Mortgage with new job during Covid?

[beckyyl]

Hello everyone,

Just wondering if anyone has successfully been granted a mortgage during these times with Covid when having only just started a new job? No payslips just purely a contract/start letter?

Thanks

I'm not sure what covid has to do with it, you'll need more payslips than that to prove your income is steady well into the future?

Nationwide will lend on future earnings with proof of employment/pay from employer, we still had to show our 3 months previous though, but the amount they would lend was based on future figures (they'd look 3 months in advance I think it was)

@MrsJamin

I'm not sure what covid has to do with it, you'll need more payslips than that to prove your income is steady well into the future?

Because since covid mortgage providers have made it a lot harder to pass the mark. Nationwide in particular used to allow people who could provide proof of starting a new job to be accepted, so that's why I'm wondering if anyone has successfully done this since the rules have been tightened since covid.

@beckyyl we took out our mortgage this year but the future stuff was in relation to an AIP we had last year, however, our buyer also used Nationwide this year post Covid and I know he was able to get a mortgage based off his new job as we were delayed waiting for his employer to do the contract he could only get 85% LTV though, he originally wanted 90%LTV.

[quote shallbe]@beckyyl we took out our mortgage this year but the future stuff was in relation to an AIP we had last year, however, our buyer also used Nationwide this year post Covid and I know he was able to get a mortgage based off his new job as we were delayed waiting for his employer to do the contract he could only get 85% LTV though, he originally wanted 90%LTV.[/quote]
Thanks so much! We have got 85%ltv also have an existing mortgage with them so looking to port and borrow a little bit more. This gives me a bit of hope - thanks! Going to call them in the morning but just thought if anyone could offer any advice whilst I'm worrying about it in the meantime lol x

Fingers crossed, we ported with them also, it was very easy, we were sorted within 2 weeks, this was in the summer. Good luck!!

Hi! We have done exactly this this year with HSBC. My husband had the new job and is the main wage earner. HSBC had no problem with it, they just wanted to see contract and based figures on the new amount. However they did have T&C's which mentioned about if there is a large salary increase, they wouldn't give you the full AIP. I think it was if there was more than 20% increase. In our case, the salary was very similar so it didn't make much difference. Good luck!

@kworth

Hi! We have done exactly this this year with HSBC. My husband had the new job and is the main wage earner. HSBC had no problem with it, they just wanted to see contract and based figures on the new amount. However they did have T&C's which mentioned about if there is a large salary increase, they wouldn't give you the full AIP. I think it was if there was more than 20% increase. In our case, the salary was very similar so it didn't make much difference. Good luck!

Thank you!