mortgages

[julie6003]

can you tell me how long you have to be in a job before you can get a mortgage? And if you are getting a joint mortgage do both of you have to be in a job for a certain length of time??

[Oneeyedvic]

There is no definite period - it will depend on your personal circumstances and the risk to the lender.

Obviously, someone who has been in the same job for 10 years is perceived as a lower risk as they have a good track record with their employer.

Conversley, if you have changed jobs several times in the last couple of years, you will not be perceived as such a good risk. Whislt a mortgage company may still lend you money, it will depend on things like the deposit available and the rate may be higher.

Just a word of warning - don't be tmepted to lie - more lenders are carrying ut job checks now where they phone up your previous / current employer and ask how long you have been there.

Sorry can't give you a definitive answer, but as said, it really does depend on your own circumstances.

[vicars]

Lenders have different criteria. The minimum allowable is that you are at least out of any probation period. Some lenders need 12 months work history, not necessarily in the same job and some need 1 month, 3 months etc. A mortgage broker is best used for purposes like this - they can look up the best deals and then go through the lenders to which of the best deals you are able to get.

[Sammy Snake]

Have to disagree with vicars. When my mortgage was approved by the Halifax, I had only been in my job for 4 weeks and was still within the six month probationary period. All Halifax wanted to see was the letter confirming my salary etc

[STAH]

Oneeyedvic has got it spot on here.

Furthermore, most lenders have abolished the salary multiple equations to determine the amount of the loan. They go by affordabiltity - if you can afford to repay the mortgage - then the loan will most certainly be sanctioned in principle.

If you are self employed then they will need to see confirmation of earnings usually in the form of auditted accounts.

[vicars]

Hi don't want to be picky but Halifax confirmed they would not look at someone within a probationary period, especially where it was very soon after starting (and this is the same for almost all lenders). The exception may be a few months in but this is still outside their criteria. The fact that Sammy Snake got it shows that sometimes they do go through but don't rely on this as failed applications don't do anything for your credit report.