New Job - Mortgage Question

[Deleted User]

It's full of twists and turns this house buying and mortgage malarkey. Here goes...

We are relocating to a new area of the UK. I'm keeping my job as I work all over and at home. My wife works locally at the moment but has just got a new job in the town we are moving to which is a great bonus as it means she will have continuous employment. The salary is a little less. So my question is this, and the broker is a little unsure too:

For the mortgage application which is likely to be with The Leeds, is it best to use her current salary for the application and select the box declaring a known change in circumstances and then amend the application once we have the offer and she starts the new job, or is it best to use the future salary and employment details for the application, knowing that she doesn't yet have a payslip (or even a contract but offer letter on its way)? I'm told that the BDM suggested the former to the broker, and that by the time we complete at the end of the year (new build) we will have to provide the three payslips at that stage. Anyone had anything similar happen? It's a bit 'chicken and egg' when you're relocating, so many variables to consider. FWIW we are using the new salary for affordability which shouldn't be a problem.

Not so well up on documentation rules and at what stage etc

Thanks!

amnblog

Bit of a worry that you need to come on here for advice when you have engaged a Broker.


The BDM's solution would be the way to do it.


Is your wife going to be on a probationary period with the new employer? If so when will it end?


If this is after your proposed completion date you may have a complication and you need to check that Leeds will release funds within a probationary period which I believe in outside of their criteria.

[Deleted User]

Yep, and so far the broker advice isn't exactly water tight, on some other matters it has turned out that advice has been incorrect when checked with the lender themselves. This place is a good sounding board for consensus, I find, as there are some good people who take great care in their work.


Thanks for the advice RE probation, I don't believe there will be one as it's a fixed term 12 month contract, but if there is it should be finished by completion anyway. Having checked with a few other lenders this morning, it seems it shouldn't be an issue, and the BDM solution is a good one. Cheers

amnblog

Do Leeds know is it a fixed term contract?


Is your wife staying in the same type of job?

Sheep

My wife is in probation period and Leeds are fine with it. We are due to complete next Monday and she still has another 2 months of her probation to go. It was also different line of work.

roje

I am relocating too (170 miles away!) and my new job starts on 1st Sept. My lender is calculating on my new salary as the new job is a permanent contract in the new area in a stable profession and is a higher salary than my current salary. It sounds like it depends on the lender though, my broker said that not all lenders will consider a mortgage in those circumstances.