Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Going for a Mortgage but thinking of changing jobs

  • 02-10-2020 10:53am
    #1
    rizzee
    Registered Users Posts: 3,789 ✭✭✭


    Hi,

    I'm in my current job close to 4 years but getting sick of it due to the pressured workload and low pay for what is it.

    Myself and partner have substantially saved monthly the last 3 years as well as paying rent so we are on a good path when going for mortgage approval soon, in hope of buying early next year.

    I know the obvious choice would be to stick in the job until we have keys in our hand then look elsewhere, but I fear the workload is only going to get worse coming up to Christmas. I'm just not happy and it's effecting me outside of work, I don't have a break, expected to take after hour calls and answer emails the weekends.

    Silly question but if I changed jobs would I have to wait 1 year in a new job before being able to get a mortgage?

    I hope this is the right place to post.

    Thank you.


Comments

  • #2
    Creamy Goodness
    Registered Users Posts: 26,556 ✭✭✭✭Creamy Goodness


    rizzee wrote: »
    Hi,

    I'm in my current job close to 4 years but getting sick of it due to the pressured workload and low pay for what is it.

    Myself and partner have substantially saved monthly the last 3 years as well as paying rent so we are on a good path when going for mortgage approval soon, in hope of buying early next year.

    I know the obvious choice would be to stick in the job until we have keys in our hand then look elsewhere, but I fear the workload is only going to get worse coming up to Christmas. I'm just not happy and it's effecting me outside of work, I don't have a break, expected to take after hour calls and answer emails the weekends.

    Silly question but if I changed jobs would I have to wait 1 year in a new job before being able to get a mortgage?

    I hope this is the right place to post.

    Thank you.

    They'll want a letter from your new employer stating you're no longer on probation in the new role.

    What you do will depend on a number of things mainly how close you are to drawing down the mortgage and how well you could maybe push through if you're super close. Unfortunately none of us here would be in a position to tell you the answer.


  • #3
    Zebrag
    Banned (with Prison Access) Posts: 158 ✭✭Zebrag


    rizzee wrote: »
    Hi,

    I'm in my current job close to 4 years but getting sick of it due to the pressured workload and low pay for what is it.

    Myself and partner have substantially saved monthly the last 3 years as well as paying rent so we are on a good path when going for mortgage approval soon, in hope of buying early next year.

    I know the obvious choice would be o stick in the job until we have keys in our hand then look elsewhere, but I fear the workload is only going to get worse coming up to Christmas.

    Silly question but if I changed jobs would I have to wait 1 year in a new job before bei able to get a mortgage?

    I hope this is the right place to post.

    Thank you.

    I think to be honest, to avoid any set backs or extra pressure (on the mortage front) stay in the same place until all is set and cleared and then possible when all is settled in the house then change jobs. That's my plan anyways. Or you could switch jobs now and add another year or so onto saving, prove you're permenant in the same position for a certain length of time which means waiting longer to go through the mortage process.

    I think switching jobs while in a mortage process while only raise more questions than answers and you'll end up getting deflated whereas if you just stay where you are and keep yourself motivated by saying it's only for a certain length of time, before you know it you'll be in your new home and then expand your search whereever you want too knowing you're well and truly settled.

    Either ways it's a pain in the arse haha! But priorities first. House then job change would be my honest opinion.


  • #4
    ec18
    Registered Users Posts: 2,700 ✭✭✭ec18


    before drawing down you'll have to re submit payslips and proof of employment. Questions that would be material to whether you move or stick it out until you are in the house,
    • Can you find a new job quickly
    • Are you willing to put the house hunt on hold until such a time as you have a new job and are finished probation?
    • when you say mortgage approval? do you mean the initial application or are you applying for a mortgage on a house ?

    Really it's a question if you want and are in a position to put the house buying on hold for 6-12 months?


  • #5
    rizzee
    Registered Users Posts: 3,789 ✭✭✭rizzee


    Thanks for the quick replies!

    We really want to get into a place soon, I don't think another (up to) 12 months would be an option so I need to just keep the head down until the house situation is sorted and then I'll go on the job search.

    Thanks for the advice.


  • #6
    Interested Observer
    Registered Users Posts: 12,987 ✭✭✭✭Interested Observer


    The bank does have liberty to waive probation (a friend recently bought on when probation, but he works for a big tech company and his wife is a doctor so they felt it was a safe bet I guess) but in general they will want a salary cert from your employer saying you're a full time permanent employee and won't let you draw down until they get it. I switched jobs myself recently, and spoke to KBC about switching mortgage but they were having none of it, told me to come back when I'd completed probation.


  • Advertisement
  • #7
    Zebrag
    Banned (with Prison Access) Posts: 158 ✭✭Zebrag


    rizzee wrote: »
    Thanks for the quick replies!

    We really want to get into a place soon, I don't think another (up to) 12 months would be an option so I need to just keep the head down until the house situation is sorted and then I'll go on the job search.

    Thanks for the advice.

    It'll work out for you.

    As daunting as it will be and going to work might feel like a task in itself because you don't like it, try and look at what you'll get from it and because of it and before you know it, you'll be sitting in your sitting room watching crap on the telly and thanking yourself for waiting it out. As silly as it sounds but try and look at the positives from it.

    Then when you do look for a new job, you'll only have to worry about that and not wondering if your mortage process will be derailed.

    I'll be doing that myself when I purchase a house.


  • #8
    Bigmac1euro
    Registered Users Posts: 1,441 ✭✭✭Bigmac1euro


    Please don’t put too much pressure on yourself. My partner held out in her place of work to secure our home and she is now having seriously negative effects on her health due to stress. House hunting itself is really tough and it will be a drawn out long process. My advice would be if you find a decent better job, go for it.

    Health comes first. My partner is learning this the hard way and while we’re happy in our new home it’s been a tough ride particularly for her.
    I wish you all the best.


  • #9
    rizzee
    Registered Users Posts: 3,789 ✭✭✭rizzee


    Hey just an update.I had a meeting with the CEO recently and everything is now in order the last few weeks. I recieved close to a 25% payrise, as well as a structured plan to my role. The mortgage process is going smooth too and we are set for a New Year move on the area we are looking :) thanks for the advice.


  • #10
    tianna
    Registered Users Posts: 148 ✭✭tianna


    Hi Op,

    Glad to hear things are going well!

    I'm in a similar situation. We got AIP at the very end of October but now my partner wants to leave his job because he's gotten funding for his startup. Even though he'll have an income I'm sure the banks would basically see him as being unemployed.

    I was wondering does anyone know if ptsb require you to resubmit payslips and a salary cert before drawdown even if you have AIP and are within the 6 months? A friend who got a mortgage from KBC didn't have to resubmit.

    Thanks!


  • #11
    Sarn
    Registered Users Posts: 3,059 ✭✭✭Sarn


    tianna wrote: »
    I was wondering does anyone know if ptsb require you to resubmit payslips and a salary cert before drawdown even if you have AIP and are within the 6 months? A friend who got a mortgage from KBC didn't have to resubmit.

    Thanks!

    We recently drew down our mortgage from KBC and one of the conditions in the loan offer was that they wanted payslips 4 weeks before drawdown. That was us being in permanent positions unaffected by COVID.


  • Advertisement
  • #12
    Responder XY
    Registered Users Posts: 220 ✭✭Responder XY


    I recently changed jobs and switched mortgages whilst I was serving my notice. I was transparent with the bank and it wasn't an issue at all. Was a little surprised at that as "common knowledge" told me it was going to be an issue. Turns out common knowledge was wrong!


  • #13
    Tork
    Registered Users Posts: 3,241 ✭✭✭Tork


    Responder XY wrote: »
    I recently changed jobs and switched mortgages whilst I was serving my notice. I was transparent with the bank and it wasn't an issue at all. Was a little surprised at that as "common knowledge" told me it was going to be an issue. Turns out common knowledge was wrong!

    So what industry do you work in? If you're in one where people move around a lot to get pay rises and jobs are plentiful, you're less likely to scupper your mortgage application.


  • #14
    itsusuallyjazz
    Registered Users Posts: 72 ✭✭itsusuallyjazz


    tianna wrote: »
    Hi Op,

    Glad to hear things are going well!

    I'm in a similar situation. We got AIP at the very end of October but now my partner wants to leave his job because he's gotten funding for his startup. Even though he'll have an income I'm sure the banks would basically see him as being unemployed.

    I was wondering does anyone know if ptsb require you to resubmit payslips and a salary cert before drawdown even if you have AIP and are within the 6 months? A friend who got a mortgage from KBC didn't have to resubmit.

    Thanks!

    I was asked for the most recent payslip and a ‘covid’ letter from work to get the loan pack

    And I work for one of the companies manufacturing the vaccine so could not be in a more secure job

    Edited to add my mortgage is with ptsb


  • #15
    Responder XY
    Registered Users Posts: 220 ✭✭Responder XY


    Tork wrote: »
    So what industry do you work in? If you're in one where people move around a lot to get pay rises and jobs are plentiful, you're less likely to scupper your mortgage application.

    I'm in financial services.


Advertisement