Mortgage and Probation Period

dmjb90

Hello folks,

My partner and I are buying a new build home for 370k. We have a 200k deposit. We both earn 40k each with our employers of 5+ years and have clean credit records. 

If I change my job anytime before we complete (such as before mortgage application or before completion), will this affect our purchase, do you think?

There's a chance I may be offered a new position at a different employed, some point over the next six months (similar or increased salary), and our property won't complete until around November time. We're about to sell our current home and move into rented. I'd be gutted to change jobs and find out it's thrown a spanner in the works for our next house, but equally as gutted to bypass a new job opportunity. 

My thinking is banks may be concerned by my short employment time if I change role, or a probationary period I'll likely be in. I hope that they won't be concerned about this because my partner has a long-term position on 40k and we have a large deposit. But, I don't know, so this is why I'm asking you guys. What do you think? 

Dilemma help, of any sort, is appreciated. 

D

[Deleted User]

If you were going to change jobs, you'd want to do it as soon as possible - ideally 3 months before application to ensure you can tick off all the payslip requirements off - that's for absolute minimum fuss - but life happens!

There are lenders that would do it, even after offer, if you have a start date and same/similar salary. They might make you jump through a few hoops to validate it (e.g. a reference or a payslip at new job) but nothing impossible. But then there are also some "computer says no" lenders that wouldn't be happy.

I'd speak to a broker, to ensure the broker places you with a lender that would be open to a change of jobs (should it happen).

amnblog

I cannot see this being an issue provided your income is not dropping or the new Contract is not a permanent role. Mainstream Lenders do not have an issue with probationary periods.
One curve ball, if you use the wrong Lender, they may wish to see your first payslip and even the salary bankings, before they issue offer or release funds. This can be a problem for timings.
A smart Broker will manage this for you.