Shares Ownerships and Mortgage Question

[expensivegarms]

Probably a bit of a silly question but anyway!

I'm looking to buy somewhere at the moment, and probably have around 15k to put down as a deposit. Not a lot I know, but I have found somewhere that is shared ownership for £65000.

As I have only been employed for around 4 months, and was self employed for around 2 years before that, is there any point in me even applying for a mortgage?!

I need to move away from where I was brought up due to work, and I keep thinking that renting is dead money and I'd rather buy somewhere, or at least buy part of somewhere!

Is getting a mortgage going to be a problem for another couple of months?

[kiethton]

I complete on my SO flat on Wednesday.

"Sarnie" (a mortgage broker on here) sorted me out mortgage wise and was a great help, only a few lenders do them.

I can't comment on the acceptance likelihood etc but he should do, I got mine for similar reasons - upgrading to a proper house (non-SO) in a few years is my aim after paying back my mortgage within 5 years, hopefully!

[expensivegarms]

Nice one, that's my plan too! I just keep thinking I need to get on the housing ladder somehow, this seems to be a good way to do it at this moment in time.

How long did it take to get it sorted?

[kiethton]

Indeed.

Mortgage was quick and painless (currently 2.2x multiple @ 90%) delay was with the solicitors. Legals kicked off on Feb 1st and complete Wednesday so 3 months!

[Sarnie]

expensivegarms said:

Probably a bit of a silly question but anyway!

I'm looking to buy somewhere at the moment, and probably have around 15k to put down as a deposit. Not a lot I know, but I have found somewhere that is shared ownership for £65000.

As I have only been employed for around 4 months, and was self employed for around 2 years before that, is there any point in me even applying for a mortgage?!

I need to move away from where I was brought up due to work, and I keep thinking that renting is dead money and I'd rather buy somewhere, or at least buy part of somewhere!

Is getting a mortgage going to be a problem for another couple of months?

Cheers Kieran!

OP, only being employed for four months isn't going to be a problem, as long as you are permanent and can satisfy all other lender criteria etc.

Feel free to PM/Email me if you want a chat!

[anonymous-user]

I re-mortgaged in the middle of the financial crisis when I moved from being a contractor to permanent and I hadn't even started yet. All they wanted was a letter from my future employer stating it was a permanent contract and the amount of salary I would receive.