Mortgage

[MissRhead]

Hi, i dont know if anyone can help me understand a little better Or just give me some hope
At the minute im un-employed i am despratly seeking work, so once i am working me and OH would like to look at getting a mortgage. He is in the army so has a stable income, but how long after i start working would i have to wait to be considerd? Ive spoken to people who already have a mortgage and they seem adamant we wont even be considered for one. We both have good credit ratings, i was working for 3 years since i left school untill i found myself unemployed. We have money for a deposit and will be looking for something below of £115,000. I really dont know if anyone can help but i dont want to go to the bank and look silly if this is not possible. Thankyou xxx

 

[butterflies]

Hello! It might be worth having a chat with an independent adviser rather than a bank as they have access to a much wider range of services.

We've just bought our first place & we had to have 15% deposit on £125,000 purchase plus money for legal fees etc etc. they're asking substantial amounts at the mo!

Good luck!

 

[joeyjo]

If your OH can just about afford the mortgage on his salary alone - if push came to shove and he had to - then that usually makes things a little easier. They usually like you to have been in 1 job for at least a year I think and in the current climate a significant deposit and all the money for the legal fees will need to be available.

 

[FEDup1981]

Back in 2004 when me and DH got a mortgage, i was a student, and he was employed, and had switched jobs only 2 months before. I think cos ur hubby has a secure job u shouldnt have any problems, aslong as u have a good deposit x

 

[Vici]

Best company to talk to hun are London and Country - they are a fee free, whole of market broker and are recommended by Money Saving Martin. They were so so helpful with us and we have recommended them to sooo many people now who they have really helped! Won't cost you a penny x

 

[fruity]

Hey honey,
Have a look at the website moneysavingexpert.com
There are forums there for advice and financial advisors go on there to help out. They could point you in the direction of the lenders most likely to look favourably on your situation. Whatever you do, DONT apply yourself to loads of companies for a mortgage because every time you apply it leaves a dent on your credit score which could mean that although there is no real reason for you not getting a mortgage, the number of credit scores you have had done means no lender will touch you.

Good luck

 

[MissRhead]

Thanks for replying everyone gonna go have a look at what every1 suggested, thankyou =) xxx

 

[Danilou1910]

I got a mortgage when I was 18 and working for pennies as I was a student and he was only doing an apprentice. Given that we only got £54,000, but we have now got a mortgage for £122,000 nd I was working at the time am I am still not.

If you have a good work background and get a new job with a good/great credit rating I don't think you being umployed for a while will make a difference. Plus with husband in the army I think that will also be a plus.

But like a few others said The deposits required have gone up but at least the interest has gone down alot. We only had to put down 5% but most ask for 10%+ now. Plus we got a fixed rate which seemed good at the time, but obviously with the climate as it is, i'm on 5.79% interest but my mams is only 1.68% interest mad or what.

But the best thing I think would be to talk to your bank for now or a finacial advisor and see what they think, at least they're professionals. I'm lucky my uncle is a top finacial advisor so I get his services free of charge.

Hope everything works out well for you both