Mortgages and Changing Jobs

[Silgo]

Looking to buy my first house this year and I've started looking at mortgages.

One problem I have is that my current salary is not that good, although we do get a bonus every three months (30% of a normal months salary). However, there's a job available locally paying about 25% more...

I believe most providers want quite a few months of payslips as proof of income, so which is best when applying for a mortgage - more income, or stability?

[p1stonhead]

One months payslip is fine.

[Silgo]

p1stonhead said:

One months payslip is fine.

That's good to know. (I see you've posted on my other thread...)

Edited by Silgo on Sunday 22 February 22:00

[Sarnie]

Silgo said:

Looking to buy my first house this year and I've started looking at mortgages.

One problem I have is that my current salary is not that good, although we do get a bonus every three months (30% of a normal months salary). However, there's a job available locally paying about 25% more...

I believe most providers want quite a few months of payslips as proof of income, so which is best when applying for a mortgage - more income, or stability?

Any potential probationary period is likely to be more of an issue........

[Silgo]

Sarnie said:

Any potential probationary period is likely to be more of an issue........

I wondered about this. I'm not sure about the job I'm looking at, but it's the same industry as I'm in at the moment, and new starters here get either 3 or 6 month probationary periods...

Hmm, this needs a bit more thought...

Thanks

[Gareth79]

I remortgaged with First Direct recently and they wanted 3 months payslips, 3 months bank statements and the last P60. There was also a reasonably detailed questionnaire on outgoings, I think that is for the new "stress test".

[Xaero]

3 Months is usual at the moment, I saw a mortgage broker this weekend and that's what he asked for. He said some can do it on a month, but you'll be paying so much extra you may as well wait and build up the deposit while doing so too.

[Onemcs]

I recently got a mortgage.

1 Month payslip and letter proof of salary (gave them 3 anyway)

Also for my yearly bonus' they wanted at least two years proof.

Most wanted at least 6 months at your current employer which wasn't a problem for me.