Job change of second applicant before mortgage application

marck115

Hi Gurus,

I need little bit of advice if second application can start new job before we apply for mortgage.

Bit of background.
I'm in stable job since 4 years with same employer with 41k basic+5K(Bonus and OT). My OH started her 1st job in April this year with with 18K+1K(OT).

I'm a FTB and look to take help from HTB equity share as I'm spending around £875/Month on my rent.
I have seen a new built 2 bed house near Staines upon Thames with total value of 260K. I registered my interest with them and property will be released to the market in Nov 2014. In total I would be paying 5% deposit(£13,000) + 20% HTB (£52,000) + 75% Mortgage(£195,000)

Their financial advisor took our details and confirmed our affordability by doing some basic check based on our salaries and debts(£6500 on CC). I've clearly told him that my wife started her first job just 3 months ago and he seems to be alright with it. He also said I alone cannot afford the mortgage(I was little surprised). I've checked our credit file and it seems to be fine with no negative impacts like late payments and defaults or CCJ or IVA. I had £250 default on my CC in 2006 which I settled in full 4 years later. Thats not reported on my file now as its more than 8 years old now.

Now my OH wants to change her job as shifts being little erratic, travelling is its taking toll on her and also she spends around £300 on her travelling.

We are still 3 months away before we start our mortgage and HTB application. Is it okay for her to change her job now or should she continue with her present job until the mortgage application is through??

Advice really appreciated.

kingstreet

It all depends on which lender you plan to apply to.

I presume we're talking about HTB - Equity Loan, on a newbuild? If so, you avoid certain lenders and gravitate towards others.

Let your broker do their job. If he suggests Leeds Building Society he's an idiot, so run like hell...!