Mortgage with new job - 3 months

Appletree888 · 30 May 2020 at 9:53PM

Hi,
Working in new position that transitioned to in lock down that have been working remotely for 3 months.
Salary £84k. Age 28.
Currently have 2 rental properties in London with about £3000 income per month.
Want to purchase outside London and commute in. Was looking at properties around £300k and understand I will be hit back stamp duty higher rate.
Would like as low as possible deposit down as have some refurb on the rental properties. Ideally would like a 95% mortgage or max 90%.
Are there lenders available based on just starting this role for 3 months? If so are their products more expensive? I could wait a year but would prefer to buy in next 3 months as seen some properties at huge discount (20-30% off) due to this lock down, so seems good time to buy.
Advice on products or recommended brokers to compare is appreciated.

Appletree888 · 31 May 2020 at 10:40AM

It would be a interest only mortgage.

Appletree888 · 2 June 2020 at 12:24AM

Nobody has any expertise in this area? Will start calling the brokers end of the week, but preferred some initial food for thought.

janzoo · 2 June 2020 at 10:39AM

I can't comment on the specifics of the mortgage you're after. But we're about to complete on a mortgage we applied for when I'd only been at my job for ~2 months (nationwide). We found the broker was the best way to go as they knew which lenders to look at and what additional documentation they might need, although our broker specialised in new builds. The rate we're getting is the same as the one I see on their website so I don't think there was any hit on that because of my new job.

Cscott139 · 2 June 2020 at 12:56PM

The having a job for a few months isnt really a big issue and multiple lenders will entertain it. Having an interest only mortgage is where you are going to struggle as lenders have become much stricter on this. Repayment would be your only real option I would have thought.