Getting a mortgage when you haven't actually started your job, but have a contract?

debsley_pig

Hi

My husband will soon be starting to train to be a teacher, and we are wanting to move house as soon as he gets a job as a teacher. I was wondering if it is possible to get a mortgage before actually starting a job, as long as you have a contract? With teaching, you usually secure a job in the Spring/early Summer to start work in the September. It would just be much easier for us to move prior to him starting the job, plus otherwise we would have to probably wait until the following Spring before putting the house on the market, as the market usually starts to slow down in the lead up to Christmas/New Year.

Thanks in advance
Debsley Pig

Mr_helpful

yes it can be done but they are unlikely to release the money until you start the job and some lenders will have problems with probation periods

MortgageMamma

Royal bank of scotland did it for a client of mine last year before she started position, she was a teacher too, she had her contract for september and they let her complete beginning of august. They said it was ok so long as she could prove she had savings to cover the mortgage payment until she was paid.

AndrewSmith

I had a case a while ago very similar where a couple who were both teachers had been out of the UK for 2 years doing voluntary teaching in Africa.

They returned to the UK and within a few months were offered a post teaching but were not starting till September of that year.

They were offered a mortgage with Nationwide and completed on the purchase in the July of the same year prior to starting their new teaching posts.

Yes, it can be done but it will depend ont he strength of the case, the wording of the contract (and whether it has been accepted) and choice of lender.

herbiesjp

Some lenders will consider your application but it will be agreed, or not, based on your whole scenario

Being classed in a professional occupation is an advantage

HTH

homer_j_3

It may be possible if the figures were right and the contract details were correct. It won't be an easy one and may restrict the number of banks you can approach. Could you not rent for 6 months - I appreciate its an additional move but it could be worth it in the long run?