Im hoping to buy a house at auction...

[CoraHarrison]

But I am a student and worried I wont get a mortgage, im on placement from June, and the property's guide price is £40,000 my girlfriend works for the NHS and is earning around £13,000 a year...

[didoatwork]

What's your question?

[fliptheswitch]

Do you not need to secure the mortgage *before* you bid on the house?

[ummmm]

That would be wise.

[fliptheswitch]

Yeah, thought so.

In that case, CoraHarrison, maybe the mortgage providers would be the best people to speak to?

[VHG]

I think you have to pay for a house at auction within a strict time limit (7 days, 14 days or whatever).

You MUST have the money first.

[redcrx]

is your girlfriend wanting to buy a house?

[mrs_overall]

I blame Homes Under the Hammer

[VHG]

This web site says you need to pay 10% of the cost of the house on the day you buy it (at auction).

You then pay the rest in 28 days or lose your 10%.

This may vary by different auction houses

http://www.bbc.co.uk/...buying_auction1.shtml

[Andyvon]

If you're a student then you don't have any income do you? If your girlfriend is only earning £13,000 a year and you are a student then how do you hope to be offered a mortgage or pay one? If you do get a job then are you sure you're going to be in continuous employment for the next 25 years to be able to pay that mortgage?

Secondly, you mention buying the house with your girlfriend. Are you still going to be girlfriend and boyfriend for the next 25 years while you are paying the mortgage off? If you are getting married soon that's different but the relationship's very loose and you'll both be tied for 25 years with a mortgage.

You don't seem to have any real plans made or understanding of the requirements and responsibilities of a mortgage. The world has changed in the last 25 years since my wife and I bought a house and paid the mortgage off in four years. Not only are you required to meet very strict criteria today but you have to establish a very strong base for the next 25 years from which to pay the mortgage. If you are in just a loose personal relationship and you have no job I don't think you'll have much success. Perhaps rent somewhere for a while until your life is more stable.

I hope you get things sorted. Good luck.