How job change affects your creditworthiness

PawelK

Hello.

I am not sure if this topic was already touched on this forum but I want to seek some personal opinions even though I will obviously go to the bank and speak with them.

I have been looking for a property to buy for few months now but this will not happen this year. I am currently considering new jobs as my current one expires end of December (permanent, full time position). I have the option of going for an eight months contract, potentially with a higher pay than new permanent position I would find elsewhere.

What would be my best move to ensure I maximise potential mortgage I can get? I already read about some lenders not accepting applicants who are on probationary period but while the contract job would carry more risk, it might be better paid than permanent.

I am a first time buyer.

Thank you.

Pawel

kingstreet

A temp/short term contract will be a problem for mortgage lenders if it hasn't been renewed at least once before.

A mortgage on a probationary period is not a problem with some lenders.

I'd rather have a case with the latter than the former.

PawelK

Thank you. What do you mean by "problem"? Not lending at all or lending less than if I was on a permanent job with the same salary?

chelseablue

We got a decision in principle with Halifax while my partner was on his probationary period in his new job.

kingstreet

PawelK wrote: »

Thank you. What do you mean by "problem"? Not lending at all or lending less than if I was on a permanent job with the same salary?

Won't lend.

PawelK

Thanks both. This is sooo annoying. The contract job is for a great company and if I was to get it, it would be a great addition to my c.v. However, that would also mean another eight months delay before I can get my feet on to the property ladder.