Re-located, now want to buy first home

Agreen89

We recently moved back to Northern Ireland from England, aiming to buy our first house ASAP.
I have just started a new job, at an increased salary than before, but my Fiancé, a Nursery/Primary Teacher, has had to leave her permanent job for the move.

We have a deposit saved of around £30,000 and will want to buy a home in the £200,000 - 250,000 range.
Permanent teaching jobs in NI are much harder to come by so my other half will need to do substitute teaching, or take a lower paid job, possibly part time if she's to stay in the same early years industry as nurseries open in the mornings mainly here. 
We've contactes a mortgage adviser and need to wait until we have 2 incomes again before applying.
We've both been full time employed and before moving had a combined income of £68,000 a year.

My question is, how much will we struggle to get a mortgage for the home we want, and how will my Fiancé being a sub teacher affect our ability to get a mortgage soon?

We're temporarily lodging with in-laws and are desperate to buy a house as we've waited for the opportunity to move back here for years and have actually been in a good position to buy, if we hadn't been wanting to re-locate.

mathdotrandom

What is your current income and expected income if she does get a substitute teaching job?
Given that your mortgage advisor has said you will both need to be in employment it sounds like an affordability issue and that your current combined income is simply not enough for the mortgage amount you want.

Once the combined income is enough, a good mortgage broker should be able to find you a  lender that will accept substitute teaching income. However, I am sure one of the resident mortgage advisors can give you a better view on whether this is commonly accepted or not.

Agreen89

mathdotrandom said:

What is your current income and expected income if she does get a substitute teaching job?
Given that your mortgage advisor has said you will both need to be in employment it sounds like an affordability issue and that your current combined income is simply not enough for the mortgage amount you want.

Once the combined income is enough, a good mortgage broker should be able to find you a  lender that will accept substitute teaching income. However, I am sure one of the resident mortgage advisors can give you a better view on whether this is commonly accepted or not.

My income is £35,000, my partner has since been offered a temporary 3 month contract salaried at £18,000, however she was paid £38,000 up until 31st Dec 2020.
The trouble is, it may be a long time before ahe gets a permanent job paying the salary she is worth, so she needs to take what she can until then, I'm concerned we can't get a mortgage until she's got something permanent, or at least something temporary that is over 12 months, which is also not eqsy to come by. It's a catch 22 of taking something temporary that pays more, or permanent that pays less, just to get the mortgage.

Our payslips and financial history up until this month is strong and she has no gaps in the last 10 years as she's been in 1 job. And I've moved straight into a new job that pays more.

K_S

Agreen89 said:

mathdotrandom said:

What is your current income and expected income if she does get a substitute teaching job?
Given that your mortgage advisor has said you will both need to be in employment it sounds like an affordability issue and that your current combined income is simply not enough for the mortgage amount you want.

Once the combined income is enough, a good mortgage broker should be able to find you a  lender that will accept substitute teaching income. However, I am sure one of the resident mortgage advisors can give you a better view on whether this is commonly accepted or not.

My income is £35,000, my partner has since been offered a temporary 3 month contract salaried at £18,000, however she was paid £38,000 up until 31st Dec 2020.
The trouble is, it may be a long time before ahe gets a permanent job paying the salary she is worth, so she needs to take what she can until then, I'm concerned we can't get a mortgage until she's got something permanent, or at least something temporary that is over 12 months, which is also not eqsy to come by. It's a catch 22 of taking something temporary that pays more, or permanent that pays less, just to get the mortgage.

Our payslips and financial history up until this month is strong and she has no gaps in the last 10 years as she's been in 1 job. And I've moved straight into a new job that pays more.

@agreen89 As the other broker has told you, it'll be difficult to have your partner's income taken into account given the short history of contracting and the short length of the contracts themselves. On the plus side, even on your sole income of 35k basic you should potentially be able to borrow around 155k or so, and with a 30k deposit you only need a bit more income to show for your partner to be able to get within reach of the 200k that your ideal budget starts at. As long as it's a permenant contract, even a part time job will help.