New Job - Mortgage Application

dannyrst

My girlfriend is in the midst of a fall out with her employer that she has referred to a solicitor. Ultimately, she will be leaving the company, however, she is still employed with them at the moment.

We're looking at a new build property for £182,000 with a 5% deposit and the help to buy scheme providing 20%, The property will be available to buy around March/April 2017.

On my wage, according to Halifax affordability calculator, I can almost afford the mortgage myself. My girlfriend will be looking for work as soon as this issue is ironed out, but if it drags on, we don't want to lose the house because of it.

Do mortgage lenders make a big fuss about probationary periods and length of service? Does this vary much between lenders? My girlfriend works as a retail store manager and has worked for the same company for around 5 years. Would there be benefit in her seeking a similar job because she is proven to be capable at the job? If she went for something different would they see it as more risky?

Verix

You're right in that it really depends on the specific lender. Generally speaking history of a job in the same line of work would be preferable to starting a brand new career but it will really depend on the lender as to how much of a difference this has. Depending on affordability there will be lenders to look at once she has a new contract in place.

csgohan4

As Above you need a broker to match you both to the correct lender/ product

dannyrst

Thanks, will speak to with our mortgage advisor about it further. With it being a new build that isn't built yet, we'll be applying for the house in March/April with building finishing in September (if all goes to plan). By September, she would have finished any probationary period.

dannyrst

Ideally, I'd also be looking for a new job (same job role, different company) as I could be earning about £10,000 a year more than I am now. But I guess that would be a bad idea if we both have new jobs!

amnblog

Don't surprise your mortgage broker with any employment news.

Allow her/him time to plan the way forward.

dannyrst

Okay, rather annoyingly, I just got a call from the developer to tell me that the house we want is going to be ready to buy next week/week after. My girlfriend is still employed with her current employer but her solicitor has sent a letter stating she has no intention of going back to work there due to accusations that were made against her. She is currently off sick due to a recurrence of anxiety brought on by this whole situation at work.

We've got our hearts set on this house and really don't want to miss out on it.

csgohan4

There will always be other houses, don't rush to buy, buying a house is stressful as it is

Thrugelmir

dannyrst wrote: »

Okay, rather annoyingly, I just got a call from the developer to tell me that the house we want is going to be ready to buy next week/week after.

Thought that the build wasn't going to be completed until September. Just because it's being released doesn't mean it will sell quickly.

dannyrst

csgohan4 wrote: »

There will always be other houses, don't rush to buy, buying a house is stressful as it is

This was the house for us. It's exactly what we wanted. We both looked at each other when we saw the show home in that "this is the one" sort of look. You know the one.

Thrugelmir wrote: »

Thought that the build wasn't going to be completed until September. Just because it's being released doesn't mean it will sell quickly.

It will. The three bedroom houses on the development have been selling as soon as they become available. We made sure we were top of the list for this house because it is just what we want.

The houses come up for sale 6 months before completion. I'm guessing something changed and the build completion date has been brought forward.

csgohan4

If you are not ready, there's nothing much you can do, lenders will ask about your GF if she is on the mortgage app as well. If no job or at risk it will impact on your affordability