Changing jobs and applying for mortgage

[FridayThirteenth]

Was hoping to get some thoughts or hear if anyone has a similar experience.

We are just about to put our house on the market (photos today). I haven’t been happy in my job for a while, but has decided to sort out moving first and then look.

However yesterday out of the blue an old agency contact emailed me about a role that sounds perfect. It’s part time/flexible but interesting with lots of responsibility so these jobs are literally like hens teeth.

Obviously I’m a bit ahead of myself as haven’t even interviewed yet, but I wondered whether this would be a bad idea in terms of mortgage application?

My husband earns multiples of what o do, so my salary isn’t quite as important in terms of affordability, however we can’t quite borrow enough just on his salary alone.

If I did move jobs is this likely to scupper things? I obviously have no idea at this point how long it is until we would make a mortgage application so feel a bit in limbo!

Need to get back to the agent today - help!

We had this - it depends on terms of new role. Mine had a probationary 3 month period so the lender would class it as "permanent" employment until I was out of that initial 3 month period.

namechanged - what did that mean in terms of the mortgage application? did they count your salary? or did you have to wait 3 months to complete the application?

Ours were fine with a copy of the contract for the new job but then it was a permanent position.

As it happened, DH was well established in his new role by the time it all got sorted.

I'd phone a mortgage broker as they will know which providers will be willing to consider this. We used bird& co and found them very helpful. Or you could try L&C. Both don't cost you anything.

You need to be out of the probationary period before they will consider you as having a permanent job. That said it normally takes about 12 weeks from offer to completion on a sale/purchase so see if you can get the job first, wait a few weeks then go on the market.

Say yes!!!! And you can see what happens. Both jobs and house sales fall through so there is no point turning down a great opportunity like that.
Is there any reason not to postpone moving? If you are just at the photos stage you could be months away from even starting the conveyancing, so I reckon it could all fall into place very nicely.

OP- they wouldn't take my salary into account (which we needed them to do). Our hands were tied as it was a remortgage with Nationwide (long story but we didn't want to move lenders) and they wouldn't even start the process until I was out of that 3 month period - I think you go through some initial approval before you get on to the nuts and bolts of the process and our application "failed" the initial approval stage as they wouldnt lend on our combined salaries as i "was not in permanent employment". My situation wasn't through choice, I was made redundant.

It was actually quite costly as we couldn't align the remortgage with the end of the fixed rate period at something like 1.4% and had to go onto the SVR for about 5 months altogether I think which increased our payments by about £500 per month.

If you can move lenders, as a PP suggests, a broker might be able to find a lender which will still lend in your circumstances.

I was recently (January) approved for a mortgage with Santander the same week I started a new role after being made redundant. My DP was a joint applicant on roughly the same salary as me and they didn't have a problem with it.

Eek OK. Sounds like it's a bit of a risk.

We are actually using a broker but it's a contact through my current job so not sure I want to ask that question to them right now.

I might have a chat with Bird & Co or L&C and see what they think. Seems like a shame to not take the chance but we really want to move this summer so don't want to delay things for a job that might not happen.