Getting a mortgage prior to starting "new" job.

Ft01

I've worked part-time for a national company for the past few years, and am looking at getting transferred to a new role, in a different area on full time hours:j

Am I likely to stand any chance of getting a mortgage once my contract has been agreed but before physically moving?
Ideally i'd like to be able to buy straight away in the new area to save on renting costs, but would mortagage providers want me to have been in my new role for x amount of months first?

ACG

Some might, some wont.
It will also depend on the overall look of the case.

95% LTV then you may struggle to find lenders willing to, 75% and it would be a completely different story.

If your using a broker ensure theyre aware of the situation and get them to do the leg work. If your doing it yourself, you need to get onto the lenders websites checking criteria and/or speak to an underwriter if possible.

holly_hobby

If its with the same company, there is no probation period if its a completely new role, a def start date, they will confirm gted salary, and if you have a spouse they are/will later be relocating with you (ie its unlikely that you'll give your job up in the short term because you miss home/family), then I really think they'll be a home.

Of course we're looking for a nice clean status and the bigger the deposit, the more flexibile the lender can be with any niggles that pop up.

Best bet, speak to an experienced whole of market mge broker, but in my experience they'll certainly be a home or 2 for this enquiry depending on status and if presented and placed correctly.

Hope this helps

Holly

Ft01

Thanks guys, thats good to hear, i'm looking at at least 85% LTV, hopefully I can top up my savings a bit more with plenty of Xmas overtime.

Seeing a broker-will I need to have my contract for new role ready before theres any point in it?

ACG

Yes, the lender will probably write to the employer anyway but its a good idea to have the contract in your possession to give to the lender at the outset.

holly_hobby

ACG's spot on, take your new contract with you, evidence of your previous role with the same company (ie you're demonstrating proven continuity with the employer), copy of your credit records with all 3 agencies (experian, equifax and call credit £2 each generally), and anything else you think will support your application.

The lender will as ACG states, write to the employer to check that the role is permanent or subject to any probationary period, your start date and confirmed gted salary upon commencement of the new position.

If you can get the reqd LTV down towards the 75% mark as much as possible, it will open up more possibilities for you ..... so no boxing day sales for you !!!

Hope this helps .. wish you well

Holly x

Ft01

Thanks again, thats really helpful info.

So all in all I need to carry on saving for a few more months then sort out a transfer, and once thats set up see a broker
Re. credit records- If i was to request the 3 records (and I can't see why there should be a prob with my credit history) that won't adversely effect my credit score will it? I'm sure i read somewhere that you shouldn't check it too often.

ACG

You checking your credit reports is fine.
Its when companies offering credit start checking, the odd time is fine. If you were to get 3-4 in a month then it starts to have an impact.