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moving jobs and house - so how does a mortgage work then??

(9 Posts)
tricot39 Wed 26-Sep-12 19:07:56

mortgage advisor told me i need a payslip to prove income for application and that applications take 6-9 weeks to process.

if that is the case we have no option but to rent in the new city until we can start the application process? which means we will no longer be existing customers so not get such good deals?

how on earth does anyone manage to relocate??

tricot39 Wed 26-Sep-12 19:09:00

ie new city, new property and new employer all at once....

tedglenn Wed 26-Sep-12 20:28:04

it can be hard - in the end we rented anyway, but when we looked into it, our mortgage company would accept a contract of employment as proof of new income, but had a policy of not accepting you during a probation period (which for many jobs is for the first 6 months)...

tricot39 Wed 26-Sep-12 22:34:29

thanks. you have confirmed my suspicions. nationwide claimed just one payslip but the woman i spoke to just didn't seem to understand that there are less employment rights in the first 3 months at least. also for dh she claimed his self employed income would be assessed only on past 2 years accounts - ignoring the lack of income when he moves away from his clients confused

i wasnt terribly convinced so i better speak to some more people.

BlueberryHill Thu 27-Sep-12 09:15:59

She doesn't sound very clued up, was she a free agent or tied to one bank / BS?

I don't know about assessing for self employed people but when we changed our mortgage 2 years ago we had to supply 3+ months worth of payslips plus bank account statements for 3 months. They went into affordability in detail, looking at childcare vouchers and wanting proof that we wouldn't be paying nursery fees in the future. Lending criteria have been tightened up so much lately I'd have thought they would look really closely if you are moving area to a new job and re-establishing a business. Sorry

tricot39 Thu 27-Sep-12 20:33:15

Well your experiences sound a lot more like what i was expecting her to say!

She was a nationwide staff member - supposedly a morgage advisor.

I am starting to suspect that she wanted me to sign up and pay my application fee so she got her numbers up. I dont think she cared if the application fell through or not.

I am really not impressed.

monniemae Fri 28-Sep-12 12:37:35

Hello, we got a nationwide mortgage last year with only my partner's income taken into account. He helpfully changed jobs during the application process and they didn't care. Hth

tricot39 Fri 28-Sep-12 22:21:57

I think i will email my questions and see what that turns up. Hopefully they will confirm monnie's experience.

EdgarAllanPond Fri 28-Sep-12 22:26:47

i have a nationwide mortgage - the sign up letter was enough to confirm income, backed with credit score. They also ask for: bank statements (for confirmation of benefit income), passports.

i don't think they were doing this to massage figures.

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