Joint mortgage with one person on temporary contract?
Discussion
Myself and my partner are looking to buy our first house.
Mortgage we need is £144k
I’m on a full time permanent contract, £30k per year, plus around £7k in overtime and travel time (I have been advised the mortgage company take a average of the last 3 months, it’s the same every month)
My partner is on a temporary contract, which will be changing to permanent from the end of June, £22k a year, no overtime.
Will being in a probationary period effect the mortgage application? The house will be ready in April, with exchange in early August, completion is April/may.
Doing quick sums on a mortgage calculation, when including personal debt etc, they are willing to offer well into the £200k mark, although it doesn’t say anything about only just changing to a permanent contact ( he was a full time temp)
On my salary alone we could afford the repayments (£630ish a month)
Mortgage we need is £144k
I’m on a full time permanent contract, £30k per year, plus around £7k in overtime and travel time (I have been advised the mortgage company take a average of the last 3 months, it’s the same every month)
My partner is on a temporary contract, which will be changing to permanent from the end of June, £22k a year, no overtime.
Will being in a probationary period effect the mortgage application? The house will be ready in April, with exchange in early August, completion is April/may.
Doing quick sums on a mortgage calculation, when including personal debt etc, they are willing to offer well into the £200k mark, although it doesn’t say anything about only just changing to a permanent contact ( he was a full time temp)
On my salary alone we could afford the repayments (£630ish a month)
Sarnie said:
Can you better explain these time scales;
"The house will be ready in April, with exchange in early August, completion is April/may."
??
Sure, it’s a new build house. So you reserve your plot, then they want you to exchange within 28 days, with the mortgage offer in place, the house is being built by this stage, then it’s finshed and you complete and move in around 9 months later (April/May 2019)"The house will be ready in April, with exchange in early August, completion is April/may."
??
Nickbrapp said:
Sure, it’s a new build house. So you reserve your plot, then they want you to exchange within 28 days, with the mortgage offer in place, the house is being built by this stage, then it’s finshed and you complete and move in around 9 months later (April/May 2019)
Your first issue is that most mortgage offers are valid for six months........so you shouldn't be applying for your mortgage till Nov/Dec 2018........and you shouldn't be exchanging contracts without having a valid mortgage offer that covers the properties completion date.....Sarnie said:
Your first issue is that most mortgage offers are valid for six months........so you shouldn't be applying for your mortgage till Nov/Dec 2018........and you shouldn't be exchanging contracts without having a valid mortgage offer that covers the properties completion date.....
Ok that makes sense, the plot hasn’t yet been released but the sales woman did say in the next couple of weeks( although that could very easily be bending the truth to put pressure on) and exchange 28 days later, although I have seen many people exchange long after these 28 days. The finer detail is then, is it likely to be approved for this mortgage when very early into a job?
Nickbrapp said:
Ok that makes sense, the plot hasn’t yet been released but the sales woman did say in the next couple of weeks( although that could very easily be bending the truth to put pressure on) and exchange 28 days later, although I have seen many people exchange long after these 28 days.
The finer detail is then, is it likely to be approved for this mortgage when very early into a job?
The answer comes back to the above points and when you would be applying for the mortgage........Eg how does the above look in Nov/Dec this year?The finer detail is then, is it likely to be approved for this mortgage when very early into a job?
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