We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Mortgage in principle problem
mathmoo
Posts: 7 Forumite
Hi all,
I recently called up Natwest (who I've had a current account with for 10+ years) for a mortgage in principle, but they turned me down on the basis of a 1 month gap in employment between my current job and my previous one, citing the fact that this job transition only happened 3 months ago. This 1 month however was completely intended on my part, to go on holiday and get settled in my new location. They seemed happy with everything else I told them.
Is this a common reason for turning down a mortgage in principle? Indeed, am I likely to hear similar responses from most of the mainstream banks? If so, are there mortgage products more suited to contract work? (I am a UK academic and my jobs so far were 3 year long contracts).
Thanks for any advice.
I recently called up Natwest (who I've had a current account with for 10+ years) for a mortgage in principle, but they turned me down on the basis of a 1 month gap in employment between my current job and my previous one, citing the fact that this job transition only happened 3 months ago. This 1 month however was completely intended on my part, to go on holiday and get settled in my new location. They seemed happy with everything else I told them.
Is this a common reason for turning down a mortgage in principle? Indeed, am I likely to hear similar responses from most of the mainstream banks? If so, are there mortgage products more suited to contract work? (I am a UK academic and my jobs so far were 3 year long contracts).
Thanks for any advice.
0
Comments
-
No. NatWest is a bit out of step asking for a six month unbroken history.
Most don't.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Best to go through a mortgage broker as they know which lenders will lend depending on your circumstances.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.5K Banking & Borrowing
- 254.2K Reduce Debt & Boost Income
- 455.1K Spending & Discounts
- 246.6K Work, Benefits & Business
- 603K Mortgages, Homes & Bills
- 178.1K Life & Family
- 260.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards