Changing job and mortgage?

freddyfeet

Hi everyone,

My house is for sale and I'm changing jobs at the end of April. I phoned my mortgage lender whom I have been with seven years and asked this question:
"If I sell my house in the next couple of months how does the fact that I will only be in my new job a couple of months affect my mortgage application for a new property?" The reply was, "We would not want to know until you had been in the job for six months."

This causes me some problems as I will be working from home and need to buy a bigger house with some office space.

Does anyone know if all lenders have this attitude?

HelpWhereIcan

The quick answer is no, they don't all have the same attitude.

Abbey, Halifax and Nationwide are examples of lenders that do not have formal minimum period in your job (not neccesariy an exhaustive list). However, there are also lenders who will not have a problem as long as you are able to prove no probationary period, experience in a similar role and continuous employment. Some have a minimum period of 3 months so a lot will depend on when you apply as to which lender will be right for you.

As always, have a word with a whole of market broker who can look at the whole picture for you.

freddyfeet

Thanks, there is a 6 month probation period so I suppose this is where they have come up with the six month rule. Crazy thing is that I've been in my present job for 10 years but you can still be made redundant with a month's notice.

HelpWhereIcan

freddyfeet wrote:

Thanks, there is a 6 month probation period so I suppose this is where they have come up with the six month rule. Crazy thing is that I've been in my present job for 10 years but you can still be made redundant with a month's notice.

If you will be doing a similar role there will still be lenders who will 'ignore' the probationary period. Do not give up without getting some proper advice as there will be lenders who will do what you need.