Buying my first house..

AnishaGill

Hey,

I just wanted to post a discussion on here in the hope that I am able to get some help/advice. I’m currently in my final year of nursing and I’m due to graduate in September. I have already gotten a job offer lined up which I have accepted, however it’s in another city where I am relocating. I would love to get on the property ladder and get my own house, however I am unsure if I will be able to delay the completion of the mortgage for a month as I have been told that I need at least one month payslip in this new job. I did some research online and found out about an early occupancy agreement. This is where I would be able to live in the property I want to buy whilst the completion goes through. It saves me renting for a short period of time. So my questions I need advice around is -

1 - Do you think that I will be able to delay completion on a house for month whilst I get my first payslip in my new job? 

2- Do you think that if I find a property I want to buy that an early occupancy agreement would be possible? 

Thanks! 

moneysavinghero

Normally you need to show the payslips at point of applying for the mortgage not at point of completion.

Maybe there will be some lenders taking an official job offer from the NHS instead, but from the point of view of a lot of lenders you are someone with no income history so will be seen as high risk. It will take several months from having an offer accepted to completing.

davidmcn

AnishaGill said:

Do you think that if I find a property I want to buy that an early occupancy agreement would be possible? 

It's immensely unlikely that a seller would agree to such a thing unless they were desperate and/or gullible. 

onylon

Why not rent for 6 months while you get a feel for the area and get settled into the new job? That way you arent stuck in a new city if you find that you dont like it and it gives you a better chance of getting a property that suits you.

I'm no expert but early occupancy is unusual and would greatly limit the properties available to you. Most sellers still live in the property right up to completion day.

[Deleted User]

Have you considered renting as a temporary option at first, with a view that after say 6 months you could then start looking at properties to buy. This would give you time to settle in to your new job, get to know your new city better which will help when buying in terms of deciding which areas would suit you and which ones you'd prefer to avoid. I'd personally be wary of committing to purchasing a property in a city that I hadn't lived in before and knew little about, in addition to starting a brand new job which you could end up not enjoying. 

dimbo61

I would look at spareroom or other rental ideas first.
Get to know your new town/city and find out where you want to live and what you can afford.
Take your time and settle in the new job.
You will soon have 3/6 months of pay slips.
Have you got a HTB ISA or LISA ISA already ?

Redwino222

I think you are getting ahead of yourself.  Why do you need to have the house so quickly?

As others have said rent, get a feel for the city and the job.  Spend time viewing houses and understanding the local market.  I assume you already have your deposit saved, and legal fees, but I have needed three months pay slips and bank statements for mortgages.