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  • FIRST POST
    • cashbackproblems
    • By cashbackproblems 6th May 12, 10:21 PM
    • 1,791Posts
    • 699Thanks
    cashbackproblems
    How long in new job before mortgage?
    • #1
    • 6th May 12, 10:21 PM
    How long in new job before mortgage? 6th May 12 at 10:21 PM
    Hi guys

    Im looking to start a new job (been unemployed for few months) and wondering how long i need to stay there before i can get a mortgage? It will most likely to take 2-3 months to find somewhere, agree a price etc.

    I have a good credit rating i think as havent ever missed any credit card payments or had loans.
Page 1
    • Marie27lol
    • By Marie27lol 6th May 12, 10:29 PM
    • 249 Posts
    • 1,106 Thanks
    Marie27lol
    • #2
    • 6th May 12, 10:29 PM
    • #2
    • 6th May 12, 10:29 PM
    Hiya CBP

    Got a few other questions for you here:

    Are you selling or are you a first time buyer?
    House price range?
    Deposit amount / percentage?

    My OH is on a rolling 3FTC, and I have just started a new job with a long probation period, but I do have a house which will be rented out (no history). We could have got £175k house, but we have found somewhere that is just under the stamp duty, and so have a 20% deposit.

    If you have just started a new job, a really good deposit, will help 'overcome' the job situation. Mind you, in the interview, do stress how long it took you save it e.g. we saved in 2 years, but the previous 5 years included a brand new roof on the house and getting married...

    It all depends on your expectations / history etc.

    Good luck.
    M
    Got the House, MF aim to do this WAY before 60, and preferably out of it by 50!

    MF2018 #127 £3,150 / £5,500 WOOT lower M rate!

    2012-£3k ; 2013-£3,1k ; 2014-£3,325 ; 2015-£3,825 ; 2016-£2,050 (reduced to £2k) ; 2017-£3,275
    • Mini Bear
    • By Mini Bear 7th May 12, 11:29 AM
    • 596 Posts
    • 606 Thanks
    Mini Bear
    • #3
    • 7th May 12, 11:29 AM
    • #3
    • 7th May 12, 11:29 AM
    I have read somewhere its 6 months but it does depend on your contract, salary, LTV etc
  • Tr1pp
    • #4
    • 7th May 12, 12:55 PM
    • #4
    • 7th May 12, 12:55 PM
    I think a good rule of thumb is 6 months
    • Kynthia
    • By Kynthia 8th May 12, 12:39 AM
    • 5,500 Posts
    • 7,713 Thanks
    Kynthia
    • #5
    • 8th May 12, 12:39 AM
    • #5
    • 8th May 12, 12:39 AM
    Mortgage companies often say they don't lend to someone still in their probation period, which is usually six months long. However it's worth checking with them as they consider lots of factors when deciding whether to lend, such as the deposit, LTV ratio, if you're a first time buyer, if there's more than one buyer, etc.
    Don't listen to me, I'm no expert!
    • sirmosh
    • By sirmosh 8th May 12, 10:20 AM
    • 696 Posts
    • 6,726 Thanks
    sirmosh
    • #6
    • 8th May 12, 10:20 AM
    • #6
    • 8th May 12, 10:20 AM
    Go see an IFA, mine ran us through which lenders didn't mind a short term at a current employer so much as my partner had only just started her new job a week before we wanted to apply for an AIP.

    We had a decent sized deposit which probably helped but we got an AIP with Nationwide a few days later although it took us so long to find somewhere we actually liked that by then she had been in her job for just over 6 months anyway.
  • James129
    • #7
    • 8th May 12, 10:29 AM
    • #7
    • 8th May 12, 10:29 AM
    Depends on the lender's criteria.

    Halifax and Nationwide don't care if you are in probation period or not while other lenders like Natwest/Rbs group or Santander won't lend if you havn't passed your probabtion.
    • jee
    • By jee 8th May 12, 12:03 PM
    • 284 Posts
    • 145 Thanks
    jee
    • #8
    • 8th May 12, 12:03 PM
    • #8
    • 8th May 12, 12:03 PM
    Usually 6 months- 3 with Halifax. However I would wait 6 months anyway if I were you. Buying a place is stressful enough without having the added pressure of being new in a job.
    • Almo
    • By Almo 25th Jan 13, 8:48 PM
    • 607 Posts
    • 2,412 Thanks
    Almo
    • #9
    • 25th Jan 13, 8:48 PM
    • #9
    • 25th Jan 13, 8:48 PM
    Bumping this to see if I can get more info. We have just returned from almost 6 years overseas. Effectively first time buyers, will have absolute minimum of 50% deposit, perhaps a lot higher depending on house. Looking at up to 200k although likely to spend less - perhaps 160k.

    Partner is working (has been for two whole weeks!) but I am not, currently, although I am looking. Anyone got any advice/info on likelihood of anyone giving us a mortgage within the next six months?
    • Goldiegirl
    • By Goldiegirl 25th Jan 13, 8:51 PM
    • 8,507 Posts
    • 50,181 Thanks
    Goldiegirl
    Depends on the lender's criteria.

    Halifax and Nationwide don't care if you are in probation period or not while other lenders like Natwest/Rbs group or Santander won't lend if you havn't passed your probabtion.
    Originally posted by James129
    When I was working at the Halifax in the lending department, we wouldn't offer a mortgage while somebody was on a probationary period.

    It must have changed since I left.
  • busyladee
    My boyfriend and I recently got a mortgage with Nationwide. He started a new job just before we put our application in and sight of his contract was sufficient. I think though that Nationwide wrote to his new employer for a reference however.
    Last edited by busyladee; 25-01-2013 at 9:53 PM. Reason: awful spelling
    • kingstreet
    • By kingstreet 25th Jan 13, 10:57 PM
    • 35,509 Posts
    • 19,417 Thanks
    kingstreet
    When I was working at the Halifax in the lending department, we wouldn't offer a mortgage while somebody was on a probationary period.

    It must have changed since I left.
    Originally posted by Goldiegirl
    It has. Couldn't say when though.

    Probation

    If your clients are part of an employee probationary period then key ‘probationary' as the contract type and subject to an accept result at DIP / full application we can proceed.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • bluedrop
    • By bluedrop 26th Jan 13, 6:39 AM
    • 659 Posts
    • 205 Thanks
    bluedrop
    Natwest and ING said 3 pay slips.....this was a year ago though...
    • Almo
    • By Almo 26th Jan 13, 4:59 PM
    • 607 Posts
    • 2,412 Thanks
    Almo
    Thanks all, I'm surprised at how simple that seems. Positive news for us, just surprised!
    • kingstreet
    • By kingstreet 26th Jan 13, 10:05 PM
    • 35,509 Posts
    • 19,417 Thanks
    kingstreet
    It's not a good idea to crash someone else's thread. Starting your own keeps things clearer.

    You've taken answers to the OP's questions as indicating a similar answer to your own.

    In my opinion, you would not have trouble because of the employment situation you set out. However, with no active electoral roll or credit profile in the UK, you may find it difficult to pass a credit score in the first place.

    Did you maintain any accounts in the UK during your absence?
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
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