Getting a mortgage whilst moving jobs

Arch-Angel

Hi all

OH and I are in the process of re-locating to another part of the country. I've got a new job (almost!) lined up and OH is very good at getting work via agencies (we've moved before). However, this relocation will be for good and, as a result we're looking to buy for the first time.

However, how do we deal with OH's wages when it comes to applying for a mortgage? Does it matter that after we get a mortgage and move, she won't have a job because we've moved? (Given her past employment history this unemployment period won't last long) Also, how do we declare our wages - current wages, future wages?

so many questions!!!

herbiesjp

What purchase prices are you looking at? What desposit do you have? Does your OH's income need to be taken into account?

AndrewSmith

As part of the application process the lender will most likely want to know what the new employment situation will be, especially with the new address being a distance from the old one.

Also some lenders will ask the specific question relating to changing jobs ar any pending employment changes.

Andy

Arch-Angel

herbiesjp wrote:

What purchase prices are you looking at? What desposit do you have? Does your OH's income need to be taken into account?

Purchase Price = 130,000
Deposit = 6,000 (probably 7000 - plus money left over for surveys, legal fees etc.)
We're budgeting for £700-£740 per month for the mortgage - the higher the interest rate, the less we will be able to have. I know that £120,000 @ 5% = £700 per month

As for OH income, we would have to count it in order to have sufficient income (assuming 3.25x multiple after current loan payments taken into coinsideration). I could get near the desired amount on my own salary, however, would need something like 5.25-5.5 x multiple, which I suspect is a little high!!! :eek:

Arch-Angel

AndrewSmith wrote:

As part of the application process the lender will most likely want to know what the new employment situation will be, especially with the new address being a distance from the old one.

Also some lenders will ask the specific question relating to changing jobs ar any pending employment changes.

Andy

My new job will be perm. full-time (civil servant), her's likely to be via an agency at least for the short term. Additionally, there's a reasonable change of a transfer for her from current job to similar job with same company. We're planning for her to have something lined up by the time we exchange (haven't found anything yet) so that we're not committed into a purchase with only one of us in effective employment. Getting new employment is easy (always seems to be for her anyway!) - the catch is how the employment change will impact on a mortgage application