FTB mortgage on salary for new job?

Ultrasonic

Hi,

I will be starting a new job in a little over three months time, on a higher salary than my current post that I've held for 5 years. Speaking to a L&C mortgage adviser today I was told that I won't be able to apply for a mortgage based on my new salary until I have started the job and have at least one pay slip, is this correct? I will be a FTB and I'm asking as my parents are sceptical this is correct...

Thanks for any help .

ACG

You can apply for a mortgage with just a job offer, but your choices will be limited. You will have more options once you have a payslip.

Ultrasonic

ACG wrote: »

You can apply for a mortgage with just a job offer, but your choices will be limited. You will have more options once you have a payslip.

What would be the consequence of this? Limiting the amount I could borrow, increasing the cost, or just making it more difficult to get a mortgage at all?

My new job will be about 200 miles away. What I'm trying to work out is if it is feasible to try to more or less go straight into a house that I have bought or if I'll be forced into another 6 month minimum tenancy agreement before I can buy anywhere.

I work for the NHS so there might be a middle ground option of living in hospital accommodation for a short while after starting my new job but I've yet to ask about this.

ACG

It would just give you a reduced pool of lenders. So if you were looking for the best rate and/or the maximum possible then you may be dissappointed. If you are not looking to stretch the affordability and are happy with an ok rate then you should be fine.

Ultrasonic

ACG wrote: »

It would just give you a reduced pool of lenders. So if you were looking for the best rate and/or the maximum possible then you may be dissappointed. If you are not looking to stretch the affordability and are happy with an ok rate then you should be fine.

I would be looking to borrow at the upper limit of what is considered affordable unfortunately (>4x salary). Higher repayments in the short term I could afford though, and I suspect would probably make financial sense balanced against the added cost of delaying a purchase caused by house price inflation.

ACG

It would depend on the rest of your income/expenditure and how much above 4x. Its probably a little too difficult to give an accurate answer on the forums, I think you need to sit down with a broker.

I would not rule it out, but I would not get my hopes up just yet as there are a lot of variables.

Ultrasonic

ACG wrote: »

It would depend on the rest of your income/expenditure and how much above 4x. Its probably a little too difficult to give an accurate answer on the forums, I think you need to sit down with a broker.

I would not rule it out, but I would not get my hopes up just yet as there are a lot of variables.

Thanks for your time, and don't worry I wasn't looking for or expecting definitive advice here! Simply telling me the answer to my question is not an absolute 'no' is helpful, and I now need to decide whether I should consult a second mortgage adviser. I guess first I'll probably speak with the L&C adviser again and discuss this further, as earlier I just took his word for it that I'd have to wait.

ACG

Ahhh sorry I missed it was L&C.
Im not slating fee free brokers or large national companies but when you combine the 2, you will probably find they get more than enough "simple" enquiries to not need to spend time doing the research on something a little out of the norm.

Have a chat though, it may give them a bit of a nudge in the right direction.

Ultrasonic

ACG wrote: »

Ahhh sorry I missed it was L&C.
Im not slating fee free brokers or large national companies but when you combine the 2, you will probably find they get more than enough "simple" enquiries to not need to spend time doing the research on something a little out of the norm.

Have a chat though, it may give them a bit of a nudge in the right direction.

I must confess I slightly felt I was being given a relatively standard answer rather than anything particularly specific... I'm also perhaps a little different from the average FTB by being older (39) and with a larger deposit (15%+).

kingstreet

I can think of at least two major high street lenders which will lend to someone not yet started a job, as long as they have a written offer and confirmed start date.

One up to three months ahead, the other six.

If a national mortgage intermediary doesn't know this, you have to question their knowledge, experience and quality.

Ultrasonic

kingstreet wrote: »

I can think of at least two major high street lenders which will lend to someone not yet started a job, as long as they have a written offer and confirmed start date.

One up to three months ahead, the other six.

If a national mortgage intermediary doesn't know this, you have to question their knowledge, experience and quality.

Could you name the lenders you have in mind please?