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Will apprenticeship affect mortgage

Ac2000Ac2000 Forumite
3 Posts
First Post
MoneySaving Newbie
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. 


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