Mortgage with less than 6 months employment?

Howellers_2

Hi guys and gals,

I've been working for my current company for less than 6 months. Would anywhere reputable consider me for a mortgage? My credit rating is sound, no outstanding loans or CC bills. Everything is paid on time etc.. I'm just curious if its possible for me to get the ball rolling now or if I have to wait until the 6 month work barrier has been passed.

I have at least a 10% desposit for the type of property I am considering purchasing.

Cheers,

Howellers

mandi

Hi, You could try an independent mortgage advisor. ( dont whatever you do go to a single bank or BS.. they only give you their quotes )Were you working before .?..

If so Im sure you can get a mortgage..If not maybe a little more difficult Howllers..

Good Luck


Mandi

chivers1977

Normally if you have been in the same field for a while before you will be fine

AndrewSmith

It is more to do with the T&C's of your current contract.

As long as you are out of any probationary period, not facing potential redundancy and your employer will guarantee your income then you should be OK (as long as the rest of the case detail fits criteria).

Lenders are quite happy to accept these days that the employment market is more 'fluid' than of previous years. They will ask for only a 1 year employment history in general.

What is your employment history like?

Andy

Sarahpuggy

I only finished Uni in May, started full time work in June, but my contract doesn't have a probationary period and we got our mortgage agreed in principle, and are applying today so i think its fine..? Thats with Northern Rock.

JennyB

Woolwich should be ok for this based on what they told me about two months ago. One of their mortgage advisors said that they no longer require 6 months' payslips - they will consider your wage as soon as you start working. I'd guess this is subject to any probationary period as mentionned above. Unfortunately based on previous experience I would take what Woolwich mortgage advisors say with a pinch of salt!! :rotfl: Had a terrible experience with them before when I was told something and relied on it to my detriment. It may have some truth to it though so it's worth a try.

Howellers_2

Hiya,

Unfortunately I'm on a 6 month probationary period which should be up the first week in January.. So I guess I'll be stuck at home a little longer )

Certain online companies offer better rates than high street Banks or BS's.. Are these generally a safe bet? For example Egg is offering a flexible mortgage with +0.75 base rate which is a good bit cheaper than most others i've seen. Also no fees, no minimum term.. And they'll even let me go for co-ownership if needed (is this a wise choice?).

Infact I'd be very interested on peoples opinions on co-ownership? I do realise you have to pay rentals, there can be a dispute with the housing authority when the house is revalued for sale and you have to buy part of your own house.. on the other hand I'd probably have to buy a house anyway with someone.. and at least I know the government wont divorce me, make noise or set fire to something important

Pete

izoomzoom

Hi

We are in the process of purchasing a SO. It has been a long haul, and is by no way over yet.

First registered with HA two years ago. Have looked at a good dozen places, across three counties and have been turned down a number of times. It has been so disappointing and then you wait months for the next development to finish, but there aren't too many SO in our neck of the woods.

We were offered (before current one) two places, but turned one down as we were going for the other but then deal fell apart days before we were due to exchange and we really lost heart then. A year on, we are back on track, waiting for valuation and mortgage offer and then I am going to start chasing my solicitor. Appointed them more than two weeks ago, and haven't have anything house-specific.

Best of luck to you, whatever you decide and bear in mind that SO mortgages are limited.

ginger_nuts

a few years ago I remortgaged when I was in a temp job , I even changed jobs before the remortgage was complete .I had an interview for my present job the day the survey was done ,The woolwich didnt mind.Only prob was I couldnt get insurance to cover if I lost my job .