New job during mortgage application

Redbluegreen

Hello!

My wife and I are currently in the middle of purchasing an off-plan property which is due for completion around mid May. Everything has been going well, we have secured the mortgage we want and are now waiting to exchange contracts. We think we will be exchanging in the next couple of weeks.

However I have recently been offered a new role at a different company and I'm confused about what to do. Very interested and excited about the job. It's a better package, better salary and would mean the property was well within affordable limits (although it was still affordable before).

The main concern I have, that has been raised our mortgage broker is around timings. I have a 3 month notice period and this could mean I had only just started the new role, or may have even not started it if the completion date is brought forward. If we did proceed with the job it sounds like the biggest challenge will be getting proof of earnings for the new role if I haven't been there a month. The house is still not nowhere near finished, however I know if they wanted to really speed up they could and we need to be ready.

I called Barclays yesterday and discussed the impact this could have on our application if I was to accept, and they seemed quite happy that it would be workable, initially saying that they'd need a pay slip and employment contract, however if I hadn't been in the position for a month then could accept just the contract. They confirmed this with the underwriters on the phone while I was on hold. However our broker called them to confirm this today and was told the exact opposite.

Now I'm really not sure what to do next. I thought this might be relatively straight forward as we have good credit ratings and are both employed in good jobs, but now I'm thinking maybe I will have to pass up on this.

Any help on our options would be much appreciated.
Can we start a different mortgage application at the same time as this one, with a company who don't have to have a pay slip? Is our broker right and it's just fundamentally impossible to take the job if we want the house? Or is there anything else we've missed.

Massive thanks!

MyOnlyPost

Does the new job have a fixed start date? Have you considered asking the new company if they would delay your start date by 1 month and explaining the situation? It's quite likely they would if you were headhunted rather than applied for the job.

Redbluegreen

Thanks for the quick reply. It doesn't have a confirmed start date, so this is an option. However I would presumably would need to wait until we have moved in before handing in my notice? That would mean waiting until end of may before handing in notice, and then another 3 months, so 7 from now. It's an option, but I don't think they are likely to be open to waiting that long.

MyOnlyPost

I was thinking that if you could delay starting the job for 6 weeks and combine that with hurrying up the build you may be able to complete before your notice period was up.

I would imagine that only being in your job for a few weeks would raise alarms with most mortgage lenders, but truthfully is there any such thing as a secure job now-a-days

Fosterdog

A friend changed jobs during a house purchase last year and just had to send a copy of her new contract with salary details to the mortgage company and they were fine with that and still approved the mortgage.

Another friend was due to change jobs within weeks of completion and notified the mortgage company but they were not bothered at all and just went off her original application because the new job wasn't due to start until after completion although both her and her OH would qualify for the mortgage they had individually due to the lowish value compared to income so may be why it wasn't an issue for one of them to be changing jobs.

Redbluegreen

That was what i thought would happen fosterdog. don't know if our broker is just being very cautious.

At the moment I'm wondering if I just accept and don't exchange until we've confirmed everything is fine. Even if that means slowing the process down and having to change mortgage provider.

Redbluegreen

If anyone else has any ideas it would be much appreciated. Pulling my hair out over this!

GoldenShadow

My broker told me we couldn't get a mortgage if still in our probation periods.

Redbluegreen

I thought that might be an issue but neither our broker or the bank have mentioned them. Maybe different providers have completely different stances on them.

kinger101

It would depend on the lender and the nature of the probationary period. I wouldn't exchange contracts until I had a definitive answer.