Saturday, October 1 2022

Q I know every lender is different, but how long does my husband have to be at 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 buying it from them, should they advertise it or should we just involve lawyers?

Like so many other people we’d be better off with a mortgage and with the stress tests I’m worried about that because I’ve known many people turned down who have much higher incomes than us but they obviously do it as a much larger mortgage it makes me really nervous to apply and so much jargon to be honest I just feel overwhelmed as all the information is for someone buying a house at market value when we don’t we won’t.

The house is worth at least two and a half times the amount we need to borrow. NS

A Can you get a mortgage if you just started a new job? “Yes, you can,” says Pete Mugleston, mortgage adviser at onlinemortgageadvisor.co.uk. “While starting a new job makes it harder to get a mortgage, it’s by no means impossible,” he explains, but a lot depends on your work history, how long your new job and the fact that you have a trial period.

“The longer you have worked the better it is when it comes to getting a mortgage… but even if you have been working for less than three months there will be mortgage options for you although other options will start open up if you’ve been in the job for at least six months.

As you’d expect, Mugleston recommends using an independent mortgage broker to find a lender willing to lend you and your husband. And given your apprehension about the mortgage application process, I suggest you take his advice.

It might cheer you up knowing 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 loan 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.

When it comes to the actual process of buying the house, your parents don’t need to advertise it, but you need to involve two groups of lawyers.

Want expert help finding your new mortgage? Use our online tool to search thousands of offers from over 80 lenders with the Guardian Mortgage Servicepowered by L&C.

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