New Job = no chance of a Mortgage

Cardiff-Chris

Edit - sorry there was suppose to be a question mark in my title - I am not making a statment! If anyone could change it I would be grateful!

Hello,

I have been a long time browser here but I have a question I needed to ask so took the plunge and registered.

My and my OH are FTBs. We have seen a house that we like and are in the initial stages of looking at mortgages.

My girlfriend has just been offered a new job. If she takes it is it likely to affect our chances of getting a mortgage?

It’s a slightly better paid job but it will mean she is on probation for a year.

Also what would we put on a mortgage application, she won’t start the job for another 4 weeks but we wanted to get the mortgage tied up asap.

Thanks for you help!

Chris

luckyfool

What kind of income multiple would be needed if only your salary was in the equation?

If the job was permanent from day one, or she had started a week or two and her employer was willing to confirm that while probationary they could see no reason why they would not keep her on, or even she had just been with them 3 months even if still in probation then I could see options from lenders that would use her salary. As of right now though her new income would not be usable. Would the new company be willing to hold off a month or two so she could give her notice once you have completed on the purchase and moved in?

Cardiff-Chris

No I dont think so, They have asked her if there is anyway she could work a shorter notice (which her current company have said no) so I doubt they will be willing to wait any longer.

with just my salary I would be looking at around 4x or just under so its not really a possiblity to do it on my own i dont think?!

Cardiff-Chris

sorry just a thought could we put her current job details down? the multiples will still work on her old salary but obviosuly if they check with the comapny they will say she has handed in her notice whioch will look a bit dodgy!

herbiesjp

Yes you could do it on your own at 4 times income.

Some lenders will be happy with OH new position as long as she has been in continuous employment

Have you spoken to a whole of market adviser?

koexelek

Cardiff-Chris wrote: »

It’s a slightly better paid job but it will mean she is on probation for a year.

Nationwide will usually look at people who are still on probation.
Most lenders will want the probation period out of the way before they will lend though.