Changing jobs in middle of mortgage application

enevel

Hi.

After years of waiting (first time buyers) I'm looking to buy a house with my partner. We have a big deposit (30%), and are borrowing a low income multiple (1.5 x joint income). We have an agreement in principle from First Direct for the mortgage we want, and could borrow plenty more if we wanted to.

I am in a profession where people change jobs every couple of years. Its that time right now, and a very good (and very rare) opportunity has come up that would mean a pay increase for me. It will mean shifting from one safe civil service job to another safe civil service job.

What I want to know is how much this would affect the mortgage application. First Direct take ages to process applications (presently more than three months). If I wait until a 'standard' one year probationary period has elapsed before applying for a mortgage, by the time I've found somewhere to buy, and FD have processed the application, I may well be moving jobs again.

I have a good continuous record of employment going back 15 years.

Grateful for any help.

VfM4meplse

Submit your evidence of earnings (payslips for the previous 3 months should normally suffice) and then change you job. If you have an account with FD they will know if your employer changes anyway if your pay goes straight into this account - whether they pick up on this info is another matter.

FD generaly only picks cherries so I think the risk here is low.

koexelek

enevel wrote: »

First Direct take ages to process applications (presently more than three months).

That's interesting to hear

enevel

I've been told the present waiting time is 14 weeks. Given they charge £799 to arrange the mortgage, I don't think its a terribly good service standard. But the rate is good, so presumably they are inundated.

Cheers for advice above.

Trying_to_be_good

enevel wrote: »

I am in a profession where people change jobs every couple of years. Its that time right now, and a very good (and very rare) opportunity has come up that would mean a pay increase for me. It will mean shifting from one safe civil service job to another safe civil service job.
...
If I wait until a 'standard' one year probationary period has elapsed before applying for a mortgage, by the time I've found somewhere to buy, and FD have processed the application, I may well be moving jobs again.

When I switched civil service departments, it wasn't counted as a new probationary period, and is covered by the pension scheme as continuous employment. If that's the same case for you, and you aren't subject to a new probationary period, it shouldn't be any problem at all.