New job

magicmary

Hi

Please can anyone offer some advice on our situation:

My partner and I are looking to buy our first house in the next few months. We have a 20% deposit and our joint salary as it stands is £47k.

I have been employed by the same company for almost 6 years but my partner is in the process of getting a new job (same occupation and industry just better pay, so our joint salary will be more like £50-55k). He will have no gaps in his employment as he's still working for his current employer.

Can you advise which lenders look more favourably on someone only being very new in their job - potentially only a couple of months. Also what documentation would they generally like to see - would he need to keep a copy of his p45 handy from the job he is leaving so they can see what he earnt this year for example? In addition to his first couple of payslips from his new job?

Thanks in advance!

amnblog

How they handle this Mary, depends entirely on the Lender.

The range of approach varies from taking the application now, to waiting until your partner can provide 3 months wage slips or is out of any probationary period.

Application is one thing, timing of release of funds can also be affected by this scenario.

This is a case to be handled by a mortgage broker.

jojo_1982

When we were looking at mortgages we were told by HSBC and Santander that it wouldn't be a problem getting a mortgage with my husband in a new job. They said they only needed one payslip and that they could process it all before, but would have to wait until he'd been in the job over a month to release the funds.
He has now been in the job 3 months and we are hopefully getting a mortgage with Nationwide (fingers crossed) and they didn't seem to think this would be a problem and he hasn't had to show his p45. I don't think it matters what he used to earn, it's his current earnings that count.
We are going through a broker though and that's probably best for you as they can advise. I wouldn't think it would be a problem though.

amnblog

jojo_1982 wrote: »

but would have to wait until he'd been in the job over a month to release the funds.

My point from earlier, taking the application is one thing, releasing the funds when required is another.

Not much use if you are moving to a new job in another area.

Let_Us_See

See a broker. There are lenders willing to consider from day one employment without imposition of any restrictions with release of funds.

amnblog

There are lenders willing to consider PRIOR TO employment without imposition of any restrictions with release of funds.

magicmary

Thanks everyone, this sounds very encouraging. To be safe I doubt we would actually begin the application process until my partner had been in his job for a month or two anyway so by the time everything went through (assuming we get approved!) he would have been in his job several months and hopefully no issue regarding when they release the funds! Once he starts the job he can move in with me as I already rent in the area so no rush to buy before he starts work.

Do you think they are likely to need any other documents except his payslip from his new job and corresponding bank statement? Just want to make sure we have everything in order ready for our application.

We will definitely take three advice on board about using a broker too! Thanks again everyone!