Changing jobs before mortgage app / agent abusive tactics against FTBs

F37A

Hi 

On the first point i am getting to the stage where i need to change jobs soon but if i do a mortgage app when started a new job will the lender view that negatively because you can technically lose your job easily as have fewer rights when starting at a company. I need a home so should i wait and buy before changing jobs. The market for FTBs is so bad i may be stuck in my job for ages if i only change jobs after i get a property.

Second point is some agents asking buyers to pay a deposit which only get back on exchange. Are they trying to bankrupt buyers by getting them to pay broker fees, legal fees, survey fees and now deposit fees. Should i be blacklisting these agents? Why are FTBs being abused in this way. 

TheJP

Is the new job with the same company or a different one? If its the same company then i wouldn't worry, if its with a new company you might be best to wait for 3 months payslips however as long as your contract is 3+ years or permanent then i don't think you will have any issues.

I don't think EAs have a vendetta against FTBs as the market wouldn't move without them, i also don't understand the deposit route as you don't have a contract with the EA. Just refuse and if they wont allow a viewing then drop a note through the vendors letterbox as they may not be aware. The EA could also be one of those which the buyer pays the EA fees, id avoid as a seller that lists with those EAs are just greedy and not who i would want to do business with.

F37A

TheJP said:

Is the new job with the same company or a different one? If its the same company then i wouldn't worry, if its with a new company you might be best to wait for 3 months payslips however as long as your contract is 3+ years or permanent then i don't think you will have any issues.

I don't think EAs have a vendetta against FTBs as the market wouldn't move without them, i also don't understand the deposit route as you don't have a contract with the EA. Just refuse and if they wont allow a viewing then drop a note through the vendors letterbox as they may not be aware. The EA could also be one of those which the buyer pays the EA fees, id avoid as a seller that lists with those EAs are just greedy and not who i would want to do business with.

Thanks. The new job would be a new company external move. Yeah it would be permanent, still though your on probation and they can get rid easily. Hate to have just taken out a mortgage and be unemployed.

The agent is asking for me to sign a one pager around terms around return of the deposit fee that's why it is binding and so would end up in conflict. Yeah i think vendor might not be aware but if she is then agree these vendors best to avoid. 

lookstraightahead

Yes I think it will make a difference. The lender will see you as a bigger risk than if you had been in a job for a while (no idea why though).

user1977

F37A said:

Second point is some agents asking buyers to pay a deposit which only get back on exchange.

Which agents are these? Are any buyers actually paying such deposits, rather than laughing in the agents' faces? Presumably it's not just FTBs being asked?

We have had some previous threads about such requests for pre-contract deposits but I can't remember anybody talking about cases where a deposit ended up being paid. There's just as much argument for buyers asking the sellers to pay a deposit against being messed around etc...

housebuyer143

Don't pay a deposit.. It's not how things are done unless you are buying via auction.

TripleH

I would tell the estate agent that you are not paying or signing anything. If they want your personal details they can pay you.

Pay nothing for looking round a property as you may not like it.

Any agent telling you you must pay x, do y, use z to buy a property, ask for it in writing first, then contact the buyer and offer through them. If the agent kicks off ask for their details to raise a complaint.

I am happy to work with an Estate Agent and have done property transactions using helpful agents (who can be very useful) but I won't be pushed to pay extra fees to use any parties I haven't chosen myself.

As for the job, best get 3 months of payslips (if the first payslip is for more / less than a month but doesn't make it clear it is a part month, then do 3 full months).

jenni_fer

I started a new job 2 weeks ago, we applied for our mortgage for our imminent purchase while I was working my notice. I just had to give the mortgage company a copy of my new contract.

The reality is, if you've been employed less than 2 years you have pretty much the same rights whether you are 1 week or 1 year in.