Q I know every lender is different but how long does my husband need to be in his new job before we can apply for a mortgage?
We only need a £50,000 mortgage as we are buying my childhood home from my parents. How do we go about us buying it from them do they have to advertise it or do we just get solicitors involved?
Like so many other people we would be better of with a mortgage and with the stress tests it makes me worried as I have known many people turned away whom are on much higher incomes than we are but they are obviously doing it as a much bigger mortgage it really does make me nervous about applying and so much jargon to be honest I just feel swamped as all information is for someone buying a house at market value when we won’t be.
The house is worth at least two-and-a-half times the amount we need to borrow. SN
A Can you get a mortgage if you’ve just started a new job? “Yes you can,” says Pete Mugleston, mortgage adviser at onlinemortgageadvisor.co.uk. “Although starting a new job does make it more difficult to get a mortgage, it’s by no means impossible’ he explains, but a lot depends on your previous work history, how long you’ve been in your new job and whether or not you have a probationary period.
“The longer you’ve been in a job the better when it comes to getting a mortgage … but even if you’ve been in your job for less than three months there will be mortgage options for you, although more options start to open up if you’ve been in a job for at least six months.”
As you might expect, Mugleston recommends using an independent mortgage broker to find a lender willing to lend to you and your husband. And given your trepidation in the face of the mortgage application process I suggest that you follow his advice.
It might cheer you up to know that the fact that you want to borrow 40% of the value of your parents’ house (assuming it’s worth £125,000) makes you a very attractive lending proposition. Using a broker also means you are less likely to be turned down by a lender because the broker will only suggest a lender who will approve your application.
As far as the actual process of buying the house goes, your parents don’t need to advertise it but you do need to get two sets of solicitors involved.