Mortgage woe - new job, no mortgage

[summerisler]

Wondering if anyone has a positive story to share or is in similar circumstances.

We’ve sold our house and had an offer accepted on a house. All good up to this point. Successfully obtained an AIP with a major high st bank but mortgage offer has not been forthcoming due to my new job. I only have a contract and no payslips. I’m moving into the area where the job is based. I start at the end of next month, and it’s wfh until I’ve moved. At present I’m not working. My last job ended a few days ago. I was on maternity leave and took unpaid leave to complete my notice period,

Has anyone been in a similar situation? Any advise on lenders that will accept a job contract only? I don’t want to think that we will lose the new house. Stressed!

I would contact an independent financial advisor. They may find a workable solution for you. Check they do whole of market.

Nationwide accept future earnings if the employer confirms in a letter.

Thanks both. That’s good to know about nationwide and gives me some hope! We applied to NatWest through a mortgage advisor. He has said he is unable to appeal their decision further.

Definitely worth trying a broker and Nationwide sounds promising, but I suppose the issue is that until you're actually in the job and have possibly even passed a probationary period, your income is insecure so depending on how you are on affordability and/or LTV you might be considered to be too great a risk.

Good luck, but otherwise, alternatives would be renting or buying a cheaper property for now and trying again in a couple of years time.

Our buyer bought off us last year and was changing jobs from London to our area, he couldn't start the job until he'd bought our house and the contract was enough for nationwide. Our delay was actually down to his HR producing the contract to prove his employment.

I changed jobs when I first bought that house and DH got a promotion and was able to use future job/earnings for that job offer, again nationwide 😊 (although less recent).

Thankyou @name6785 - looks like nationwide is the way to go. I’ve done the online mortgage calculator and we can certainly afford a mortgage with them. I already have the contract for my new job so that’s a positive.

Santander also would accept this

Some lenders may offer based on your contract and then condition the offer so that you supply the payslip before completion. Get yourself a good whole of market broker

We had similar situation and used Accord mortgages (I think they are part of Yorkshire building society). We had to go through a broker with Accord though. Good luck!

Thanks @mrsduff ! Our broker made our application through Accord yesterday and they’ve said they’re fine with my contract only status. Keeping all fingers crossed!

@summerisler I wondered how things have gone? We are in exactly the same position with me ending maternity leave and starting a new job but also buying a house. Would you mind letting me know who your brokers are?

Hi @Hfjshdhs - so sorry, I should have come back to update this thread! We got a mortgage! Our offer was received about 2 days after house valuation. It’s with Accord, an intermediary lender, so everything was arranged through our mortgage broker. They have accepted my contract only and I start my new job in a few weeks. Just waiting on a completion date now!

Oh @summerisler that’s amazing! So pleased for you. Really hope we are in the same boat soon.

Thankyou @Hfjshdhs ! Can definitely recommend a mortgage broker if you need one. Good luck with it all!

Another vote for Nationwide. Ds changed his job after AiP issued and offer accepted. Nationwide happy to accept contract. He hadn’t started, there was a probationary period and he was on basic and commission. Still no problem with mortgage. Broker advised Nationwide are one of few lenders happy with this scenario.

Nationwide seconded - we also looked at them but we’re declined on affordability - despite having over 10% deposit (35k+) and combined income of 60k. Who knows how these decisions are made but I think Nationwide are still a really decent choice.

Thanks @summerisler and @Reasonistreason.

I just did a panic AIP with Nationwide (just in case the HSBC mortgage doesn’t come in!) and they will lend me what I need even with my new job (and outrageous childcare fees!) taken into account. So at least I have a fallback.

That’s great news @Hfjshdhs - let us know how you get on! Just going through torturous waiting now - searches etc. Can’t wait to move!