Buy a house or change jobs.

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corkmike

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Hi
My query is I am looking at buying a houses and also looking at changing my job.
Can anyone recommend the best solution – which one to do first and the consequences of the other i.e. mortgage protection – getting a mortgage while on the probationary period etc.
Regards
Mike
 
From a mortgage perspective, it would make sense to buy the house first.
Lenders are currently putting great emphasis on job security, the longer you are in a job, the greater your chances of mortgage approval.

As you mention you will need to be permanent and not on probation before you can drawdown a mortgage.

On the flipside you could just hold off buying a house for the next couple of years, gamble prices will not rise as by that time you will be considered steadily employed again. It all depends on how much you need to buy now.

www.moneybackmortgages.ie
 
If I were to buy a house and change jobs then would there be any restriction on me from the mortgage company or morgtage protection company?
 
Hi corkmike. Do you mean would there be a restriction on you changing jobs for the duration of the mortgage term? There would be no such restriction, once you take the mortgage you are obliged to repay the mortgage amount. If you don't, for whatever reason, there is a risk the bank will repossess your house.
 
Hi, I was just looking to see if there was a clause in mortgage protection insurance or with any of the mortgage companies that one has to keep their job for the first 3 months or anything wild like that.
Regards
Michael
 
If you change jobs your position may not be permanent for 3 to 6 months depending on the contract and this would mean you may not be able to get mortgage approval for during this period.
 
For the first three months of your mortgage after drawdown you mean Mike? I don't think there is, once you've drawn down, I imagine you'd be free to change jobs straightaway. I'm open to correction on that though.
 
Back in 2008 (different times, admittedly), I changed jobs 2 weeks before drawdown.
 
PaddyW said:
For the first three months of your mortgage after drawdown you mean Mike? I don't think there is, once you've drawn down, I imagine you'd be free to change jobs straightaway. I'm open to correction on that though.
Click to expand...

Once you ve drawn down they wont care how many times you change jobs and how often as long as you hand over the cash each month !
 
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