First Mortgage/home and I’m scared and anxious

Firsthomehope

So basically me and my partner have a solid deposit, he’s worked so hard for 4 years and has saved 30 grand so we can buy our first house.

we have found a good development, we’re looking at two more houses on this said development and then we will choose within the next week. 

We also get a 5% saving as I am a key worker so all this sounds great for us. The only problem is our work. My partner is an electrical engineer so driving/commuting for him isn’t a problem and his company will be happy to transfer his position when their is a place available. 

As for me I am currently working in a school full time earning my teachers qualification. The commute would be two hours, however at this time I can’t drive though I am learning and confident I will be by the next April. I also have a member of my family who lives in the area I work who owns their house and will allow me to live their during the week without paying rent so I can pay my mortgage still.

I will only need to be tied to the school till September next year when the qualification finishes. The agency I work for work in my area so a transfer is also possible, of course I will be looking for new work throughout and will commute or stay at my family’s home until I get secure that work.

does this sound doable, I’m worried they will think we’re buying to let or think we are a risk. The are means a lot to us because my Dad and his partner live there and it will be helpful being close to them when we have children. I’m not sure if it’s something to say that we both have extra savings in our accounts, and we did this so we’re comfortable with the first couple of months with the mortgage. The discount for being a key worker finishes at the end of the year so we’re really keen to be accepted.

boxer234

Why are you moving so you both need to relocate jobs ? Although teaching is a relatively safe career it might be that you struggle to secure a new job for September.   Can you not find a job closer?  It might be better to wait until you qualify however only you know.  Have you spoken to a broker? 

Firsthomehope

We’re moving because it’s a great area, it will be our first time and it’s close to my family. The discount ends this year so to claim to 5% we have to secure a house by the end of the year, the house won’t be built for 10 months or so,
so we do have time. 

It will only be a few months that I don’t actually full time live in the house (3-4) months and throughout this I will be paying my share of the mortgage. 

I just don’t know is lenders find this acceptable 

PERMOTIO

Firsthomehope said:

We’re moving because it’s a great area, it will be our first time and it’s close to my family. The discount ends this year so to claim to 5% we have to secure a house by the end of the year, the house won’t be built for 10 months or so,
so we do have time. 

It will only be a few months that I don’t actually full time live in the house (3-4) months and throughout this I will be paying my share of the mortgage. 

I just don’t know is lenders find this acceptable 

Honestly, I don't think they'd even ask unless you're employed 100s of miles away. As long as you're both in paid employment and you have good credit histories, they won't care. If they do ask, just be straight with them - plenty of others on this forum have had far more complex circumstances and have been approved.

Firsthomehope

Well the commute would be a 2 hour drive each way but like I said this would only be until I can gain employment in the area and obviously I won’t leave my job until I get another so the mortgage is always being paid. I’m very lucky to have family who will allow to me to crash rent free. I just hope the lenders aren’t bothered by this 

Mrs_Soup

I am not sure why you would need to tell them, many people commute or stay local to a job during the week. In the long term I think you would find this arrangement very tiring and irritating but if it’s for a fixed period, ( wouldn’t it actually be July for end of term rather than September?)  Then I think that could be manageable. 

Firsthomehope

It would be to the end of the term, which depends on the finishing date of the qualification. I believe I would find employment in the area of the house by the time I need/want to leave the school I am now. I do know it will be exhausting, especially if I am to commute but the money we will save now on the house won’t come again.

I assumed they would ask because they would see how far the house is from my place of work. 

[Deleted User]

I’m probably not going to give you the answer you want... but as a teacher who commutes and owns a house, I’d say wait. I commute 40 minutes each way to school and that’s more than enough time in the car for me. There will be other houses and deals out there and if you wait until you’re qualified and have three months wages, you’ll be in such a stronger position and hopefully renting/living in the area you want to buy in. You can use that 18 months to build more deposit and then M1 will probably be upwards of £27k by then (you could probably get M2 for your experience). Also, as you know, training and the NQT year is incredibly stressful and hard work, so do you really want to be eating up 4 hours of your day in a car? We’re currently trying to move house but waited to get up the M scale and are making sure the next house is 100% right and can hopefully cut down some of that mere 40 minute drive; it’s definitely worth the wait.

Firsthomehope

Thank you so much for replying. It is going to be a lot of hard work. I am planning to stay with a relative during the week and go to my home on the weekend until I finish my PGCE. I know this would still be work but surely it would be worth it.