Mortgage: New Job - Potential Application

MrStarship

So I have been with my organsiation for nearly 5 years now and about to move into a new role within that same organisation.

Old role: £19,707 + £2,000 acting up allowance for this calendar year.

New role: £25,106 from Aug 28th. This will be reflected in my September pay slip.

I am starting to look for houses and have £55K deposit, ftb and looking in the region of 140-160 price range which I think that would be the maximum and I will be a single applicant with no dependents.

My credit score and other elements as far as I am aware are flawless.

I would like to buy a house should the opportunity arise from this point on. However, I am concerned that my promotion will negativly impact this. Just wondering some advice really as I don't want to wait 6 months.

Notfarfromtheborder

Congratulations...


Does the new role come with a probation period?


I know First Direct look on probation periods in a negative light, other companies may not be as strict.

MrStarship

no probation period at all.

LRmortgage

There are a number of lenders that will be fine with this. Ideally you will have at least one pay slip showing the new salary but some lenders will be fine with an offer letter / copy of the contract.

See a broker as we will know best where to place this with little fuss.

LawAbiding

See a broker

I was 3 months into my new job and in a 6 months probation and I managed to get a mortgage.

It was a 40% pay increase so couldn't decline it.

Congratulations!

haras_nosirrah

Some lenders will accept a letter confirming the pay rise, some will want 1 payslips, some will want 3.

This is where a broker comes in ideally whole of market to give you the best chance. Either look locally to you and get recommendations from friends or read the boards here and pm some brokers who you feel has been helpful in their responses to others.

amnblog

No sure who you have been speaking to here Mr Starship?

You will be able to buy a house should the opportunity arise from this point on. Your promotion will not negatively impact this.

There will be no waiting 6 months. Your last three wage slips, latest P60, and three month bank statements (including one on the new salary) will do the job here. You may also need to provide a copy of the written confirmation of the new role.

One for a Broker, but a straightforward one.