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Mortgage with new job - 3 months

edited 2 June at 4:04AM in Mortgages & Endowments
6 replies 357 views
Appletree888Appletree888 Forumite
4 posts
First Post
edited 2 June at 4:04AM in Mortgages & Endowments
Hi,
Working in new position that transitioned to in lock down that have been working remotely for 3 months.
Salary £84k. Age 28.
Currently have 2 rental properties in London with about £3000 income per month.
Want to purchase outside London and commute in. Was looking at properties around £300k and understand I will be hit back stamp duty higher rate.
Would like as low as possible deposit down as have some refurb on the rental properties. Ideally would like a 95% mortgage or max 90%.
Are there lenders available based on just starting this role for 3 months? If so are their products more expensive? I could wait a year but would prefer to buy in next 3 months as seen some properties at huge discount (20-30% off) due to this lock down, so seems good time to buy.
Advice on products or recommended brokers to compare is appreciated.

Replies

  • Appletree888Appletree888 Forumite
    4 posts
    First Post
    It would be a interest only mortgage.
  • Appletree888Appletree888 Forumite
    4 posts
    First Post
    Nobody has any expertise in this area? Will start calling the brokers end of the week, but preferred some initial food for thought.
  • janzoojanzoo Forumite
    7 posts
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    MoneySaving Newbie
    I can't comment on the specifics of the mortgage you're after. But we're about to complete on a mortgage we applied for when I'd only been at my job for ~2 months (nationwide). We found the broker was the best way to go as they knew which lenders to look at and what additional documentation they might need, although our broker specialised in new builds. The rate we're getting is the same as the one I see on their website so I don't think there was any hit on that because of my new job.
  • Cscott139Cscott139 Forumite
    86 posts
    10 Posts First Anniversary
    The having a job for a few months isnt really a big issue and multiple lenders will entertain it. Having an interest only mortgage is where you are going to struggle as lenders have become much stricter on this. Repayment would be your only real option I would have thought.
  • Appletree888Appletree888 Forumite
    4 posts
    First Post
    Are there many 90% / 95% mortgages on the market currently?
  • ThrugelmirThrugelmir Forumite
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    No there are not. Likewise criteria for interest only is very restrictive. With very lenders actively in the market these days. 
    “Buy value, not market trends or the economic outlook. Individual stocks determine the market, not vica versa." - Sir John Templeton
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