Getting a mortgage if I quit my job

sarah234

I am planning on going back to university for one year to do a postgraduate. I currently own a house but I am moving to a different area to go to uni. So I will be selling the house before the course starts in September. I would really like to buy another property closer to the university before the course starts but I am worried abut getting a mortgage if the bank knows that I am quitting my job. I have not approached any lenders yet but I will need quite a high salary multiple (4 x salary) so my choice is a bit limited (was thinking of approaching Nationwide). I need to work 3 months notice at my job so I will be handing in my notice at the end of June in order to finish at the end of September. So, when you apply for a mortgage, do they ask you if you are planning on staying in your job? And do they contact your employer to confirm any details? (if so, and my employer said that I was leaving would that blow my application?)

JoeK_3

You should take care and get the timing right.

Could you sell your house by June?
Could you find another house by June?

The income multiples are ok and achievable but the timing is critical.

JoeK

PBA

They won't ask, they'll just need proof of what your income is at the time of the mortgage application. Of course, it does mean you'll have to make sure your sums are right, as the bank probably wouldn't be too willing to help out if you then find you can't meet the payments.

epz_2

cant you just rent out your place and rent somewhere so you dont get fees and will have more flexability, money gets tight and you can go to student accomidation