Will lack of work history make it impossible to get a mortgage?

tommydog40

I am in my early forties and currently earn approx 37k in a very safe job for a local authority and have never had any loans, CCJ or adverse credit in any way. I have 30k deposit, where approximately 10k has been saved over the last 6 months from my current employment and the rest from a compensation payout and other sources. I am looking to purchase a property for around 230k, so would need one of the 5.5x income mortgages, such as the nationwide helping hands. I have been employed in my current job for approximately 7 months, however I am unable to evidence any employment for nearly 10 years prior to this. 18 months prior to starting my current job, I was involved in a serious car accident and felt unable to work for 18 months. For this time, I was in receipt of universal credit, but was not in receipt of disability benefit, as COVID stopped all my medical treatments and delayed assessment for a considerable time. Prior to the car accident, I did various cash in hand jobs abroad (don’t have any official records to verify this). From 2013 to 2016 I was a mature student at university.

Having reviewed the lending criteria of some lenders, to qualify for a mortgage you need to be permanently employed. Halifax for example define permanent employment as 3 years continual employment. I did a DIP with Nationwide and they gave me the DIP within 10 minutes (I already bank with Nationwide and have always been in good standing with them), however they only asked about my current employment. They said I would be expected to submit 3 months of wage slips as evidence, but did not mention any previous employment. Are they likely to bring up previous employment in an interview and is this likely to prove terminal with all lenders? Or are there some lenders that would consider me?

csgohan4

you will find lenders generally only lend 4.5x. Just because banks do some over this doesn't mean they will give it to everyone.

You can certainly see if the lender you choose will accept on application, bare in mind DIPS are only a crude tool. 

[Deleted User]

where are you seeing that Halifax criteria for 3 years employed?   

tommydog40

Deleted_User said:

where are you seeing that Halifax criteria for 3 years employed?   

I read it when googling, but did not save the link.  Maybe I am wrong and my lack of work history is not a problem?  

[Deleted User]

never heard of that with Halifax.  I place plenty of mortgages for people in 1st jobs or who have been out of work for a while.    If you are on a fixed term contract then employment history is looked at in more detail or if you are with a smaller specialist lender perhaps.   A lot of high street lenders can lend on day1 of employment.