New Job - new salary - when to apply for mortgage?

MissUngercover

Hi All,

I was wondering if somebody here knows how long I have to be in a new job before applying for mortgage? I mean how quickly is the new salary taken into consideration?

Thanks!

Wh05apk

Some lenders will accept a contract and future start date, all depends on LTV, credit history etc.

John_Jizzle

I started a new job and then bought straight away. They wanted 1 payslip and 2 from my last job. They also wanted 2 years P60s. They also required a letter from my employer as i was in a probation period

duckandcover

I was able to apply in the first week Very surprised, I thought they'd want more time! All they asked for was a letter from my employer for it to be approved, and then to submit them a copy of my payslip once I received it.

Biscuit_Nikki

We are FTB and have had an offer accepted on a house. We applied for a mortgage after getting an AIP a month ago
(25 Oct). At the time my partner was a month into his new job.
The mortgage we have applied for is with NR. First they asked for his P60, previous 3 payslips from his old job and requested a letter from his new employer containing his new contract agreement (all pretty standard). All of the documents were sent in the first week by our mortgage advisor.

At the start of this week (4 weeks after sending off the application) they requested further information from his new employer, which was sent. Today they have asked for his payslips from his old job going back 6 months and his contract from his old job.

I am starting to think they are looking for excuses not to lend us the money. It's all very fustrating and we don't really understand what they are worried about or what questions they are trying to answer by asking for all this infornation. My only guess is that they are concerned by the gap between my partners two jobs (the first one was a PhD so the funding stopped before the new job started)

I hope you have more luck than us!

Wh05apk

Biscuit_Nikki wrote: »

We are FTB and have had an offer accepted on a house. We applied for a mortgage after getting an AIP a month ago
(25 Oct). At the time my partner was a month into his new job.
The mortgage we have applied for is with NR. First they asked for his P60, previous 3 payslips from his old job and requested a letter from his new employer containing his new contract agreement (all pretty standard). All of the documents were sent in the first week by our mortgage advisor.

At the start of this week (4 weeks after sending off the application) they requested further information from his new employer, which was sent. Today they have asked for his payslips from his old job going back 6 months and his contract from his old job.

I am starting to think they are looking for excuses not to lend us the money. It's all very fustrating and we don't really understand what they are worried about or what questions they are trying to answer by asking for all this infornation. My only guess is that they are concerned by the gap between my partners two jobs (the first one was a PhD so the funding stopped before the new job started)

I hope you have more luck than us!

I think you will find a clue to your problem is highlighted above.

NR are not great at processing at the best of times, anything like this, I would avoid them. Why have you used them? their rates are not great.

Biscuit_Nikki

They were suggested to us by our MA (before I started reading this site!). In fairness to him he did say that they are often slow - although I don't think he anticipated quite this long. The rates we have applied for are ok - fixed 3.79% with a 15% deposit, which at the time was also one of the top options on the mortage comparison site- as I checked on there as well before we went with it.

We're so far in now that it seems pointless to change. I am putting it down as a lesson learned! Thank you for confirming it as a NR issue though - makes me feel a little happier that it's not us being impatient!

kingstreet

In response to the OP, the situation is pretty much determined by your overall credit score, as established by the lender on the day you apply for a mortgage. (Not by a daft number you get from a credit reference agency).

Let's say that all things being equal, someone with a three year history with the same employer has 100% of the lending market (at his required LTV) to choose from.

At the other end of the spectrum, Nationwide and Halifax may accept an application from someone just started a job and in a probationary period.

As you go along the line from three years down to nil, the number of lenders available to you will fall accordingly.

It may be an idea to consult an independent or whole market broker to establish where on that line you are better off looking.

Billion

Biscuit_Nikki wrote: »

They were suggested to us by our MA (before I started reading this site!). In fairness to him he did say that they are often slow - although I don't think he anticipated quite this long. The rates we have applied for are ok - fixed 3.79% with a 15% deposit, which at the time was also one of the top options on the mortage comparison site- as I checked on there as well before we went with it.

We're so far in now that it seems pointless to change. I am putting it down as a lesson learned! Thank you for confirming it as a NR issue though - makes me feel a little happier that it's not us being impatient!

Have you had a decision yet?
We are in the same position only difference is OH has worked for 3 months and just got out of probationary period.
Pretty worried...

TEDDYRUKSPIN

If you follow the normal guidelines for standard working (not self employed):

1. Pass the probationary period.
2. 3 months salary slips.
3. Clean credit history and decent credit score.
4. Plenty of deposit.
5. Decent affordability - no more than 55-58% used for all lending, mandatory useage on bills etc etc.

Self employed people:

At least 3 years of P60's - averaged out.
Rest as above from number 2.

dawyldthing

depends how long your probation period is, mines 6 months but the Halifax accepted and gave me a mortgage within 2 months of starting work, but most of my savings is with them so they know what I have