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  • FIRST POST
    • shadowDOG123
    • By shadowDOG123 13th Mar 18, 10:36 AM
    • 2Posts
    • 1Thanks
    shadowDOG123
    Switching job before mortgage application?
    • #1
    • 13th Mar 18, 10:36 AM
    Switching job before mortgage application? 13th Mar 18 at 10:36 AM
    Iím currently employed (PAYE) and have been with the same company for nearly 5 years. My girlfriend and I are currently saving for a mortgage and we should realistically have enough for a deposit in 12-18 months time. The dilemma I face is my current wage is pretty low because I get other benefits like company van, fuel, clothes, tools etc.. which means my annual salary is only around £20,000.

    I started of doing gardening and estate maintenance for this company but for the past year I have been driving a 10ton telescopic forklift full time, with an ďin houseĒ competence ticket.

    Looking around on job apps and websites the going rate for a telehandler driver is a massive 60-90% pay increase. I would have to sit (and pass) my full CPCS ticket in order to apply for such jobs but that isnít a great issue as I have the experience driving the machine. I would have to pay for one days tutoring and then the theory and practical tests. All of which totals around £800 which I could potentially make back the first month of employment should i switch jobs.

    My dilemma being.. is it better for me to stick with my current employer until we apply for our mortgage or do I gamble now with a potential 18 more months left to get the CPCS ticket, seek new employment and earn almost double what Iím currently on?

    I have done some research regarding this matter so I know that some mortgage providers will want to see 3yrs in the same job whilst others as little as 3 months however Iíd like to know what you would advise to someone in my position? The only other thing worthy of mention is that a lot of these higher paid telehandler jobs are temporary or with agencies.. (some of which say they could lead to full time employment or further work) but this obviously needs to be taken into account in order to make a better decision overall.
Page 1
    • undlou
    • By undlou 13th Mar 18, 2:41 PM
    • 43 Posts
    • 22 Thanks
    undlou
    • #2
    • 13th Mar 18, 2:41 PM
    • #2
    • 13th Mar 18, 2:41 PM
    In my opinion, if you were going to take a gamble like that, I would do it before you have a mortgage. Would your partner's wage be able to cover your mortgage and living costs if it wasn't to work out? It's only as you mentioned that they are temporary with only a chance of full employment.
    • shadowDOG123
    • By shadowDOG123 13th Mar 18, 5:16 PM
    • 2 Posts
    • 1 Thanks
    shadowDOG123
    • #3
    • 13th Mar 18, 5:16 PM
    • #3
    • 13th Mar 18, 5:16 PM
    My partners wage wouldn!!!8217;t be enough for a mortgage and living costs but I have decided the first step is to get the full COCS forklift ticket for now, If I can secure that quickly enough I think I will gamble on switching companies before we apply hopefully with enough time to save a much bigger deposit and turn one of the temporary jobs into permanent.
    • bike saving expert
    • By bike saving expert 13th Mar 18, 7:21 PM
    • 77 Posts
    • 13 Thanks
    bike saving expert
    • #4
    • 13th Mar 18, 7:21 PM
    • #4
    • 13th Mar 18, 7:21 PM
    some lenders will lend on a contract of employment and a start date for a new job assuming you have funds to pay the mortgage until you start the job OMG OMG
    • Thrugelmir
    • By Thrugelmir 13th Mar 18, 7:29 PM
    • 58,476 Posts
    • 51,849 Thanks
    Thrugelmir
    • #5
    • 13th Mar 18, 7:29 PM
    • #5
    • 13th Mar 18, 7:29 PM
    The dilemma I face is my current wage is pretty low because I get other benefits like company van, fuel, clothes, tools etc.. which means my annual salary is only around £20,000.
    Originally posted by shadowDOG123
    You could earn more. However your outgoings will likewise be far higher. As these items would need for out of taxed income.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • enthusiasticsaver
    • By enthusiasticsaver 13th Mar 18, 9:01 PM
    • 6,397 Posts
    • 13,135 Thanks
    enthusiasticsaver
    • #6
    • 13th Mar 18, 9:01 PM
    • #6
    • 13th Mar 18, 9:01 PM
    It is a gamble but if you potentially could double your income it seems worthwhile considering. There could be a few pitfalls you should consider first though.

    If you only get temporary or agency work with no fixed contract this may impact on your ability to get a mortgage.

    If you lose your company van will you need to buy a car and run it yourself? You need to factor in these costs.

    I know with some driving jobs companies expect them to register as self employed and are responsible for paying their own tax and NI. Is this the case with forklift drivers? This may massively reduce the wage premium and you may need to employ an accountant to deal with this. There is also the additional pressure of maybe no sick or holiday pay which again you would need to factor in.

    It may be a case of out of the frying pan and into the fire but it may still be worth researching. If you gave it a try and it wasn't for you how easy would it be to move back to Paye with another company?
    Debt free and mortgage free and early retiree. Living the dream

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
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