage-guide/

Sncjw

Could you buy a house outside Newcastle like Jarrow Hepburn South Shields it Sunderland and commute