Mortgage and notice in contract for new job

ruthtc

Hi
Wonder if anyone can help. Don't have a mortgage at the moment and am about to change jobs (having worked at my current employer for over 7 years)

I've just been sent a contract for the new job, and whilst after 6 months I shall be on 3 months notice, for the first 6 months it is 1 week only.

Someone suggested I may not be able to get a mortgage being on only 1 weeks notice - anyone got any thoughts on that?

Thanks for any suggestions

_Andy_

Hi Ruth

Welcome to MSE

OK so does the contract stipulate the work is permanent from the word go, or is it a probation period as such?

bodgerx

ruthtc wrote: »

Hi
Wonder if anyone can help. Don't have a mortgage at the moment and am about to change jobs (having worked at my current employer for over 7 years)

I've just been sent a contract for the new job, and whilst after 6 months I shall be on 3 months notice, for the first 6 months it is 1 week only.

Someone suggested I may not be able to get a mortgage being on only 1 weeks notice - anyone got any thoughts on that?

Thanks for any suggestions

I don't think the notice period would be an issue - more of then concern is that it sounds like you are on a probation period. It probably varies from lender to lender though.

Senior_Paper_Monitor

The above two replies are correct.

The requirement varies from lender to lender, but 'notice period' applicable is not one of them.

The issues are:

Status of employment - permanent, temporary or contract (fixed term)?

Period of employment (minimum acceptable varies from one month to six)?

Are you in a probation period?

Ensure you do not DIP (Decision in Principle)/Apply with anyone until you are confident that your conditions are acceptable to that lender - you would simply be 'using up' the credit checks that you can do before it starts to adversely affect your file. A whole of market broker will select appropriate lender(s) based on your detailed circumstances including employment terms/period.