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newbie help
monkeyalan_2
Posts: 17 Forumite
Hello everyone,I'm new to this site and to the world of mortgages.
A few questions if you don't mind.
Myself and my girlfriend will be looking to buy a property in the near future and would appreciate the good independant advice.
I am paid in cash on a weekly basis but can provide proof of income with wage envelopes and a letter from my employer. I have worked there for 4 years.
My girlfriend has just graduated from uni (mature student ,27) and is starting work as a trainee accountant in september.
Will we be able to apply for a mortgage as soon as she starts work or will we have to wait, if so how long?
As she is only a trainee, will any mortgage calculation work on her initial salary or her future guaranteed salary which will be double?
thanks
Al
0
Comments
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Your mortgage will normally be agreed on your current verifiable circumstances.
Future income cannot be taken into account unless it is going to happen fairly soon, and the employer will write a letter to this effect.I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
thought as much. Thanks for the confirmation
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Do you have a deposit?
5% is OK but 10% is better. With a 10% deposit lots of little problems seem to go away.
Regards
XXbigman's guide to a happy life.
Eat properly
Sleep properly
Save some money0 -
We should be able to manage to save about 5% of what we expect to pay for a flat (@£110000) , but that was going towards fees and furniture ect.
My other half is with HSBC at the mo, so I think we need to go see them regarding a graduate mortgage.0 -
there are other graduate mortgage lenders you may want to look atI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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monkeyalan wrote:We should be able to manage to save about 5% of what we expect to pay for a flat (@£110000) , but that was going towards fees and furniture ect.
My other half is with HSBC at the mo, so I think we need to go see them regarding a graduate mortgage.
It's best not to go to a high street bank. They'll only recommend their own products. Go see an independent broker. They'll also help maximise the amount you can borrow. Just because your girlfriend has an account with HSBC, doesn't mean they'll give you better terms.
Oh, but I wouldn't do anything until you've saved that deposit, which is ON TOP of moving in fees. Sorry.0
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