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Agreement in principle, then nothing...
henrik1971
Posts: 202 Forumite
We are in the process of moving house (hopefully!), and have been using a local mortgage advisor to help us find a new larger mortgage for the new property.
We were on track for a five year fixed rate deal with the Abbey, had the AIP, but when it came to do the full application, several days passed before the broker came back and said the lender won't take my wife's income into account as her job is due to end at the end of August. However, she has a new job in the bag, written confirmation of appointment, start date (1st September), salary, etc. - but they say they won't take that into account because she's not actually in the job yet. Am I the only one who finds this amazing... They want to take future events in account to disqualify her current income, but they don't want to take future events into account in the shape of her new job and salary.
It's a bit tricky as if we just try and get the mortgage on my wage, the affordability is probably too tight for it to stack up, but we're still waiting to hear back. Our mortgage advisors on hols at the moment. Don't you love it when you're at a critical stage in such matters and the advisor disappears, and didn't feel his imminent absence was worth mentioning to us.
Any ideas?
We were on track for a five year fixed rate deal with the Abbey, had the AIP, but when it came to do the full application, several days passed before the broker came back and said the lender won't take my wife's income into account as her job is due to end at the end of August. However, she has a new job in the bag, written confirmation of appointment, start date (1st September), salary, etc. - but they say they won't take that into account because she's not actually in the job yet. Am I the only one who finds this amazing... They want to take future events in account to disqualify her current income, but they don't want to take future events into account in the shape of her new job and salary.
It's a bit tricky as if we just try and get the mortgage on my wage, the affordability is probably too tight for it to stack up, but we're still waiting to hear back. Our mortgage advisors on hols at the moment. Don't you love it when you're at a critical stage in such matters and the advisor disappears, and didn't feel his imminent absence was worth mentioning to us.
Any ideas?
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Comments
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I don't find it amazing, no, it sounds pretty sensible from the bank's point of view, I'm afraid. In her new job she could be terminated at any time for the first few months, and the statistics suggest that this is far more likely to happen to a new joiner than to someone who's been in their job for longer.0
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There must be someone else at the firm that can take your case up and run with it?
Employees are given less protection (with or without a probation period) within the first 1 year and therefore this is why banks are cautious.
There are lenders out there, that subject to the detail will have a look at this.
Suggest you get onto your current broker firm, or find a new one as Santander/Abbey are incredibly unlikely to do this.
Good luckI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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