Mortgage for 1st time buyers. What are requirements?

I was wondering if anyone could help shed some light on applying for mortgages. Myself and my fiancee are considering our options and feel we should be getting on the property ladder.

We went travelling to States and Thailand for 18 months and returned in Dec 2005. Since then we have moved and are considering buying a house. We had approval in June 2004 from First Active for a mortgage to purchase a site of land at 40,000 but the sale fell through. I am working as sales assitant, money is the minimum wage and have only been employed for 1 month on a 4-5 day week. Himself is a plumber and got employment but was on a months trial so his boss has not put him through the books but that is getting sorted next week.

We both have SSIA,s coming March 2007 totalling 30,000, he has car loan and we have some money to pay off credit card but apart from that in good shape financially.

Is there much point going applying for mortgage yet or should we wait another few months??

Thanks for the help, just want to see how early we can start looking for a house!!!!

Thanks

Re: Mortgage for 1st Time Buyers! What are requirements??

Hi and welcome to the board. I don't think there is any point in all in applying just yet. The banks will be looking for earnings history and at the moment you are showing very little coming in. That said presumably you have some sort of income source or lump sum sitting with you as you have been paying into the SSIA account which might go some way to your cause.

Re: Mortgage for 1st Time Buyers! What are requirements??

Cheers for the reply, good to know there is no point just at the moment in applying I thought as much but wanted to be told i suppose. Thanks again, would you normally leave it for 3-6 months or longer perhaps??

The longer the better as far as a bank is concerned but it would be no harm to approach one or two and ask them what criteria do you need to fulfill. Start with whichever one you have your acount with and the SSIA through as you have an existing relationship with them so they will be a bit more open to talking to you.