Advice on getting a mortgage WHILST changing jobs...

grenvilledodger

Good morning all... I cant sleep.. I am really worried but I know there are some super intelligent folk on here who might be able to help me..
My situation is as follows:- I am 38 and have worked as police officer for over 15 years. My credit rating must be pretty high and I am on the top PC salary rate which is over £37,000.
I have just accepted an offer on my house and I have been offered a mortgage in principle with NatWest and could borrow £160,000 if needed. I am about to make an offer on a house I have seen and will most likely need to borrow only £110,000
However, I have been provisionally offered a civil service job I have applied for starting at £29,200 but rising over three years to £34,000. It is a secure job still and I will not be paying the huge 15% contributions into my pension that I currently pay but my monthly take home pay is likely to be lower still obviously!
Whilst I am delighted at the new job which is likely to commence in February 2016, I fear that it has come at the worst possible time for moving house. If I had moved house prior to completion etc then I guess it would not have been an issue. I can't wait to leave the police (thats whole other topic) but I was wondering if anyone could advise me as to what is the best thing to do here? I could probably successfully fill in a mortgage application and have that approved without any complications at all but the issue will come when I hand my notice in - assuming the job offer doesnt for some reason collapse- when this is prior to completion. I cant see the whole process being finished before February.
Is there a particular bank that specialises in scenarios like this? Or do I have to put life on hold and stay living where I am and commute the 40 miles each way to my new job? I also feel bad for the woman who has put the offer in on my house if things fall through because of this?
I dont think keeping quiet and hoping the bank don't notice that my salary has reduced and is now coming from another source is an option (even though I know it would comfortably cover the mortgage each month).
All these issues are keeping me awake.. Im in for some sleepless nights.
Sorry to share my woes with you all.. You are a great bunch of people who contribute to these forums. I often use this as a source of wisdom and advice on various topics but felt I needed to actually write my life story on this one! Haha.. Sorry!
Hope someone here can offer some advice :A

PawelK

grenvilledodger wrote: »

Good morning all... I cant sleep.. I am really worried but I know there are some super intelligent folk on here who might be able to help me..
My situation is as follows:- I am 38 and have worked as police officer for over 15 years. My credit rating must be pretty high and I am on the top PC salary rate which is over £37,000.
I have just accepted an offer on my house and I have been offered a mortgage in principle with NatWest and could borrow £160,000 if needed. I am about to make an offer on a house I have seen and will most likely need to borrow only £110,000
However, I have been provisionally offered a civil service job I have applied for starting at £29,200 but rising over three years to £34,000. It is a secure job still and I will not be paying the huge 15% contributions into my pension that I currently pay but my monthly take home pay is likely to be lower still obviously!
Whilst I am delighted at the new job which is likely to commence in February 2016, I fear that it has come at the worst possible time for moving house. If I had moved house prior to completion etc then I guess it would not have been an issue. I can't wait to leave the police (thats whole other topic) but I was wondering if anyone could advise me as to what is the best thing to do here? I could probably successfully fill in a mortgage application and have that approved without any complications at all but the issue will come when I hand my notice in - assuming the job offer doesnt for some reason collapse- when this is prior to completion. I cant see the whole process being finished before February.
Is there a particular bank that specialises in scenarios like this? Or do I have to put life on hold and stay living where I am and commute the 40 miles each way to my new job? I also feel bad for the woman who has put the offer in on my house if things fall through because of this?
I dont think keeping quiet and hoping the bank don't notice that my salary has reduced and is now coming from another source is an option (even though I know it would comfortably cover the mortgage each month).
All these issues are keeping me awake.. Im in for some sleepless nights.
Sorry to share my woes with you all.. You are a great bunch of people who contribute to these forums. I often use this as a source of wisdom and advice on various topics but felt I needed to actually write my life story on this one! Haha.. Sorry!
Hope someone here can offer some advice :A

Good morning.

I hope you will get some good advice from people who know more than me. I am in a similar position, regarding job changing while looking for a property to buy. Couple of weeks ago, I phoned a bank to see how my changing jobs impact on mortgage application. I was told that if its a contract (which at that time I thought I will go for) no bank will consider lending me unless I am contracting formthe same compnay for a t least two years. Phew....but in terms of permanent PAYE employment you should be fine even if you are on your probationary period, e.g. Three months. On another hand, my friend has told me that she has a good financial advisor and she advised that most likely, even if I went for a contract option, I could still find some lenders through an independent mortgage advisor but these will obviously come with a higher interest rate so probably I would fix it for a short time and then remortgage after thats.

I hope my answer helps in at a least a bit.

amnblog

If your new job has a probationary period it may cause a problem for Nat West (for example they are more welcoming to graduates).

Before you make your full application you should check your situation with a competent broker.

Mummyto4kids

grenvilledodger wrote: »

Good morning all... I cant sleep.. I am really worried but I know there are some super intelligent folk on here who might be able to help me..
My situation is as follows:- I am 38 and have worked as police officer for over 15 years. My credit rating must be pretty high and I am on the top PC salary rate which is over £37,000.
I have just accepted an offer on my house and I have been offered a mortgage in principle with NatWest and could borrow £160,000 if needed. I am about to make an offer on a house I have seen and will most likely need to borrow only £110,000
However, I have been provisionally offered a civil service job I have applied for starting at £29,200 but rising over three years to £34,000. It is a secure job still and I will not be paying the huge 15% contributions into my pension that I currently pay but my monthly take home pay is likely to be lower still obviously!
Whilst I am delighted at the new job which is likely to commence in February 2016, I fear that it has come at the worst possible time for moving house. If I had moved house prior to completion etc then I guess it would not have been an issue. I can't wait to leave the police (thats whole other topic) but I was wondering if anyone could advise me as to what is the best thing to do here? I could probably successfully fill in a mortgage application and have that approved without any complications at all but the issue will come when I hand my notice in - assuming the job offer doesnt for some reason collapse- when this is prior to completion. I cant see the whole process being finished before February.
Is there a particular bank that specialises in scenarios like this? Or do I have to put life on hold and stay living where I am and commute the 40 miles each way to my new job? I also feel bad for the woman who has put the offer in on my house if things fall through because of this?
I dont think keeping quiet and hoping the bank don't notice that my salary has reduced and is now coming from another source is an option (even though I know it would comfortably cover the mortgage each month).
All these issues are keeping me awake.. Im in for some sleepless nights.
Sorry to share my woes with you all.. You are a great bunch of people who contribute to these forums. I often use this as a source of wisdom and advice on various topics but felt I needed to actually write my life story on this one! Haha.. Sorry!
Hope someone here can offer some advice :A

We have just been made an offer a couple of weeks ago from the Halifax based on my hubby having a contract that didn't start until this Monday just gone. I would speak to a broker, because there are some lenders who will take a contract as proof of employment, and then some who take 1 month, 3 month, 6 month payslips as evidence etc. If its the dream job and you really want it then I would say speak to a broker, if you cant currently get a good deal, then do the job change and look again afterwards?