Mortgage and employment....

mattwenn

I've been with my employees for 9 years but I'm looking for other job.

I'm planning to move house very soon, my flat is soon going on the market.

When getting a new mortgage, is there a prerequisite that you must of been employed by the same company etc. for 6 months or anything like that? Or does is not matter providing I'm never 'out of work'......

HouseHunter_2

I think it depends on your lender but I'll just give you my personal experience.

My boyfriend started a new job 3 months ago and we sold our house about a month ago. We had our offer accepted on a property and applied for a mortgage. we are tied into our current lender, who has quite stringent income multiples.

originally, our deposit was about 15% of the purchase price but that meant on an income multiple of 3xjoint we wanted to borrow £7k more than we were allowed. the building society stated that if my OH had been in his job longer they could have been more flexible but as he is on probabtion they have to stick to the letter.

By increasing our deposit to more than 20% of the purchase price we are now allowed to borrow 3.5xjoint, which means we could borrow what we needed comfortably, although we now have less to spend on the work that needs doing when we move in.

so in my experience you may find that if you are on a probationary period in your new role it may limit your options somewhat.