First Time Buyer - New Job Mortgage Question

V6Matt

Hi,

I am looking to buy my first flat and I have a mortgage question.

The flat is around the £200k marker and I was looking to leave a 25% deposit, perhaps even 27% but would like to keep bit more of a contingency nest egg. The monthly mortgage rates are quite within my means (including any potential increases to interest rates)

I was employed by a very well known IT company up until last week (3.5 years employment) and have since started with another well respected IT company. However there is a 6 month probationary period.

My deposit, credit history (includes history of credit cards/mobile contracts e.t.c all paid on time) will hopefully all work in my favour and I hold no loans (with the exception of student loan but can pay off if necessary) and no car lease.

However I am concerned that following my recent job move, this may count as a negative and potentially my age of 25?

How much of an impact will the recent move have on my likelyhood of obtaining a mortgage? and if I am rejected for a mortgage in principal will this affect my future chances?

PS: I am probably looking to a 2 year fixed with Woolwich

Thanks :beer:

opinions4u

You will struggle until you are out of the probationary period.

Age won't cause you any issues.

V6Matt

opinions4u wrote: »

You will struggle until you are out of the probationary period.

Age won't cause you any issues.

Thanks.

Are Woolwich one of the more flexible mortgage companies?, I have heard C&G normally are.

Does anyone have a view on whether a rejection for a mortgage in principal now, could affect future attempts to obtain a mortgage from the same/other companies?

Martin81162

My advise would be to avoid the Woolwich. They will most probably reject your application and then charge you £150 for the privilege.

Don't sign anything with them until they have given you confirmation that you do qualify for one of their mortgages.

V6Matt

Martin81162 wrote: »

My advise would be to avoid the Woolwich. They will most probably reject your application and then charge you £150 for the privilege.

Don't sign anything with them until they have given you confirmation that you do qualify for one of their mortgages.

Thank you Martin.

I have spoken to a couple of Mortgage advisors today and both suggested that Woolwich would not be very open to the idea.

However there are options available to me via other mortgage companies and both seem reasonable.

2.85% variable for 2 years, 1k arrangement and free basic valuation

3.34% fixed for 2 years, 1k arrangement

or 3.5% fixed for 2 years, 1k arrangement. £250 cashback

So all seem feasible and certainly to my eyes, quite competitive.

_Andy_

Why would you only want to fix for two years? (and pay 1k for the honour)

V6Matt

_Andy_ wrote: »

Why would you only want to fix for two years? (and pay 1k for the honour)

Andy, the above are just some examples. I haven't looked into all the options fully , but I would imagine a 5 year fixed to have a much higher interest rate, which may or may not work out to be good value. I guess only time will tell.

Wh05apk

Woolwich and indeed most lenders would not accept your application whilst you are in a probationary period, Abbey changed their policy last week, and will accept applications whilst you are on probation.

Fairdo_2

There are several lenders who will consider you on a probationary period. Especially if you have maintained continuous employment, are in a similar role, but have moved to better terms.

Wh05apk is right, Abbey just changed their criteria to entertain this, as have A&L for some time now (part of the same group).

An AIP reject is not fatal for future Applications, but it is best to get the research done on your behalf and opt for the more likely suitor to you, as you do not want to be throwing credit searches around the market in a short space of time.

Maybe see one of the Brokers you have been discussing this with and get ready to "press the button" when the right property is found and you know what borrowing against purchase price you will be aiming for.

flatbuyers

I will be on my probationary period (am moving jobs) when we finally complete and I have just been accepted by Britannia. Might be because my partner has longer term employment, but anyway there is hope!