Mortgage with a New Job! Buying my rental.
Discussion
Morning!
Earlier this year, I sold my property within a couple of weeks of getting married. As there was no time to buy another property at a time, my wife and I rented a home.
We like the home so much, that we expressed interest to the landlord with buying it, and it turns out that the landlord has been toying with selling for a while too.
Whilst there has been no formal agreement, the wheels are in motion as it’s due to be valued in the coming weeks.
HOWEVER - I’m due to start a job in October! What is the current state of applying for a mortgage whilst in a new job and a probationary period? The application would be joint, I am the larger earner, we’ve got the deposit and fees ready to go from the sales of my other home.
Working off the various calculators found online, I could compfortably afford the payments on my old role, but even more so on the new one. The application couldn’t be done on my partner’s wage alone based on the numbers.
Rightly so my gut feeling is that lenders would want to ensure I am out of any probationary period (which is 6 months BTW), but it would be good if any advisers on here could offer any additional information!
Thanks!
Earlier this year, I sold my property within a couple of weeks of getting married. As there was no time to buy another property at a time, my wife and I rented a home.
We like the home so much, that we expressed interest to the landlord with buying it, and it turns out that the landlord has been toying with selling for a while too.
Whilst there has been no formal agreement, the wheels are in motion as it’s due to be valued in the coming weeks.
HOWEVER - I’m due to start a job in October! What is the current state of applying for a mortgage whilst in a new job and a probationary period? The application would be joint, I am the larger earner, we’ve got the deposit and fees ready to go from the sales of my other home.
Working off the various calculators found online, I could compfortably afford the payments on my old role, but even more so on the new one. The application couldn’t be done on my partner’s wage alone based on the numbers.
Rightly so my gut feeling is that lenders would want to ensure I am out of any probationary period (which is 6 months BTW), but it would be good if any advisers on here could offer any additional information!
Thanks!
Think the rules have changed so I can't be of much help, but back in 1996 I applied for a mortgage on a Saturday when I was technically unemployed - I left my job on the Friday and was starting a new one on the Monday (either would have supported the mortgage multipliers) but the stuffy Building Society manager looked decidedly unimpressed at the time.....
devnull said:
Morning!
Earlier this year, I sold my property within a couple of weeks of getting married. As there was no time to buy another property at a time, my wife and I rented a home.
We like the home so much, that we expressed interest to the landlord with buying it, and it turns out that the landlord has been toying with selling for a while too.
Whilst there has been no formal agreement, the wheels are in motion as it’s due to be valued in the coming weeks.
HOWEVER - I’m due to start a job in October! What is the current state of applying for a mortgage whilst in a new job and a probationary period? The application would be joint, I am the larger earner, we’ve got the deposit and fees ready to go from the sales of my other home.
Working off the various calculators found online, I could compfortably afford the payments on my old role, but even more so on the new one. The application couldn’t be done on my partner’s wage alone based on the numbers.
Rightly so my gut feeling is that lenders would want to ensure I am out of any probationary period (which is 6 months BTW), but it would be good if any advisers on here could offer any additional information!
Thanks!
Responses from lenders will vary quite a lot;Earlier this year, I sold my property within a couple of weeks of getting married. As there was no time to buy another property at a time, my wife and I rented a home.
We like the home so much, that we expressed interest to the landlord with buying it, and it turns out that the landlord has been toying with selling for a while too.
Whilst there has been no formal agreement, the wheels are in motion as it’s due to be valued in the coming weeks.
HOWEVER - I’m due to start a job in October! What is the current state of applying for a mortgage whilst in a new job and a probationary period? The application would be joint, I am the larger earner, we’ve got the deposit and fees ready to go from the sales of my other home.
Working off the various calculators found online, I could compfortably afford the payments on my old role, but even more so on the new one. The application couldn’t be done on my partner’s wage alone based on the numbers.
Rightly so my gut feeling is that lenders would want to ensure I am out of any probationary period (which is 6 months BTW), but it would be good if any advisers on here could offer any additional information!
Thanks!
- Some will want 3 months pay slips before they will lend
- Some will want at least one pay slip
- Some will lend from day one (without a pay slip)
- Some will lend before you even start off the back of a signed contract
For reference, their criteria applies from the date of application, not when the purchase will complete......Eg you can't apply no and tell tem that you will have three pay slips at the end of December before you complete........
Sarnie said:
Responses from lenders will vary quite a lot;
- Some will want 3 months pay slips before they will lend
- Some will want at least one pay slip
- Some will lend from day one (without a pay slip)
- Some will lend before you even start off the back of a signed contract....
Is there really slender that will lend without seeing a payslip?- Some will want 3 months pay slips before they will lend
- Some will want at least one pay slip
- Some will lend from day one (without a pay slip)
- Some will lend before you even start off the back of a signed contract....
Thanks all, and Sarnie! I appreciate the responses.
There's the mention of three payslips - do they have to be from the SAME employer, or could I supply three consecutive payslips, the first from my old employer, and the last one from my new employer? I guess it's down to their rules? There won't be any gap in my employment - I'm finishing on the Friday with my old employer and starting on the monday morning with the new one.
There's the mention of three payslips - do they have to be from the SAME employer, or could I supply three consecutive payslips, the first from my old employer, and the last one from my new employer? I guess it's down to their rules? There won't be any gap in my employment - I'm finishing on the Friday with my old employer and starting on the monday morning with the new one.
devnull said:
Thanks all, and Sarnie! I appreciate the responses.
There's the mention of three payslips - do they have to be from the SAME employer, or could I supply three consecutive payslips, the first from my old employer, and the last one from my new employer? I guess it's down to their rules? There won't be any gap in my employment - I'm finishing on the Friday with my old employer and starting on the monday morning with the new one.
Yes, those that want 3 pay slips want you to have been in the job three months, hence three pay slips from the same employer......There's the mention of three payslips - do they have to be from the SAME employer, or could I supply three consecutive payslips, the first from my old employer, and the last one from my new employer? I guess it's down to their rules? There won't be any gap in my employment - I'm finishing on the Friday with my old employer and starting on the monday morning with the new one.
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