Moving House - Will I need to rent before I can buy?

jezmck

My fiancee (a doctor) has a new job and we have to move.
We're completely happy to do this, but I'm concerned that we won't be able to get a joint mortgage until I've been in a new job for 6 months or something.

:question: Will I need this proof of income?

I have been in my current job for 2 years, worked in a previous job for two years, and before that I was at Uni.

herbiesjp

Yes you will need proof of income seeing as you are both in employed positions.

This can be via payslips, P60, employment reference bank statements, contract of employment etc

If you are in a probationary period some lenders will not agree a mortgage until this has been completed, but there are lenders that are more flexible with probationary periods and can agree the mortgage for you

jezmck

But that's my point: I won't be employed until I find something near the new place (>200 miles from where we live currently).

She will be employed, but not previously by that exact employer (though I guess it all falls under the NHS).

Addy1

I am going to be an F1 in August and I have been offered a mortgage in principle based on the fact I have my job ready for August and I just need a letter from the trust stating this.

If she can get a letter from her trust or deanery then it will be fine from the point of view of her income, not sure about yours though.

We are going with Halifax, they are pretty helpful towards doctors, and they understand the particular situation (eg moving about a lot, moving jobs in August, etc)

herbiesjp

As I stated above, one of the proof syou can have is a contract of employment.

Some lenders will agree the mortgage, even if the start date is some time in the future. For this scenario I would suggest talking to an adviser to make sure you do not get into trouble before you start

Addy1

Ha ha don't get doctors started on contract of employment

Last year some people didn't get one until they had got their first pay check and there was less in it than they expected

That is why I have had to get a letter from my trust (but again, trust admin depts can be a bit funny too)

I agree with herbiejsp, we went through a broker because it was a bit of a difficult situatio.

jezmck

Thanks guys.

I guess my concern is that we won't be able to use my prospective income when getting a mortgage, unless we hold off buying until I'm employed.

:question: Do lenders generally need a certain length of time (e.g. 6 months) proof of earnings with the current employer?

poppy10_2

Would you consider going into hospital accommodation for a few months while you look for a job? It's generally cheaper than renting privately, plus all utility bills/councilt ax are free. Would give you more time to save up a bigger deposit too, and you could reassess where the property market is a few months down the line.

UK007BullDog

Hospital accommodation is difficult to get into.

Most lenders want 3 months proof of income.

I suggest you move down there in rented, find yourself a job and before you know it the 6 months are done. Then happy house hunting.

jezmck

We would consider Hospital Accom, possibly at both ends, though it would have to be Married quarters of course, and I guess they're harder to get.

UK007BullDog

Dont know how strict the rules are but you might have to be actually married to get married quarters.