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How long in a job before it can count for a mortgage?

(23 Posts)
mirai Sun 03-Mar-13 23:10:35

DH and I live abroad but will at some point return to the UK, where we want to buy a house.

Obviously we will start from scratch re getting new jobs and a place to rent while we house hunt.

My question is, how long do we need to be in these jobs before it can "count" towards a mortgage application? DH seems to think it's ok from the first week but I'm thinking 6-12 months at least!

minibmw2010 Sun 03-Mar-13 23:30:40

I think you need to be able to show 3 payslips in a permanent non-probation position.

mirai Sun 03-Mar-13 23:55:54

Thanks. I reckon probations are about three months aren't they, so yes that'll be a good six months! Assuming we even find jobs! smile

Skyebluesapphire Mon 04-Mar-13 00:03:41

I had to provide 3 months bank statements as proof of income, along with accounts as self employed, plus proof of tax credits etc

Rockchick1984 Mon 04-Mar-13 09:02:30

Depends on the lender - the bank I worked for was happy to lend from day 1 of a job if no probationary period, or as soon as the probationary period was completed.

financialwizard Mon 04-Mar-13 10:30:40

Definitely depends on lender.

If you are going to be working in the same sort of field that will help. There are lenders on our panel that deal specifically with expat too.

jenduck Tue 05-Mar-13 12:23:47

We have just completed an application with Santander & they required 3 months' payslips, plus proof of child benefit & tax credits (award statement & bank statement). Of course, you can ask for only your wages to be taken into account, if you so wish, negating the need for the latter.

mirai Wed 06-Mar-13 00:48:32

Wow, I never knew that child benefit and tax credits could be counted towards a mortgage application, thanks for the tip! We're hoping to have DC by the time we come back to England so that is definitely interesting. Thanks!

Skyebluesapphire Wed 06-Mar-13 01:38:16

I'm with Santander because they were one if the few who didnt demand three years accounts and because they included maintenance child benefit and tax credits.

They were the only ones who would give me a mortgage and only wanted one years accounts and prof if tax credit award and three months bank statements to prove maintenance.

lottiegarbanzo Tue 26-Mar-13 21:33:51

Depends on the lender. We re-mortgaged last year, when DP had just changed jobs, so a month into a six month probationary period and I wasn't working. Lots wouldn't accept us but the Woolwich (owned by Barclays) did and offered a good deal.

lottiegarbanzo Tue 26-Mar-13 21:34:58

Def use an independent mortgage advisor to scour the market for you and come up with all the possible options.

lottiegarbanzo Tue 26-Mar-13 21:36:34

Oh yes, it mattered that DP was doing the same sort of job as before and had had no period of unemployment, so he'd chosen to change jobs.

AnimatedDad Wed 27-Mar-13 09:10:22

3 months is normal, but if you need to move right away, you could buy using a buy-to-let mortgage (where you don't need to prove income - just that the rent is larger by a certain amount than the mortgage).

Then you could let it to yourself. The early repayments would be larger, but no larger than it'd be to rent a place.

You could then switch to a normal mortgage once you'd got your job sorted out.

Just an idea.

rumbelina Thu 04-Apr-13 20:45:56

AnimatedDad - can you really do that??

ROCKCHICK - which bank was that

DH is moving jobs in 2 months - it isn't with the same organisation, and is temporary for 22 months in the first instance, but will have continuous service as it's all civil service-y and is a similar-ish job.

Our house sale is underway but we don't know if we'll get a mortgage to buy another and right now we can't apply under his new situation as it isn't happening yet, iyswim.

Don't know whether to just rent for 6 months until he's got some wage slips. We can't apply for a mortgage now as in 4 weeks we'd need to inform of the new job and they might then turn round and refuse, and we'd waste tonnes of money on surveys, solicitors etc.

It's causing me massive worry.

AnimatedDad Fri 05-Apr-13 08:22:39

Well, buy to let mortgages aren't based on your income so they don't care about your job situation.

All they care about is that you have a big deposit and that the rent is a chunk bigger than the mortgage.

Here's a calculator
http://www.alexanderhall.co.uk/mortgages/buy-to-let/buy-to-let-mortgage-calculator.html

Crutchlow35 Sat 06-Apr-13 13:32:57

And you have to be on the electoral register.

Tigresswoods Mon 08-Apr-13 21:43:43

Depends on the lender & your overall situation. Speak with a mortgage broker.

AliceWChild Mon 08-Apr-13 21:48:47

Our buy to let mortgage explicitly says you can't live in the house yourself.

Agree find an advisor. We got a mortgage with temp contracts, mat leave, probationary periods, the lot. Different lenders do different things and an IFA will know who might be ok with your situation.

Fragglewump Tue 09-Apr-13 14:57:41

We used nationwide recently and my dh had only just started a new job. They wanted a letter from his employers with his salary, location, job title and the fact it was a permanent role. We use a great ifa who always sorts out life cover, mortgages, pensions etc. he rings around different providers to find us the best fit. It saves so much stress!!!!

rumbelina Wed 10-Apr-13 13:57:01

Our financial advisor doesn't charge the client but gets paid by the lender.

Does this mean that she will only access certain lenders?

Would we be better going with one that WE pay for?

(Sorry for the slight hijack OP flowers)

AliceWChild Wed 10-Apr-13 14:08:46

They work differently. You'd need to ask. Mine is whole market, paid by lender and paid by me.

AliceWChild Wed 10-Apr-13 14:12:20

To add ours was very clear on this and went through in detail which I thought was a legal obligation. If yours didn't it sounds a bit odd to me but I'm no expert

rumbelina Wed 10-Apr-13 14:26:42

She probably did, it was about 10 years ago when I bought my first house. I'll check with her.

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