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Does getting a new job just before getting a mortgage really matter?

I am selling my flat, and have also planned to get a new job once the flat sale has gone through and I have bought a new place.

I had a chat with my current mortgage provider yesterday and went through agreeing how much I can borrow for a new mortgage etc. Nothing is agreed upon yet, it was only a chat but he was saying everything sounds fine and he cant see any reason why I could not get a new mortgage on a new place. I then in passing mentioned, "well the only thing that would change in the future is that I may get a new job and my wages would increase so that's a good thing at least." He then came back with "Woah, dont tell me that, never mention new jobs to mortgage providers!" We had a laugh about it, but now I am worried.

The problem being, I have happened to have applied for a dream job last week and have just got an interview. It would mean nearly a 100% pay rise on my current wage so lots more money!

If I were to sell my place in the next few months and then also try to take out a new mortgage and perhaps have to prove new income would it be such a problem to say I have a new job and potentially have only been in it for a few weeks/months!

This is all hypothetical of course as I haven't even got the job or got a buyer or a new house, but just interested in what the problems are with new jobs and mortgages!

Thanks

Comments

  • I think lenders like you to have a stable work history. An old colleague of mine mentioned that his bank told him he had to be in the same job for more than siz months before they would consider offering him a mortgage, but i'm not sure which bank that was with, and it was approx. 5 years ago.
  • dizziblonde
    dizziblonde Posts: 4,276
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    Hubby had just got a new job when our mortgage went through - but as it was an internal promotion I think it was regarded differently if you get what I mean.
    Little miracle born April 2012, 33 weeks gestation and a little toughie!
  • Yorkie1
    Yorkie1 Posts: 11,535
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    Lenders can be nervous whilst you are in a probation period in a new job - far reduced security of job.
  • Locky
    Locky Posts: 1,019
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    Me and my boyfriend bought a house in December. We had both been in our new jobs a matter of weeks when we applied for a mortgage - I had one payslip and my boyfriend didn't have any! We both had three-month probation periods.

    Our lender wasn't worried though and their terms stated that the required amount of time in current employment was "0 months".

    We provided them with a copy of our job contracts and got through the credit checks without having to supply any other information. We did have a 30% deposit so not sure if that helped!

    Were we very lucky to have no problems then?! :huh:
  • Yorkie1 wrote: »
    Lenders can be nervous whilst you are in a probation period in a new job - far reduced security of job.

    Yorkie is correct.

    Nearly all new jobs have a probation period during which they can let you go with little reason or warning. Therefore they see you as higher risk than if you've been employed by the same employer for a number of years.
  • Similar thing happened to me a few years back when I got my mortgage, in the end I had to work out which lenders would give me a mortgage and pick the best one...ended up with Alliance and Leicester, although I ended up complaining about their service so wouldn't entirel recommend it!
  • I recently bought a house and it can be a problem if you have a new job, but doesn't have to be. This house was the final one in a long line of sales that fell through for one reason or another (mainly 'the house is falling down' sort of reasons!) and I was in a new job when I first applied for a mortgage. There were a few providers that wouldn't touch us, some that weren't bothered at all, and some who would consider us but not on the best range of products.

    Tips from me:

    -Go through a broker because they will know (or can find out) who will be bothered before you've spoilt your credit rating by trying and failing with someone else. We went with London and Country who we thought were great and they did all the running round with the facts and figures and came back with the best few for us to pick from

    -Try and get together as good a deposit as possible. If you have a decent sized deposit they don't seem to be as worried about the risk that you'll be sacked during your probation period

    -If you get a new job, get your employers onside. My HR team wrote me a lovely letter confirming that although we do have probationary periods, there was no concern about my work and the incidence of employees failing probation is rare

    -If your wages are massively increased then that is also bound to help if you have chosen a house based on your old salary. You're more of a risk because of probation but the salary means that you can start saving or paying more off quickly and some of them are bound to think that's not a bad thing

    Good luck!:j
  • Locky
    Locky Posts: 1,019
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    Yep, I'd recommend going through a broker - that's how we got our mortgage and probably why we had so few problems (see my post above).
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