New Job

akuma

Hi,

I am currently employed and have been in constant employment since I started university. A position has been offered to me at a rival company with the start date in a couple of months time.

If I were to apply for a mortgage in the same month that I start the new job, would this cause any issues in regards to the bank being willing to lend me money ?

opinions4u

It might do on two counts.

1. Credit scoring systems take in to account time in employment.

2. If you're on a probationary period in your new job this could put a lender off.

That's not to say you won't get a mortgage. But it will be harder than having continuous employment.

ACG

There will be lenders who do not have a minimum requirement, there are also lenders who ask how long you have been in continuous employment - in theory there will still be lenders prepared to offer you mortgage - subject to everything else being satisfactory.

john_Rockie

I have asked my solicitor about the possibility of exchange and completion on same day. No chain on either end, property vacant and unfurnished, vendor living elsewhere.

Solicitor says he requires minimum one week between exchange and completion, so that funds can be drawn after exchange and cleared before completion. The lender is Halifax

GBNI

I am currently applying for a mortgage and my OH has recently started a new job. The lender have stated as long as he is out of probation by drawdown, it shouldn't be an issue. This is with Dankse.

kingstreet

john_Rockie wrote: »

I have asked my solicitor about the possibility of exchange and completion on same day. No chain on either end, property vacant and unfurnished, vendor living elsewhere.

Solicitor says he requires minimum one week between exchange and completion, so that funds can be drawn after exchange and cleared before completion. The lender is Halifax

This may be better posted in a thread of your own, not a hijack of someone else's completely unrelated one.

kingstreet

As ACG said, see out your new employment's probationary period, then you should have the whole lending market to go at. If you are determined to buy just as you change jobs, you'll have to settle for one of the lenders prepared to accept such circumstances.

akuma

kingstreet wrote: »

As ACG said, see out your new employment's probationary period, then you should have the whole lending market to go at. If you are determined to buy just as you change jobs, you'll have to settle for one of the lenders prepared to accept such circumstances.

are there many lenders that take issue with this ?

kingstreet

It only matters if the lender you have chosen has an issue with it.

Fancy giving us a clue?

sam042013

Sometimes it varies how long you are employed but it really depends on the terms and conditions of the lenders.

akuma

kingstreet wrote: »

It only matters if the lender you have chosen has an issue with it.

Fancy giving us a clue?

I haven't settled on a lender yet. I bank with Lloyds so will check to see what they offer, but looking online, it seems Halifax and Nationwide are offering me the most competitive rates.

I still need to sit down with a broker but will do that over the coming months.