Do I need 3 months of payslips to get a decent mortgage?

joecmorgan21

Hi all,

As the title suggests, I'm trying to find out whether it's possible to get a good interest rate mortgage without providing 3 months of payslips. For context, myself and my partner are planning to quit our current jobs and go travelling at the end of the year, for around 4/5 months (between October-February).

I currently own our home which we're planning to sell before we go travelling (we'll be moving to a different part of the country when we return, and don't want to deal with tenants whilst we're away, so this seems like the best option). There's around £140k left to pay on the mortgage, and we hope to sell the house for around £180-190k, so we'll hopefully have around £40-£50k (-£3k early repayment fee) lump sum for our next home, which will most likely cost in the region of £350k.

My partner works for the NHS, so she shouldn't struggle finding a job soon after we arrive home, and can work agency or bank shifts until she has a permanent contract. I work in tech, and plan to speak to a number of companies before we go away, with the hope of having a job lined up for when we come home. I also do some tech consultancy work on the side, which brings in some extra money. Either way we hope to be back in full time employment within a month or 2 of returning. 

We're fortunate enough to be able to live with family for a while when we get back, however we'd ideally like to buy our next home as quickly as possible. Obviously mortgage lenders won't offer us a mortgage whilst we're unemployed, but I was hoping somebody could shed some light on how likely they are to require 3 months of payslips? Or whether we may get accepted for a mortgage, but the interest rates will be sky high because of it? Also, will we require the 3 months of pay slips to get a mortgage in principle, or do you only need to produce them towards the end of the mortgage process?

Some of those questions I should probably know the answer to, as I've been through the process before... but that was a few years ago now, so sadly I've forgotten!

Thanks in advance 🙂 

Joe

kingstreet

Some do. Some don't.

You'll get some who will work from a contract and confirmed start date upto ones who will want you to have been in unbroken employment for six months or more.

ArbitraryRandom

As Kingstreet has said, different lenders will have different criteria.

I'm not a broker, but I would definitely say that they're worth their fee as people who know lender's criteria and can work to get you the best deal for you. 

diystarter7

diystarter7 said:

Hi

As above it depends

There is other criteria to consider, so look it up, speak to mortgage advisors give them calls to get an idea of what is needed and job etc, the length you worked there etc, etc. but it does depend on the lenders. The more info you the better IMO. Then go for it

Good luck

Read this

https://www.moneysavingexpert.com/mortgages/boost-mortgage-chances/

Thnaks

Chemistry777

We applied to nationwide directly and were not asked.  We did however have to send P60.
i think there is even variation within a lender depending how close you are to their affordability criteria.

Zerforax

Use a mortgage broker and they can help you.

I just needed an employment contract (had not started the job yet/no first payslip) and managed to get a mortgage.

The only thing I would say is that you have a lot of big moving parts. For example, you won't be able to control or guarantee if and when your house will sell (the market is also not as active as before) so then how do you plan your holiday/book flights etc?

pinkteapot

Do speak to a broker but beware that you may not get the best rates until you're both in permanent jobs (not fixed term contracts) and no longer in probation periods.

We've moved several times and almost always had HSBC mortgages. We've shopped around and tried brokers and no-one's ever found us better rates than HSBC have given us. BUT, they won't lend if you're in a probation period, nor if you're in a fixed-term contract. When I was on a contract, even though it was 2 years, they wouldn't consider my salary. A broker sorted us with Santander but it was more expensive. We remortgaged to HSBC as soon as I was made permanent.

Short answer: Possible to get a mortgage as soon you get jobs, but it'll be easiest to use a broker (saves the faff of ringing round yourself to find out who'll lend) and you may not get the best possible rate - depending on what other rates you'd be eligible for after longer in your jobs.

lincroft1710

In a year's time lenders' criteria may easily have changed, so who knows what the requirements may be

joecmorgan21

Thanks everyone 🙂 

mdj1876

All depends as others have said! I recently got a joint mortgage with one singular payslip from just one of us. Lenders often use public information o verify your income. So if you've not had any income for a while, I would expect to be asked for 3-6 months.