First time buyer looking to get a mortgage

Lara83

Hey everyone,

First time posting on this! Just seeing if I can get more info on this. Am training to be a GP and will be qualified in a few months. I am currently employed by HSE but come next year I'll be self employed. Asked the bank about me and my partner getting a mortgage for our first house and basically was told I couldn't be offered a mortgage until I can prove to them I am in permanent employment unfortunately. Even though I'm sure I will be working when I qualify it will be mainly locuming/ maternity covers etc so may take years for me to settle into an actual permanent job.

My partner on his own isn't enough to get the mortgage we need so just wondering has anyone here found themselves in the same position? Is there any way around it? Have contacted mortgage broker also but waiting for reply!

Thanks a mill in advance!

ToxicPaddy

Gonna move this to the Banking & Insurance & Pensions forum as you'll get better advice there.

Lara83

Great thanks very much!

ShowMeTheCash

Not sure there is really anyway around this.

At the moment you are not yet qualified.
And I assume your contract with the HSE is not a parmenent contract as you say when you qualify as a GP you will be self employed.

Being self employed in terms of getting a loan can be a little difficult.
Usually you need to show how you have set-up your company.
How much of the company you own, what assets and expenditure you have.
You need to be able to establish your earnings and tax returns.
So I think you may need to declare at least 1 to 2 years of financial records to establish your actual income..

At the moment I doubt a bank could establish any of this and I guess neither could you?

Is there a rush on getting a mortgage?
I am sure once you are up and running banks would bite the hand of you, but I doubt very much the bank will give you a loan when not yet qualified on earnings in a profession you have not yet started.

What kind of loan are you seeking and why would your partner not qualify?

Lara83

Ya I'll never be able to show that. I guess I naively thought that banks could look outside the box and see that I've been working and training to become a gp and why after 7 years training once qualified would I stop working ?! But I know in theory I'm risky! My partner wouldn't get a mortgage for the house we're looking for unfortunately so that's not an option.

And ya you're right I may just have to wait until I'm more permanent and that's not the end of the world either!!

Will send off the application for mortgage in principal and hope for the best!

Thanks very much for your advice!

Trish56

OP... Need more information to determine if you can get a mortgage or not. Ages, your partners income and if in permanent employment for more than 1 year. Also if you have joint savings, how much you save monthly and if you have any short term borrowings and purchase price of property.
How much of a mortgage are you looking for.

Lara83 wrote: »

Hey everyone,

First time posting on this! Just seeing if I can get more info on this. Am training to be a GP and will be qualified in a few months. I am currently employed by HSE but come next year I'll be self employed. Asked the bank about me and my partner getting a mortgage for our first house and basically was told I couldn't be offered a mortgage until I can prove to them I am in permanent employment unfortunately. Even though I'm sure I will be working when I qualify it will be mainly locuming/ maternity covers etc so may take years for me to settle into an actual permanent job.

My partner on his own isn't enough to get the mortgage we need so just wondering has anyone here found themselves in the same position? Is there any way around it? Have contacted mortgage broker also but waiting for reply!

Thanks a mill in advance!

ShowMeTheCash

Lara83 wrote: »

Ya I'll never be able to show that. I guess I naively thought that banks could look outside the box and see that I've been working and training to become a gp and why after 7 years training once qualified would I stop working ?! But I know in theory I'm risky! My partner wouldn't get a mortgage for the house we're looking for unfortunately so that's not an option.

And ya you're right I may just have to wait until I'm more permanent and that's not the end of the world either!!

Will send off the application for mortgage in principal and hope for the best!

Thanks very much for your advice!

Being a GP is a good profession however to the bank its still just a job...
Banks need to be able to establish how much income you make vrs what you spend.. Landing a parmanent role is the beginning, what you need to do for I think at least 6 months is show savings.

I earned X I spent Y and I saved Z.

This way a bank can workout how much of a mortgage they will give you based on what you can actaully afford.

You could be a GP with a crazy gambling problem!
You could of made 250K in a single year and spent the lot of it...
Bank will probabaly tell you to save and then come back.

Also you mention your partner would not get the mortgage you want...
I am going to assume you have your heart set on something that is out of his earning capacity....

Some banks will look to have a minimum of 75% LTV. In other words to need a minimum of a 25% deposit if they value the house at the price you are purchasing it...

The lowest I have seen at the moment is 90% LVT but then you are stuck with a bad loan rate for the term.

But a mortgage adviser should be able to fill you in on what you can do...

But shop around, GP or not you do not want to be paying back more than you need to.