employment & it's impact on Mortgages?

AnnieBox

Hi,

I’m here to seek some advice, as the subject says about jobs and the impact that they have on mortgages.

I will be debt free in early 2014 (currently on target for February) and after that, my partner and I will begin saving for our mortgage deposit. We are currently looking to have our deposit saved in 12 months, as we will be saving ourselves for a year and my father in law has offered a cash injection once we've reached our personal target. Getting a mortgage is an asap thing for us because we've been together 9 years now, we are 26 and 27 years old and we desperately want to settle down.

My partner is currently seeking full time work as he is only long term part time at the moment but I am in full time employment and have been with the same company for 3 years now.

My problem is that I am becoming increasingly dissatisfied with my own employment. There is no room for progression within my office and the only other progression available would mean commuting to other offices for an hour and a half to 2 hours each way every day which isn't an option for me due to health related circumstances.

I have been doing the same role for 3 years now and even my boss has admitted that I am at the point where there is nothing else that they can teach me and I’m finding this increasingly difficult to deal with and I desperately seek a new start but I just don’t know if I can afford to change job.

The wages, the role and the company aren't anything to write home about so that’s not stopping me. The thing that’s stopping me is that I’m worrying if I take on a new job now, will it reflect negatively once my partner and I come to getting our mortgage?

I don’t want to change jobs now if it will ruin my mortgage chances, but at the same time, I don’t want to wait until after I get the mortgage and then feel like I’m trapped and unable to risk a new job. I just really don’t know what to do.

My partner and I will be first time buyers and we've never done a mortgage before, so we have no idea if this will have a negative impact or not but we know that we don’t want new jobs to put us off moving for several more years

Any help or advice would be very much appreciated. We don’t have a large network of friend so I really didn't know where else to turn to

AnnieBox

Is there anyone out there who can offer some advice in this situation?

kingstreet

AnnieBox wrote: »

if I take on a new job now, will it reflect negatively once my partner and I come to getting our mortgage?

Probably not, but as we have no idea if you might take a temporary or fixed term contract and which lender you might use trying to give you anything tangible to work with it practically impossible.

I find myself wanting to answer "it depends" and know that would be most unhelpful, but totally accurate.

Depends on;-

contract
probation
loan to value
lender

and possibly one or two more things.

Finally, if you don't mid me saying so, it took me ages to read all that just to find the single line question you needed answered. Brief scene-setters and questions are very helpful.

Thanks.

egoode

If you are moving a new full time position on a similar or higher salary you would be better off doing it now so that you are no longer under any probation periods when you finally apply for a mortgage in 12 months time. If however you were going to move into self-employed/contract work then this would massively affect your chances of getting a mortgage as they generally like to see a few years history of working like this.

If it was me I wouldn't let the potential of buying a house stop me changing jobs particularly if your current role/company can't help you progress anymore. Over a lifetime you will find your work skills are going to prove more valuable to you then a house. If you need to change jobs/companies to progress in your work then do it. After all you don't know what may happen in 12 months time and you might not be able to find a place to buy for ages.

PierremontQuaker03

If I were you I would look for another job now as it sounds as though you are unhappy, if you wait another few years then in my experience it will make you even more unhappy and then you will have the mortgage round your neck aswell.
You have age on your side and when I was in my twenties I moved 2/3 times in order to progress and further my experience.
If you know what area you would like to live in take your time and look for a job in the area, being close to work has lots of advantages and that is what I have done, and the fact that I can pop home and see my new son if I want to on a lunch time makes all the difference, aswell as saving on commuting costs.

Beckyy

For the mortgages we have taken out we needed to be in our jobs for either 6 months+ or 1 year+ so if you're going to do it, I would do it sooner rather than later providing it's a permanent job and not a zero hour or temp contract.

moneyshoe

last time I applied for a mortgage I was only asked to show three months pay slips, I had been with my employer for less than a year.

I think as long as you are in a secure job and not within a probation period, on a zero hours contract etc then there will be a lender who will help you out.

My experience with the application for our current mortgage was that lenders are generally quite flexible as long as you are a sound financial prospect so I would say to go for a new job and concentrate on saving as much as you can.

AnnieBox

Thank you everyone who has replied to this threads, your opinions and advice are very comforting and reassures me that getting a new job isn't a bad idea.

I am currently looking for a new role and I am only looking for full time, permanent roles which at least match my current salary. I have no interest in self-employment, part time or zero hours/short term contracts so I think I’m being as sensible as possible. I've done a lot of soul searching and have even spoke to my partner and mum about it and I really think moving job is more important than moving house at this point. Seeing your responses above just confirms this further.

Thanks again for everyone’s help!