Hello all,
Not sure if this fits here, but hopefully someone can help.
Me and my partner want to jointly apply for a mortgage this year, probably about summer time. We will be first time buyers.
My partner earns considerably more than I do (about 3x times as much) and has been in his role since August 2022.
I have been in my role since May 2022, but considering changing my job to a higher paid one. I’m kind of desperate to get out, due to a toxic, horrible environment.
If I’m in a fairly new role when applying, or change jobs during the process, how would that affect us getting a mortgage?
My partner earns enough to cover mortgage payments and bills on his own even without taking my income into account, so would me being in a new job for a short period of time really affect our application?
Am I better off staying in this job until we have bought the house, or would it be feasible to change roles and be in a new one for less than 3/6 months at the time of mortgage application
9 comments
It could affect your mortgage. Some lenders may be reluctant to take your salary into account while you are in a probation period of a job. You’ll still be able to get a mortgage, but it could be solely based on your partner’s salary so may not be for as much as you are hoping. I would suggest speaking to a mortgage broker, they will be best to advise you for sure though.
It could affect it. I remember when my ex and I applied for ours, they did ask about that, and my ex had just changed jobs a few months earlier. But as it was within the same company it wasn’t an issue, but I got the impression it would have been a problem if he’d changed companies.
It will depend on the lender and their approach.
I was two weeks into a new job when we got ours. We managed to get one fine, since it was a permanent role, but I was advised that this was based on the fact that I could prove I had spent 6 years in the role before that and therefore had a good track record.
Yep, best to have been in your employment for 12 months before applying. My husband joined my company 9 months before our application. They did us a solid and backdated his contract by 3 months (without salary, the paperwork was done properly & tax and NI all paid appropriately) which immediately gave us lots more lending options and slightly better deals.
I have just been through this. It depends on the lenders rules, but the reality meant we couldn’t access the best rates. We had to settle for a slightly worse rate who would accept that I had only 1 pay slip, even though a significant pay increase.
Is the whole company toxic or just your boss/team?
I’m not an expert but I think if you basically get promoted within the same company it wouldnt be a problem like finding a completely new job would be. Especially if you don’t need to go through another probation period. Plus if you have continuous employment it gives you more protection than starting at a new company.
Is some sort of diagonal move upwards in your company possible? To a different team or office?
It could yes.
You should talk to a mortgage advisor.
Lenders like stability.
Changing your employment recently could be a red flag for some of them. Especially if you’re still on probation or don’t have a permanent contract.
But it may not make a huge difference, talk to an advisor.
Moving to a higher paid role should not have a negative effect, it’s how long you have been in work that counts overall. Moving to a higher paid job will be seen as a plus by your bank
It can be fine, our mortgage company will take your full salary into account from day one of a job, they just don’t like periods of unemployment. Sounds like some lenders are a lot more fussy though.