Period of employment

Legacy_user

I'll be starting a new job soon (just been made redundant) and was wondering how long a lender likes to see that you've been with the employer before they accept you? Or does it not really matter? Of course there will be a probationary period so once I'm out of that would i be safe? Hard luck as I was with my current employer for 10 years! Many thanks

AlexLK

I'd wait until you'd been with the new employer a year.

kingstreet

Some lenders will accept you in a probationary period, subject to the strength of the application overall.

skitler

MissSJL wrote: »

I'll be starting a new job soon (just been made redundant) and was wondering how long a lender likes to see that you've been with the employer before they accept you? Or does it not really matter? Of course there will be a probationary period so once I'm out of that would i be safe? Hard luck as I was with my current employer for 10 years! Many thanks

I would think it depends on the amount you want to borrow and lenth of time to repay. your previous credit rating. the company policy of lender and if you have a history with them. but as a cold borrower id say at least 6 months, if you have good history you may get straight away. get info from lender before application is put in to see if you my qualify.

regards:beer:

ACG

It varies from lender to lender.
Some say 3 months, some say 6, some say 12, others say continuous employment for 12 months. So if you were made redundant on the Friday and started a new job on the Monday or a week on monday then there should be a lender for you - speak to a broker depending on the finer details this should be possible.

bluesbell

My situation is similar, so I thought I'd share my experience.

I put my house hunt on hold 9 months ago when I started looking for a new job, I started my new job six months ago and have just had a mortgage agreed(subject to valuation) from First Direct.

I made my application as soon as I found out I had successfully completely my probationary period.

The offer is for 4.5x my salary @ 80% LTV

I was in continuous employment for 4 years before changing jobs.

It's frustrating how much the market has picked up in my area over the last three months or so, but on the plus side, I've added a few £ to my savings whilst seeing out my probation period which will come in handy paying the purchasing costs.

System

Thanks bluesbell, glad its all working out for you And was your credit score ok if you don't mind me asking? We have moved house three times in four years so i cant imagine its done our files any favours, to add.