New job impact on Mortgage

Gaz012012

Hi

Wonder if anyone can help with this please.

Planning on applying for a mortgage soonish. Affordability looks fine - can lend 350k and only looking for 200-250k. However looking for a 95% deal.

My partner and i both been with our employers for years however if one of us were to get a new job what implications could this cause? Ie what mortgage providers want to see in the new job for a period of time and if so how long? 1 month, 6 month, passed probation, longer?

Any advice would be great to understand options

Thanks

MaryNB

Depends on the lender, I think a few ask for the three most recent payslips. I got a mortgage with Halifax last year and they only asked for my most recent payslip. They'll accept a payslip from a new permanent job, even during the probationary period. 

Best idea would be to consult with a broker and they determine the best lender for your circumstances. 

FashionHeart

Gaz012012 said:

Hi

Wonder if anyone can help with this please.

Planning on applying for a mortgage soonish. Affordability looks fine - can lend 350k and only looking for 200-250k. However looking for a 95% deal.

My partner and i both been with our employers for years however if one of us were to get a new job what implications could this cause? Ie what mortgage providers want to see in the new job for a period of time and if so how long? 1 month, 6 month, passed probation, longer?

Any advice would be great to understand options

Thanks

Saying from recent personal experience of applying for a mortgage (completion was today), I got accepted when I started my new job and despite being on probation (I started my new job in May this year) it wasn't a problem.
This is because lenders only look for 3 recent payslips and 3 recent bank statements (last 3 months).
However like with many other factors, some lenders may be wary of your situation - therefore they will base it on your individual circumstances.

VAP_Driver

I’ve just got my mortgage approved with the best rate Santander currently offer for my LTV (0.99% 5 year fixed, £999 application fee), despite having only been in my current job for four months and still on probation. So whilst, like anything to do with mortgages and borrowing, it’s a factor they will look at as part of the whole, in itself it’s not a showstopper by any means. Nor will it definitely reduce your ability to get the leading rates from some lenders.