Job length of service and mortgages???

Rykaro

Hi folks,

Does anyone have any ideas how much stock mortgage providers put into how long you have been working for a particular employer when applying for a mortgage or remortgaging?

I was recently made redundant as the company I worked for went bankrupt. At the same time my mortgage deal ran out and I've been put onto the SVR which increased my mortgage payments by nearly 10%. Fortunately, I've got a new job and start work next week but I don't know how the lack of time spent working for my new employer will be viewed by the mortgage lenders.

Does anyone have any advice/views on this? Am I going to be stuck on SVR until I've worked a certain length of time for my new employer?

Cheers,

Wh05apk

Depends on the lender, most are ok, but it will count towards your "credit score" if everything else is borderline, it may be a problem, but generally, assuming reasonable LTV, and decent income with no credit problems you should be fine.

ACG

Some lenders do have minimum requirements of between 3-6 months, some have continuous employments for upto 3 years.

Before you make an application, check with the lenders.

In the main though i dont think that alone will stop you getting a remortgage, it might just limit the options for a few months.

kingstreet

Ask your existing lender what customer retention products it may have for you to choose from. Such transfers require no underwriting, so your employment situation would not be relevant.

Rykaro

Thanks for the help, I'll check and see what my current provider can offer and see if they flag this or not.

Darth_Lemsip

I applied for my Nationwide STB mortgage having been in a new job for three weeks - they sent some paperwork to my employers to confirm I worked there, salary etc, and I had the mortgage approved no problem. Had been out of work 6 weeks before starting new job