New Job and LISA Query

LegalCashier

Hi all,

My partner and I put an offer on house and was accepted back in February, the vendors decided not to sell as they lost their onward purchase.

Today we had a call to say that they found somewhere and wondered if we were still interested, it’s our dream home so we of course said yes.

Our issue now is that my partner literally changed jobs on Monday! He is on £5.5k more but we are worried we will struggle to be accepted for a mortgage. We will be putting down 25-27% deposit and are FTB.

Has anyone had successful stories of being accepted for a mortgage whilst being in their first week of employment? He was at his old work 7 years and only has had a break in employment when he was 20 for 2-3 months.

Our other question is that we have a Lifetime ISA each and the idea was to pay in another £4K each end of this week. Skipton says that the government bonus will be paid via the following:

Your bonus is calculated on any payments you make into your account from the 6th of the month to the 5th of the following month. Your bonus will be paid into your account within 14 days of the 20th of month two.

If we pay in on the 6th April the latest we receive the bonus would be 3rd June, has anyone else had the bonus received quicker than this? We don’t want to miss out on the extra £2,000 as this will help pay for new carpets. We suspect that they want to complete ASAP.

Thank you,
LC

Zandimos

Hi there,

I’m currently going through the process in a similar situation to you so think I can add value. I am applying solely, new job which I started 2 days before my application and also using a LISA.

First off, I was the same as you worrying about the job and the mortgage application. I went through a broker and they said that it is common for this to happen and dependant upon the lender depends whether they accept a job offer or not. In my personal experience, Skipton BS were happy to accept my job offer letter and subsequently offered me the mortgage at the top end of the AIP limit for my new salary (£6,000 increase)

As for the LISA, no. The dates are pretty much fixed, I have had the bonus paid twice now and they have been on the date specified or very close to. However, I intend on exchanging at the end of April and I will still put £4,000 in at the end of this week for the new tax year. Skipton confirmed to me that if the LISA is withdrawn by my conveyancer before the June bonus pay, they will open a new LISA with the £1,000 in. I can then withdraw the £1,000 and with the 25% reduction still have £750 in cash for things in the house. In the event that contracts don’t get exchanged, I have an extra £1,000 to go to the deposit so it’s a win win.

I hope this helps.

gellitripping

To reassure you I applied 5/6 months in to my probation period on a 12 month contract and we still received a mortgage offer from Halifax. I supplied some employment documents from my previous role (4 years) and there was no issue. FWIW my husband has been with the same company for 8 years and our broker put him as the lead applicant.