Right then here's the situation we're in.............

Me and my fiance are currently saving as large a deposit as we can, while doing this we're keeping a close eye on the market...etc

We're not really in the ideal position to purchase yet (I'll come back to this) but there has very recently a property been put on the market that is a 'too good to miss' opportunity! Quite literally!

The reason we're not yet quite ready to buy is because my fiance has only recently finished her Masters at University and although she has already got her job sorted she doesn't start until two months time, leaving me currently the only earner. We could possibly just about manage to get a mortgage on the property (using just my income) but it would mean we would have to scrape extra cash together for the deposit by borrowing from friends and family, which I'm not too comfortable in doing.

So in essence what I'm asking is if its possible to arrange a mortgage with a lender, thats a joint mortgage using my fiance's income as well as mine. If we are to get proof from her employer (which shouldn't be hard as its the local council) that she will be earning within the next couple of months?

I know the normal scenario would be to provide 3-6 months wage slips, but do they make any exceptions? Possibly with her being a Masters Graduate and also working for the Council?

Your guidance and advice would be very much appreciated, thankyou!

Ray Jones

Hi Ray....to use an income it must be currently payable so it means that lenders will not make a mortgage promise. You will have to ensure that you approach lenders that take day 1 employment within their criteria when you do. You have to very careful in this instance that your heart doesn't rule your head even though the property is too good to miss. It is very easy to get carried away once the property bug hits you and you have to think of all the extra costs involved in the initial purchase. The benefit of family help is a great help and even though you may not want the assistance it is something to be considered?? You won't have to wait the 3-6 months, just the day she starts work, so 2 months isn't that long to wait. You can apply with lenders within the 30 days previous to the employment to see who will lend and then apply on the day that work starts.

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Regards

Ian

Hi Ian,

Thanks for the reply. When you say we won't have to wait the 3-6months is that now common practice? or due to her being a graduate? There's no worry in us getting carried away, just that the property we've seen that has come on the market is due to an elderly person passing away, it will be snapped up at the price they're asking as there's a huge scope for development/profit though it does need a lot of work (next door, exactly same plot sold for £80k more last year).

Slightly off subject, but are there still added benefits/incentives when applying for a mortgage as a graduate? ie: would it be better waiting and using her as the main applicant? even though she'll be earning less than I will?

Ray

Hi Ray...graduate mortgages have seen their benefits eroded over the past months, LTV's have been reduced but the income multiples are still preferential. Quite a few lenders will take day 1 employment so long as there isn't a probationary period, of course there are ways around this. I don't think it will make too much difference who is first on the mortgage, it is usually the main income earner though.

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Regards

Ian

Skipton were doing this - not sure whether they still are due to the climate but they did.

Ask a free and independent adviser who can do the donkey work for you.

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LukeT

Hi Luke,

Whats was it Skipton were doing? Graduate mortages or mortgages prior to starting work? Cheers.

accepting a letter confirming income and job contract

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LukeT