First Time Buyers Reserving New Build Property

JackCorb

My fiancée and I have identified a house type in a new build development we would like to purchase. At present, the developers are unsure when the next phase of construction, in which more of the particular house type are to be built, will begin. We have been told we can reserve plots 6 months ahead of construction beginning but in order to do this we must be assessed by their financial adviser.
Our challenge is although I will be working and the deposit will be ready to go, my fiancée will be completing her LPC (legal course required to become a solicitor) and won't be starting full time for the Law firm, who are paying for her course, until September next year. Between us we should be able to comfortably get the size of mortgage we need but I can't quite on my own. They don't expect the properties to be finished until late next year so the timeline should line up well, but it's a very popular development so we are keen to reserve as soon as we can.
We are very lucky to have secured roles working as a software engineer for an investment bank and lawyer at a magic circle law firm so I hope they would consider us a safe option. Do you think the financial adviser would take into account my fiancée's contract which details her salary, start date and benefits when assessing us? I really appreciate you taking the time to read this and look forward to hearing your advice!

RelievedSheff

Just speak to their financial advisor. They will be best placed to advise you what they can and can not take into account.

I would recommend getting your own mortgage advisor nearer the time though rather than using the developer recommended one.

Next September is a long time away yet. A lot can happen in that time.

KAP0365

Be aware that the ‘financial advisor’ is probably a phone call to the New Homes Mortgage Helpline, you just give them figures and they run them and you get an affordability letter at the end of it and they send it to the developer. You could put your partner’s future salary details in if they are guaranteed, they don’t ask for any firm documents or proof unless you decide to actually use them as a broker to apply for a mortgage. However I would advise getting your own broker or applying yourselves nearer the time.

JackCorb

Thank you both for replying so quickly. I will definitely ask the developer for more details about the financial advisor they use to see if there's a chance we can ask them ahead of time but I'm a lot more hopeful given your comment on it just being an affordability check as that shouldn't be a problem. Thank you both for your help.