Will I Get A Mortgage??

liam191

Hey everyone, i'm currently in my final year postgraduate student and have a job lined up starting on £29k in September, my girlfriend also has a job lined up paying £17k starting in July.....we have £13k deposit saved up for a £130,000 house (10% deposit) for a house we like. I presume i cant get a mortgage "now"....well i wont be able to afford the monthly payments anyway but my girlfriends dad has said he'll pay all the fees, monthly payments etc.. till i start working in September....what is the chances of me getting a mortgage set up now on these circumstances?? i was looking at the guarantor 5 year fixed rate mortgage which would be in mine and my gf names with gf dad as guarantor...the co-op seems to offer similar guarantor ones...any help is appreciated as i might pop to the bank next week, i didnt know what they would say as im not working now but will be soon even though someone else will be paying for it, the guarantor has a good credit rating too which not much left on his mortgage and gets a good salary, thanks, liam

cells

liam191 wrote: »

Hey everyone, i'm currently in my final year postgraduate student and have a job lined up starting on £29k in September, my girlfriend also has a job lined up paying £17k starting in July.....we have £13k deposit saved up for a £130,000 house (10% deposit) for a house we like. I presume i cant get a mortgage "now"....well i wont be able to afford the monthly payments anyway but my girlfriends dad has said he'll pay all the fees, monthly payments etc.. till i start working in September....what is the chances of me getting a mortgage set up now on these circumstances?? i was looking at the guarantor 5 year fixed rate mortgage which would be in mine and my gf names with gf dad as guarantor...the co-op seems to offer similar guarantor ones...any help is appreciated as i might pop to the bank next week, i didnt know what they would say as im not working now but will be soon even though someone else will be paying for it, the guarantor has a good credit rating too which not much left on his mortgage and gets a good salary, thanks, liam

didnt they teach you anything at university? or did you study an xxxxology subject :rotfl:

if people are finding it hard to get mortgages, that means less will get mortgages.

well if less people now can get mortgages it means less people will be buying.

if less people are buying then guess what? prices should go down

now, at the same time. if people are finding it hard to remortgage, some of those will end up selling. hence more supply

maninthestreet

Wait until you've settled into a job, and worked through any probationary period. As has already been said, house prices may well have dropped by then, and you may not have to borrow so much to get the house you want.

liam191

Thing is though i have to relocate anyway which means i will have to pay rent on a flat if i dont buy a mortgage, will the bank give me a mortgage on the above??

Dan_Collins_2

Pos with a guarantor but it may not be easy. Get a good broker if you plan to ignore some of the good but not always practical and what you dony want to hear advice.

A property priced at 130k should go for 125k due to stamp duty.

Mac_Sami

You should rent with your girlfriend and start your job. This will allow you to:

1. See if the job is for you / if you are suitable for the job. There's no point getting a mortgage that you hope to pay in a few months time if it turns out the job isn't to your liking - how will you pay the mortgage then? Yes, it's guaranteed by a guarantor, but I doubt they'll want to pay forever.
2. See if you get on living with your girlfriend. A property purchase with another half is a big step. If it goes wrong, who owns the property, given that her Dad will be financing it to begin with.

Again, keep your ear to the ground and search around these forums and the internet - there is lots of talk about the current financial and housing climate, which would indicate that unless you're super desperate to buy, now isn't the time. Coupled with the other reasons I've stated above, I think you are best to finish your degree, start your job, see how you get on living, and then re-assess the situation.

Remember, there is more than one house that you'll like and want to buy in life.

Dan_Collins_2

Why do you all ignore an OP's question?

I actually ended up on the phone to a poster on here who wanted help. She said she gave up on the forum as nobody answered the questions asks they just judged them based on thier own position.

Come on, lets actually read and listen to what they are asking!! Unless of course they ask for your opinion!

maninthestreet

Just because the OP (and their partner) might qualify for a mortgage doesn't mean they should get one - there are now many people regretting buying a house using a mortgage, simply because a lender thought they met their lending criteria, i.e 'qualified for a mortgage'. The OP's personal situation seems to suggest taking on a mortgage in the short term is not necessarily in their interest, even if the figures look 'good' on paper.

HelpWhereIcan

Have you or your girlfriend got any income at all at the moment?

There are specific schemes that may be able to help with the likes of Bank of Ireland if you need her father's income to support the mortgage.

You do not neccesarily need to have a guarantor mortgage. You could get a mortgage in 3 names so that the girlfriend's father's income can be used to support the mortgage along with any income you and she have. You can then take him off it using a transfer of equity when you can afford the mortgage on your own.

Do not forget that they will deduct all credit commitments including his mortgage, loans etc etc.

In practice, it may not make that much difference mortgage-wise if you have a deposit of 10% to wait until September.

If you had a 5% there is a chance that acting now rather than later is worth considering, but 10%? I doubt there will be many lenders refusing to do 90% in September.

I guess you have to weigh up how likley the house is to sell before you are in a position to move.

Get some advice from a whole of market broker who will be able to discuss your situation in more detail.

Ideally use personal reccomendations to pick one or even something like the Yellow pages etc. No harm in speaking to more than one and always make sure to ask the questions Martin suggests in http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1101649966,86816#step2.

Be careful of anyone who approaches you unsolicited and use the services of a face to face adviser unless you are confident enough to deal with someone via post & email.

Hope this helps

Good Luck

Dan_Collins_2

maninthestreet wrote: »

Just because the OP (and their partner) might qualify for a mortgage doesn't mean they should get one - there are now many people regretting buying a house using a mortgage, simply because a lender thought they met their lending criteria, i.e 'qualified for a mortgage'. The OP's personal situation seems to suggest taking on a mortgage in the short term is not necessarily in their interest, even if the figures look 'good' on paper.

Thats not my point, the op did not ask if we think they should buy or not they asked a specific question.

Look at the 2nd post from the op!

overlander

Obviously you have been saving so hard you do not have a TV. The momentum of the coming crash is just gaining pace. When this baby gets going who knows where it is going to stop. Halifax are reporting -2.5% down and that data will not include the worse effects of the credit crunch expect next months figure to be worse. JUST WAIT.