Help Mortgage Refused Due To Job Change

vicstar_2

I would be really grateful for any help/advice you can offer on the following - I am feeling totally depressed right now!

I am selling my house (due to exchange next week hopefully) and relocating with my partner. We have found a house we want to buy and had our offer of £295k accepted. At the moment the seller is still looking for a property. As I will be completing (hopefully) on my house mid April time we have arranged a 3 month house let to hopefully cover the period between selling and buying.

So far so good...

However, as we are relocating I am changing jobs (my partner changed last year so he is ok) and taking a salary reduction. We originally had a mortgage offer for the property we are buying based on my current salary but I have had to let the mortgage company know that I am changing jobs (my current employer was asked if I was under notice). Whilst the mortgage company is still prepared to lend us the amount we need based on my lower salary, they are not prepared to issue another offer or advance any monies until I have started my new job (in June) :eek: This seems completely stupid as I will be in my current job until then but apparently (according to our broker) it's a policy that all mortgage companies have.

I really don't know what to do now - if we have to wait until June then the people we are buying from will obviously want to find another buyer. I can't believe that no-one is prepared to lend us any money until then - it is just so depressing.

Does anyone have any advice they could give us?

Thanks

Vic

HelpWhereIcan

Your adviser is correct in that most lenders will want you to actually be in the job (even for one day) before they will take the income from it into account. however, I would be surprised if there was no-one who would do it (providing they can get confirmation of the new job offer and the rest of your circumstances). Actually, I have made a couple of calls to lenders and have been told that they will look at it depending on timescales involved, what your occupation is and what you will be doing and how reliant the application would be on your income being included.

Failing that, has your adviser investigated the possibility of using a lender that will do the amount you need based on your partner's income alone?

Post more details about your incomes, loan needed, purchase price, when you expect your purchase to complete etc and someone will be able to offer some guidance.

Hope this helps