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New job and mortgage application

Hi,

My husband and I have accepted an offer on our house and have a house we are looking to make an offer on (DIP sorted a while back). Since we got the DIP I have accepted a new job and put my 3 month notice in to my employer. I start new job mid April.

My concerns are that a) I will be earning around 10k less in my new job and b) the new job is an 18 month contract with a 6 month probationary period.

I am currently a teacher (and have 10 years of employment history as such) and am moving out of the profession.

We have a 50k deposit (from the sale of our house) and are looking to borrow about 250k.

What are our chances now our employment circumstances have changed?

I will be earning 33k pa and husband earns 40k per year.

Appreciate any insight...
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Comments

  • ACG
    ACG Posts: 24,643 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Tricky as the job has a specified end date so from a lending perspectivewhat happens in 18 months (I know you will say it will be made permanent or you will find a new job - but an underwriter can not normally just take your word for that).

    There may be lenders who will do it, but not many.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Yes, this is what I fear. Would underwriters take into account that I am a qualified and experienced teacher, in a shortage subject, and would therefore be pretty much guaranteed to find a job should I need to?
  • ACG
    ACG Posts: 24,643 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    I cant imagine so, they do not ask to see your CV or qualifications. They underwrite based on the day your application comes in.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Lenders base their decision on the facts at the point of application. The one certainty in life is that the future is uncertain.
  • Not great news then. I will talk to our broker.

    Thanks for your help both, it's much appreciated.
  • amnblog
    amnblog Posts: 12,742 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Yes, this is what I fear. Would underwriters take into account that I am a qualified and experienced teacher, in a shortage subject, and would therefore be pretty much guaranteed to find a job should I need to?

    You say you are leaving the Profession. You also are taking a fixed term contract in a new role with a third of your time under probation.

    That is what the lender will consider, not what you may or may not do later.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • I appreciate that. Perhaps I could have phrased it better - I am taking a break from the profession. The role is a fixed contract as it is a government initiative which is initially funded until Dec 2018. The strong likelihood is that it will be extended for a further two years.

    Are we saying then that we are unlikely to be able to get a mortgage for my income, only my husband's?

    It makes me want to apply without telling them I have a new job... I understand the system is in place to lend responsibly but I know I will always be able to find work in education and it seems that underwriters will look at likelihoods where there is a risk but not where there is a mitigating factor.

    Frustrating, but just poor timing.
  • rtho782
    rtho782 Posts: 1,189 Forumite
    Part of the Furniture 1,000 Posts
    It makes me want to apply without telling them I have a new job... I understand the system is in place to lend responsibly but I know I will always be able to find work in education and it seems that underwriters will look at likelihoods where there is a risk but not where there is a mitigating factor.

    Be careful, if you get found out this is a criminal offence (Mortgage Fraud) and carries a custodial sentence.

    You might think "oh but there is no way they will find out", until say, they decide to ask your current employer for a reference who mentions you have handed in your notice, or in 18 months the new job DOESN'T get renewed, you fall behind on payments, and it comes to light. Or even your partner loses his job and you fall behind and it comes to light, etc.
  • Yes I know, and I didn't mean I was seriously considering it, it's just frustrating. It's my own fault for not thinking it through enough I suppose.
  • ACG
    ACG Posts: 24,643 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Bare in mind I did not say that it can not be done, just that it will not be easy.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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