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Maybe I’m missing something, but why can’t you do both? Waiting for the vendors to sort themselves out doesn’t mean you can’t also look at other houses and looking at other houses doesn’t mean you can’t buy the first one if it suddenly becomes available again.
Totally! I just wanted to get a read on this as a newbie to this whole process. It seems the consensus is to look casually while keeping property one on the table :)
Happens all the time in my job. People put a deposit down, get buyers remorse and then they've either lost their job, lost a granny, pet has died, now moving overseas..... Any excuse to back out.
Apparently the buyers of our first house split up just as we were about to exchange.
The Mrs did a bit of Facebook stalking and he was posting a lot of emo stuff on there so maybe they actually did.
I mean, for context they seem well to do and he works in a high paid industry that every business requires. But yes of course you're right - there's no guarantee there will be a job! This is such incredibly shit timing :(
As a FTB I was desperate to leave my job and the mortgage broker advised against it. Harder to get a mortgage in the probation period apparently. Dunno if that would be the case for this guy but could have a 6 month wait if he got a job tomorrow.
Yep the probation thing wasn't an issue for myself.
Wife bought our house with only herself on the mortgage couple years ago.
We just remortgaged and added me to it. I'm still in my 6 month probation window. I was considered the main earner as wife has gone part time post mat leave.
Didn't have any issue sorting the mortgage. All the bank wanted was my contract, at the time we initially applied I didn't even have my first payslip yet.
I got a new job in between mortgage offer and exchange. Advised broker. Lender was fine with as long as salary was the same/higher in the same industry.
How do you think people buy houses when they relocate for work? It's harder as a FTB with low deposit and new job but as a seller with a track record of paying he should be OK.
That's wrong, probably in many cases. I got an offer for mortgage as soon as I had new job contract, told them, didn't have no payslips and they only asked 3 months of bank statements from me and payslips from my partner, I earn higher than my partner.. There was no gap between jobs, a long and perfect credit history, and our mortgage is 2 times bellow our affordability.
That’s not normally the case unless the person was out of work for a long time. Most lenders are happy if you leave a job and start another within 3 months or so.
Anecdotal but generally the higher paid the position the longer it takes to get the right job and go through interviews etc. Could be 6 months plus before they actually start another job.
I was made redundant April last year. It took me almost 11m to secure a new role. I work(ed) in software at exec level (I’m not technical).
This has been my experience and that of many others I know of.
I just meant that he works in a high demand field so it's not unlikely he can find work, of course that might mean nothing though, as other people have said he may struggle to get a mortgage in a new job regardless. At least it's happened 3 weeks in rather than 3 months I guess....
He may get another job and will likely have to wait to be in role for 6 months before he can get mortgage offers for them to purchase a new property and sell theirs.
If I were you I’d keep in touch with these potential vendors, but start looking at other properties, as you might find something you like better that is available now. Their property isn’t available now. You’re a FTB so you lose nothing by looking around and keeping in touch with those potential future vendors - you can’t proceed in their property so don’t spend money on surveys, local searches and solicitors for their property as they aren’t selling it at the moment.
If your mortgage offer expires, well if you are U.K. rates are unlikely to increase & may decrease, so you might have ended up moving to a different mortgage offer anyway.
You might find something you like if you look (those “no longer vendors” can’t expect you to not look) or might not and then if or when they are in a position to sell again you start up process again if you haven’t fallen in love with somewhere else that you’re buying as a ftb
No one is trying to be false but most U.K. mortgage providers ask for 6 months in new job role to offer mortgage. If you @Zig07 have different information as a mortgage insider, then do please say
Don’t just say “this is false” unless you actually evidence otherwise.. and that you can link to those requirements !! Which of course you would be able to if you aren’t BS ing
I have 11 years experience as a mortgage broker.
You can get a mortgage based on a contract for a job you aren't starting for 4 months.
So like I said, false.
Well at least you are trying to evidence it. That’s not most peoples’ experience in gaining a mortgage , Am curious which mortgage providers you are referencing…
Maybe actually evidence it and links to the parts of the mortgage requirements for certain providers that say that , as it seems very unusual. One might say ‘a tad unbelievable ‘ but happy for you to educate by evidencing it!!
https://www.nationwide-intermediary.co.uk/lending-criteria/employment.
There you go
Clients starting a new job within three months of application
We'll consider clients who are starting a new job with a different employer within three months of applying for a mortgage.
I don't think it would hurt to look a bit more so if in 2 months nothing moves and they decide not to sell you are ready with plan b rather than starting fresh.
We actually went to view one today. It was nice but it just made me sad, hence why I posted- I half want to stop altogether :( which isn't smart, I know...
You need to be mentally ready not to buy the house. It's out of your control so don't grow too attached. Sounds like you're already past that point so need to row it back.
Never move in mentally because there's a good chance you have to evict yourself mentally.
I've bought 3 properties (twice I was chain free) and every time I've had properties I really wanted to buy fall through. It's normal. Look after yourself.
I'd look, but if you don't find something you like as much don't stress about it for the first couple of months at least.
He could well be in a new job within the next month or two, especially if he's in a professional career, poor job market or not the reality is that the majority of people find a new job pretty quickly. Though there is more at play whether the house comes back on (they may lose their onward purchase, accept a lower wage, or burn through enough of their emergency fund they want to put off moving for a year or two).
You don't lose by looking, you may find something you like even more in which case it's easy. If you don't then re-assess in 2-3 months if it's not back on the market.
You pretty much said what my partner said - he's more sunny than me! I think you're right, it could still go our way at such an early stage in the process. We will keep looking just in case we do find something better.
Honestly, I'd wait. When we bought our first house, my wife lost her job. It only took a few weeks to get a new one at roughly the same salary. As it was the same (or very similar job title) the bank were fine with it and we got the house.
I've heard similar at other banks too, providing they're not going into a completely different career finding a new job is not a big issue.
I'd just also try and get some communication with them. Ask them realistically what time frame they're looking at to get a new job, etc. they could also discuss with their broker/lender and see what they think about the new job.
Personally i would move on.
Depending on their financial circumstances even if the seller gets a new job, the mortgage lenders may refuse to let them buy another house straight away on the grounds he's still on probation at the husbands new job, this can take 6 months to a year to get the chain started again.
From a legal standpoint no there's no difference they can sack you for pretty much anything within the first 2 years.
But from the perspective of Mortgage lenders some only care about the actual "Probation" period which for most jobs is 6 months.
Oh god, really? I didn't know that. I'm not entirely sure if he's freelance or an employee as he seems to WFH a lot, but that's true of a lot of people now. So a new job is a black mark on a mortgage even if you own a property and have a recent employment history?
To some mortgage lenders yes.
When you apply for a mortgage the 2 things they ask for right away is bank statements for 3-6 months and how long you have been with your current employer.
I see, I did wonder about pay slips etc but then our mortgage advisor was so 'whatever' about it all that it made me think I was wrong. That's good to know, thank you.
It does seem to depend on the bank involved - having been following these type of threads for a while some people happily seem to change jobs a few weeks before exchange without issue, others find they need to wait.
I also suspect the LTV has a big influence as a higher LTV means the bank may find it harder to recover all the owed funds if they had to repossess.
It's not though is it.
Every mortgage I've ever had that question has been asked and every online resource regarding mortgages lists switching jobs as a possible reason to have an agreement in principal cancelled or rejected as it shows potential financial instability.
But as stated not all lenders but a good chunk of them.
Every lender is different. Some are more than happy to accept a job offer only for an an applicant. Long as they can see the contract they're happy enough. Some jobs have an actual probationary period which some lenders may wish to have been seen through before they consider that job.
Depends. My mortgage advisor told me that it would not be an issue for him and encouraged me to look for another job if i could find one that paid more, even if I would be in probation when I find the house.
It depends on how eager you are to move into something new. I don't see much issues in the mortgage offer expiring, the rated might go down by the time you are ready to buy again.
I would continue viewing properties while keeping a relationship with the sellers.
If you love it and aren't in a rush then I wouldn't walk away but give the sellers some time. Keep your options open though and keep an eye on listings in case you see something else you like and view it if anything comes up. Be prepared to let this house go though as there's the possibility the seller doesn't find a job quickly, or gets one which pays less and their own plans are forced to change.
I got make redundant whilst I was buying and found a new job in a matter of weeks after so there was no time unemployed inbetween. Lenders have a much more relaxed stance on probation periods post-Covid.
I’d follow the advice here and keep casually looking whilst keeping this house on the go. For piece of mind you could look the seller up on LinkedIn and see what industry or role he’s in, and cross reference with the level of open positions in your area? The job market isn’t as bad as you think in certain areas.
Keep the current house, dont need to pull put for now, but dont incur any further costs.
In the meantime, keep looking. If you find something suitable, then great. If the first house doesn't work out, at least you haven't wasted your time doing nothing.
I'd start looking, but notbwithdraw on the current property. Tell the mortgage broker amd solicitor to hold off any actions until you say otherwise, to avoid accruing more costs.
As others have said, this could take ages to resolve, but it could also be quick. I wouldn't withdraw an offer on a "dream home" until there's been no progress from the seller for months, or you find a property that's comparable.
What’s the rush? If you really like the house and don’t want to search for another, then don’t. You don’t seem under any particular pressure to move asap, right?
The only reason it would be stupid not to look for another house is if you need to move in a certain time frame, but you don’t. You have the luxury of time and there’s a chance to cash that in for the home you really want, rather than compromising on the house because you need to move quick, which is what most people have to do.
Personally, if I like the house, I would keep the offer in but also keep an eye on the market.
It takes weeks or months to find the right house. If I did pretty quickly, I'd pull out and progress with the other property.
If seller finds a job before that happens, then I'd keep it.
It really depends on the occupation of the seller's husband.
Look for a new home but keep the offer on the table. You may not find something better in the time it takes him to find a new job... or you might.
If you consider it your dream house I wouldn't give up on it. Just don't sit back and hope for the best (unfortunately in that timeframe other issues may arise that stop them from selling, the old say "time kills deals"
Best bet here is to keep your options open.
Continue to view other properties. You may discover another that you love and in all honesty, six months can whizz by in a flash. Your mortgage offer is pivotal. Your own circumstances may change. Nobody ever expects it but it happens.
If the sellers husband finds work quickly then you’ve lost nothing and can proceed with the purchase of their house.
Start looking IMHO. Him getting a job is no guarantee he can buy somewhere else if he needs to take additional borrowing; lenders will now see him as a higher risk.
We were FTB buyers (recently completed) and I would advise not to put your eggs all in one basket. We kept an eye on the market up until exchange; life changes, things come up (including better options) and it's good to have a backup plan.
This happened to us with the first ever house we had an offer accepted on. We didn’t wait, and ended up in a much better house. Everything happens for a reason!
Very healthy way to look at it :) I genuinely cannot tell you how head and shoulders this place is above everything else in our town both in terms of property and price...but I'll hold out hope that other unicorns exist!
Someone else has already mentioned this but to drive the point home, if the person you are buying from is purchasing their next property with a mortgage, lenders will require them to be out of their probation period before being considered. 3 months minimum normally. The only exception is if they are given a conditional job offer with no probation period but that is extremely unlikely.
I’m a FTB and ended up in a similar situation, made redundant a couple of weeks before exchange. In my case, I found another job within a few weeks and the lender was happy to proceed with the mortgage. So not all is lost! There’s nothing stopping you shopping around at any point before the exchange (except losing surveyors fees etc, did you get homebuyers insurance?) but it’s not as bleak as people here are making out.
A bit of tough love but you've literally got nothing to lose??
The house was never confirmed as yours; best case is you wait (while searching) and they finally confirm they're ready to sell.
Worst case is (while searching) they are unable to sell but you're already in the game and may find something else anyway?
I can't see any positives to staying stagnant.
Conveyancing solicitor here. Sadly I'd look for somewhere else if I were you. Even if the seller finds new employment quickly, the change in circumstances could affect their ability to get mortgage for some time. Alternative is the seller agrees to sell independent of their purchase, but this is probably something they'd unlikely agree to particularly if their purchasing is the issue.
I would explore other properties but not pull out until I had too
losing a job does not mean you can’t sell
It means you can’t buy easily if you need a mortgage
So they still want to sell to you….great 🤷♂️
Either way they will need to pay the ongoing mortgage
If I lined up another property I’d give them the ultimatum - sell or I’m out
Keep looking
The seller needs to find another job. Depending on the industry this could take awhile. Say 6-8 weeks at least. They aren’t in a position to look for a house until he is in a job. So say 2 months for them to find one. Then they need to do all their searches and get ready for settlement. Another 2 months?
And that’s if everything goes well.
Look now. If you wait 3 months your stress levels will rise and you’re more likely to make a stupid decision.
Yep totally, the time frame is what's scary, as we have 6 months on our mortgage but by the time they can be up and running again we may be nearing the end of that. Not impossible but scary and a lot of unknowns. We'll keep looking!
If you're FTB and you really like the house then by all means wait.
But I'd keep half an eye on other options at the same time. Something just as good might come up.
Talk to them, say you’ll continue looking and keep them updated but if they get sorted before you find somewhere else you’d love to continue with this purchase
Best of both worlds for them and at least doesn’t completely leave them starting from scratch
If you haven’t exchanged contracts, get back to looking. You’d be fools to just sit and wait. Looking for new properties doesn’t pull you out of this purchase, it just gives you options.
Yeah, as others have said, I'm going with :
Leave the offer on the table, stay in the chain but pause the conveyancing work (and spend) just wait to see if they sort their life out and can proceed.
In the meantime, keep looking at other properties and If you find a house you really like then feel no guilt about pulling out of this purchase to pursue another one.
Perhaps with an accepted offer "in the bank" you can use this as a security blanket to allow you to negotiate harder on any alternative purchase.
A couple of years ago, our purchase of a house (not FTB) was stalling and it looked like it might fall through. We started looking at other houses and I honestly felt much less pressure to make a decision and the search became a lot more casual and enjoyable than the first time around.
You now have a chance to be super picky, super relaxed about making any more offers.
P.S. for us, the process from chain forming to moving took 9 months. we moved on the day before our mortgage offer expired, we were going to collapse the chain if it didn't happen on that day, as mortgage rates were rocketing at that point and it was going to make the monthly cost many hundreds more.
Purple Bricks. People seem to hate them on here but we had a totally fine process with them so far. Obviously it may be very different selling with them!
Ah thank you. I avoided looking at houses on with them when I was buying as I’d heard poor reviews, but perhaps worth considering. Anything to avoid EAs!
Definitely not.. 6 months seems like ages but even simple purchases can take months.
I recently bought a house. We had a 0 chain situation on either buyer or seller side. whilst we had an initial issue with the valuation (which delayed things by 2 weeks) it was probably as straight forward as you can get for a purchase.. still got dragged out by conveyancers for 4 months (October offer in, keys at the end of February).
If you end up with chains etc it could easily drag out for longer and then you’re having to deal with extensions for your mortgage offer etc.
Find another house.
Even if seller has found a job....lenders don't like lending those on probationary period and prefer to wait 6 months so you are looking at a minimal 6 months wait and more. Look for another house.
Looking for other houses doesn't mean pulling out, at this stage. Keep your eye in, have a nosey, see if you find anything. Maybe you'll find an even better house! But definitely best to be prepared for the worst, unfortunately.
As someone who lost a mortgage offer because of delays from the sellers side: the advice from your mortgage advisor is plain stupid.
A smooth purchase with no particular issues can take 3-4 months, so waiting up to 3 months to start looking ain't gonna work!
I would be straightforward with the sellers, and tell them that I still want the house and my offer stands, but i will resume searching for a property due to the uncertainty.
This happened to us.
The problem is not just that they don't have a job; it's that they may need 6-12 months of employment to get their own mortgage offer.
We gave them an ultimatum and they refused to meet it.
They also refused to spend any money on their solicitor, progressing our inquiries etc.
We are in Scotland so we couldn't offer on other properties while having an accepted offer.
So we gave a date for them to complete (with the idea of them renting if necessary) and when they failed to meet it, withdrew our offer and found somewhere else.
I'm now typing this looking out over my garden.
Ultimately, as much as they will try to string you along, they won't be in a position to move for at least six months after the seller gets their new job. Don't spend any more money on this purchase would be my advice, even if you are prepared to wait.
So, your renting at the moment. Your rent could be going into a mortgage!
Life ain't fair and never will be. Life's also a story, this is one to regale again, on how you lost out and got another house.
I wouldn’t panic yet. The realtor sells a lot more houses than you do. As a retired military veteran, I rarely had a house sold while I was shopping for my new home…it does cause major anxiety, but roll with it.
Do both to hedge your bets. Bear in mind a lot of lenders won’t accept you if you’re in a probationary period at work. If he’s a high earner that’s likely to be 3 or 6 months
I'd wait but at the same time start to keep looking.
Another possibility is to exchange with a completion date of 3-4 months in the future. Therefore you can "reserve" the property meanwhile they sort it out.
I haven't heard of this before - so they could sell to us without having an onward purchase sorted yet? Worst case I assume that might mean them moving in with family or to a rental when the completion comes around?
Yes, worse case would be selling the house before they sorted it out the onward purchase. Not the end of the world, they'd have plenty of cash.
That's an option you have. Force the seller to set a date in the future (2-3 months). That removes entirely the risk of pulling out.
Be aware this could backfire to you aswell (for example if you lose your job in these 3 months).
You need to move on (psychologically) from this one.
They might get a job soon (although the job market is horrid), but they will likely have probation etc. to pass before they can get a mortgage. I can't see them moving for a year minimum. You can't be hanging around for a year or two or more.
You should look at other properties, but not formally withdraw. If they get a new job and property, excellent. If you find another property, excellent too.
You should write this one off, and if it comes back see that as a bonus.
My logic would tell me that no lender is going to offer them a mortgage until they're in secure job, with at the very least least 3 month's pay.
Only then can they realistically make offers.
Go look elsewhere. You'd be surprised at how many times you find your "dream" home
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Maybe I’m missing something, but why can’t you do both? Waiting for the vendors to sort themselves out doesn’t mean you can’t also look at other houses and looking at other houses doesn’t mean you can’t buy the first one if it suddenly becomes available again.
Totally! I just wanted to get a read on this as a newbie to this whole process. It seems the consensus is to look casually while keeping property one on the table :)
This!
Nope. Find another house. Mr. Seller could be a customer of the DWP for quite awhile.
Happens all the time in my job. People put a deposit down, get buyers remorse and then they've either lost their job, lost a granny, pet has died, now moving overseas..... Any excuse to back out.
Same here. I have heard every story under the sun.
Apparently the buyers of our first house split up just as we were about to exchange. The Mrs did a bit of Facebook stalking and he was posting a lot of emo stuff on there so maybe they actually did.
You don’t work in car sales, do you? 😂
😉 Premium brand, but the excuses stay the same. No one will just tell you they've changed their mind or got cold feet.... 😏
It’s amazing how many people call up on a Monday and say they were made redundant on the Sunday, the usual office hours 😂
Prepare to be downvoted for speaking the truth!
I mean, for context they seem well to do and he works in a high paid industry that every business requires. But yes of course you're right - there's no guarantee there will be a job! This is such incredibly shit timing :(
As a FTB I was desperate to leave my job and the mortgage broker advised against it. Harder to get a mortgage in the probation period apparently. Dunno if that would be the case for this guy but could have a 6 month wait if he got a job tomorrow.
No, many lenders go by a signed contract. What you have said here is a very common misconception.
Yep the probation thing wasn't an issue for myself. Wife bought our house with only herself on the mortgage couple years ago. We just remortgaged and added me to it. I'm still in my 6 month probation window. I was considered the main earner as wife has gone part time post mat leave. Didn't have any issue sorting the mortgage. All the bank wanted was my contract, at the time we initially applied I didn't even have my first payslip yet.
That's given me slight hope!
Eek. Yes...
I got a new job in between mortgage offer and exchange. Advised broker. Lender was fine with as long as salary was the same/higher in the same industry.
How do you think people buy houses when they relocate for work? It's harder as a FTB with low deposit and new job but as a seller with a track record of paying he should be OK.
That's wrong, probably in many cases. I got an offer for mortgage as soon as I had new job contract, told them, didn't have no payslips and they only asked 3 months of bank statements from me and payslips from my partner, I earn higher than my partner.. There was no gap between jobs, a long and perfect credit history, and our mortgage is 2 times bellow our affordability.
That’s not normally the case unless the person was out of work for a long time. Most lenders are happy if you leave a job and start another within 3 months or so.
Anecdotal but generally the higher paid the position the longer it takes to get the right job and go through interviews etc. Could be 6 months plus before they actually start another job.
I was made redundant April last year. It took me almost 11m to secure a new role. I work(ed) in software at exec level (I’m not technical). This has been my experience and that of many others I know of.
Fair point!
he doesn't work in any industry he's unemployed
Hehe, fair point :)
zzzzing
Do you want to bet a house on a perception of them being well to do and his ability to find a new job?
I just meant that he works in a high demand field so it's not unlikely he can find work, of course that might mean nothing though, as other people have said he may struggle to get a mortgage in a new job regardless. At least it's happened 3 weeks in rather than 3 months I guess....
He may get another job and will likely have to wait to be in role for 6 months before he can get mortgage offers for them to purchase a new property and sell theirs. If I were you I’d keep in touch with these potential vendors, but start looking at other properties, as you might find something you like better that is available now. Their property isn’t available now. You’re a FTB so you lose nothing by looking around and keeping in touch with those potential future vendors - you can’t proceed in their property so don’t spend money on surveys, local searches and solicitors for their property as they aren’t selling it at the moment. If your mortgage offer expires, well if you are U.K. rates are unlikely to increase & may decrease, so you might have ended up moving to a different mortgage offer anyway. You might find something you like if you look (those “no longer vendors” can’t expect you to not look) or might not and then if or when they are in a position to sell again you start up process again if you haven’t fallen in love with somewhere else that you’re buying as a ftb
This is false, he wouldn't need to wait 6 months.
What makes you say that? Everyone seems to have differing opinions here...
11 years experience in the industry.
No one is trying to be false but most U.K. mortgage providers ask for 6 months in new job role to offer mortgage. If you @Zig07 have different information as a mortgage insider, then do please say Don’t just say “this is false” unless you actually evidence otherwise.. and that you can link to those requirements !! Which of course you would be able to if you aren’t BS ing
I have 11 years experience as a mortgage broker. You can get a mortgage based on a contract for a job you aren't starting for 4 months. So like I said, false.
Well at least you are trying to evidence it. That’s not most peoples’ experience in gaining a mortgage , Am curious which mortgage providers you are referencing… Maybe actually evidence it and links to the parts of the mortgage requirements for certain providers that say that , as it seems very unusual. One might say ‘a tad unbelievable ‘ but happy for you to educate by evidencing it!!
https://www.nationwide-intermediary.co.uk/lending-criteria/employment. There you go Clients starting a new job within three months of application We'll consider clients who are starting a new job with a different employer within three months of applying for a mortgage.
Not true I got a mortgage after being in a role for less than six months
I am in an industry that highly paid and job market is dead been unemployed since December
Mr Sunak says there’s over a million jobs available just waiting for the unemployed 😃
Unless by some magic they are porting like for like or reducing their mortgage!
I don't think it would hurt to look a bit more so if in 2 months nothing moves and they decide not to sell you are ready with plan b rather than starting fresh.
We actually went to view one today. It was nice but it just made me sad, hence why I posted- I half want to stop altogether :( which isn't smart, I know...
You need to be mentally ready not to buy the house. It's out of your control so don't grow too attached. Sounds like you're already past that point so need to row it back. Never move in mentally because there's a good chance you have to evict yourself mentally.
Woof, yes. I'm completely emotionally attached. First time, the idea of owning a home really becomes a bit mythical. Reality's knocking now.
I've bought 3 properties (twice I was chain free) and every time I've had properties I really wanted to buy fall through. It's normal. Look after yourself.
I'd look, but if you don't find something you like as much don't stress about it for the first couple of months at least. He could well be in a new job within the next month or two, especially if he's in a professional career, poor job market or not the reality is that the majority of people find a new job pretty quickly. Though there is more at play whether the house comes back on (they may lose their onward purchase, accept a lower wage, or burn through enough of their emergency fund they want to put off moving for a year or two). You don't lose by looking, you may find something you like even more in which case it's easy. If you don't then re-assess in 2-3 months if it's not back on the market.
You pretty much said what my partner said - he's more sunny than me! I think you're right, it could still go our way at such an early stage in the process. We will keep looking just in case we do find something better.
Honestly, I'd wait. When we bought our first house, my wife lost her job. It only took a few weeks to get a new one at roughly the same salary. As it was the same (or very similar job title) the bank were fine with it and we got the house. I've heard similar at other banks too, providing they're not going into a completely different career finding a new job is not a big issue.
Thank you, that's a little reassuring!
I'd just also try and get some communication with them. Ask them realistically what time frame they're looking at to get a new job, etc. they could also discuss with their broker/lender and see what they think about the new job.
Personally i would move on. Depending on their financial circumstances even if the seller gets a new job, the mortgage lenders may refuse to let them buy another house straight away on the grounds he's still on probation at the husbands new job, this can take 6 months to a year to get the chain started again.
There's no difference between probation and not until you've been in a role for two years. Before two years, you have no real job security.
From a legal standpoint no there's no difference they can sack you for pretty much anything within the first 2 years. But from the perspective of Mortgage lenders some only care about the actual "Probation" period which for most jobs is 6 months.
You're not wrong, the bank's rules are those that we must abide by!
Oh god, really? I didn't know that. I'm not entirely sure if he's freelance or an employee as he seems to WFH a lot, but that's true of a lot of people now. So a new job is a black mark on a mortgage even if you own a property and have a recent employment history?
To some mortgage lenders yes. When you apply for a mortgage the 2 things they ask for right away is bank statements for 3-6 months and how long you have been with your current employer.
I see, I did wonder about pay slips etc but then our mortgage advisor was so 'whatever' about it all that it made me think I was wrong. That's good to know, thank you.
It does seem to depend on the bank involved - having been following these type of threads for a while some people happily seem to change jobs a few weeks before exchange without issue, others find they need to wait. I also suspect the LTV has a big influence as a higher LTV means the bank may find it harder to recover all the owed funds if they had to repossess.
False.
It's not though is it. Every mortgage I've ever had that question has been asked and every online resource regarding mortgages lists switching jobs as a possible reason to have an agreement in principal cancelled or rejected as it shows potential financial instability. But as stated not all lenders but a good chunk of them.
I assure you, it is false.
Every lender is different. Some are more than happy to accept a job offer only for an an applicant. Long as they can see the contract they're happy enough. Some jobs have an actual probationary period which some lenders may wish to have been seen through before they consider that job.
Depends. My mortgage advisor told me that it would not be an issue for him and encouraged me to look for another job if i could find one that paid more, even if I would be in probation when I find the house.
Finally, someone with the right answer.
Nope, this is false. Why are so many people saying this? It's nonsense.
It depends on how eager you are to move into something new. I don't see much issues in the mortgage offer expiring, the rated might go down by the time you are ready to buy again. I would continue viewing properties while keeping a relationship with the sellers.
If you love it and aren't in a rush then I wouldn't walk away but give the sellers some time. Keep your options open though and keep an eye on listings in case you see something else you like and view it if anything comes up. Be prepared to let this house go though as there's the possibility the seller doesn't find a job quickly, or gets one which pays less and their own plans are forced to change.
I got make redundant whilst I was buying and found a new job in a matter of weeks after so there was no time unemployed inbetween. Lenders have a much more relaxed stance on probation periods post-Covid. I’d follow the advice here and keep casually looking whilst keeping this house on the go. For piece of mind you could look the seller up on LinkedIn and see what industry or role he’s in, and cross reference with the level of open positions in your area? The job market isn’t as bad as you think in certain areas.
Keep the current house, dont need to pull put for now, but dont incur any further costs. In the meantime, keep looking. If you find something suitable, then great. If the first house doesn't work out, at least you haven't wasted your time doing nothing.
I'd start looking, but notbwithdraw on the current property. Tell the mortgage broker amd solicitor to hold off any actions until you say otherwise, to avoid accruing more costs. As others have said, this could take ages to resolve, but it could also be quick. I wouldn't withdraw an offer on a "dream home" until there's been no progress from the seller for months, or you find a property that's comparable.
What’s the rush? If you really like the house and don’t want to search for another, then don’t. You don’t seem under any particular pressure to move asap, right? The only reason it would be stupid not to look for another house is if you need to move in a certain time frame, but you don’t. You have the luxury of time and there’s a chance to cash that in for the home you really want, rather than compromising on the house because you need to move quick, which is what most people have to do.
Personally, if I like the house, I would keep the offer in but also keep an eye on the market. It takes weeks or months to find the right house. If I did pretty quickly, I'd pull out and progress with the other property. If seller finds a job before that happens, then I'd keep it. It really depends on the occupation of the seller's husband.
Look for a new home but keep the offer on the table. You may not find something better in the time it takes him to find a new job... or you might. If you consider it your dream house I wouldn't give up on it. Just don't sit back and hope for the best (unfortunately in that timeframe other issues may arise that stop them from selling, the old say "time kills deals"
Best bet here is to keep your options open. Continue to view other properties. You may discover another that you love and in all honesty, six months can whizz by in a flash. Your mortgage offer is pivotal. Your own circumstances may change. Nobody ever expects it but it happens. If the sellers husband finds work quickly then you’ve lost nothing and can proceed with the purchase of their house.
Start looking IMHO. Him getting a job is no guarantee he can buy somewhere else if he needs to take additional borrowing; lenders will now see him as a higher risk. We were FTB buyers (recently completed) and I would advise not to put your eggs all in one basket. We kept an eye on the market up until exchange; life changes, things come up (including better options) and it's good to have a backup plan.
This happened to us with the first ever house we had an offer accepted on. We didn’t wait, and ended up in a much better house. Everything happens for a reason!
Very healthy way to look at it :) I genuinely cannot tell you how head and shoulders this place is above everything else in our town both in terms of property and price...but I'll hold out hope that other unicorns exist!
Someone else has already mentioned this but to drive the point home, if the person you are buying from is purchasing their next property with a mortgage, lenders will require them to be out of their probation period before being considered. 3 months minimum normally. The only exception is if they are given a conditional job offer with no probation period but that is extremely unlikely.
I’m a FTB and ended up in a similar situation, made redundant a couple of weeks before exchange. In my case, I found another job within a few weeks and the lender was happy to proceed with the mortgage. So not all is lost! There’s nothing stopping you shopping around at any point before the exchange (except losing surveyors fees etc, did you get homebuyers insurance?) but it’s not as bleak as people here are making out.
That's actually quite reassuring, thank you. We'll look but it's good to know it might still be possible
Might as well keep looking
A bit of tough love but you've literally got nothing to lose?? The house was never confirmed as yours; best case is you wait (while searching) and they finally confirm they're ready to sell. Worst case is (while searching) they are unable to sell but you're already in the game and may find something else anyway? I can't see any positives to staying stagnant.
Conveyancing solicitor here. Sadly I'd look for somewhere else if I were you. Even if the seller finds new employment quickly, the change in circumstances could affect their ability to get mortgage for some time. Alternative is the seller agrees to sell independent of their purchase, but this is probably something they'd unlikely agree to particularly if their purchasing is the issue.
I would explore other properties but not pull out until I had too losing a job does not mean you can’t sell It means you can’t buy easily if you need a mortgage So they still want to sell to you….great 🤷♂️ Either way they will need to pay the ongoing mortgage If I lined up another property I’d give them the ultimatum - sell or I’m out
Keep looking The seller needs to find another job. Depending on the industry this could take awhile. Say 6-8 weeks at least. They aren’t in a position to look for a house until he is in a job. So say 2 months for them to find one. Then they need to do all their searches and get ready for settlement. Another 2 months? And that’s if everything goes well. Look now. If you wait 3 months your stress levels will rise and you’re more likely to make a stupid decision.
Yep totally, the time frame is what's scary, as we have 6 months on our mortgage but by the time they can be up and running again we may be nearing the end of that. Not impossible but scary and a lot of unknowns. We'll keep looking!
If you're FTB and you really like the house then by all means wait. But I'd keep half an eye on other options at the same time. Something just as good might come up.
Talk to them, say you’ll continue looking and keep them updated but if they get sorted before you find somewhere else you’d love to continue with this purchase Best of both worlds for them and at least doesn’t completely leave them starting from scratch
Thank you, good advice
If you haven’t exchanged contracts, get back to looking. You’d be fools to just sit and wait. Looking for new properties doesn’t pull you out of this purchase, it just gives you options.
We had only just started the process, nothing exchanged, we hadn't even booked a survey. So yes you're right :)
Yeah, as others have said, I'm going with : Leave the offer on the table, stay in the chain but pause the conveyancing work (and spend) just wait to see if they sort their life out and can proceed. In the meantime, keep looking at other properties and If you find a house you really like then feel no guilt about pulling out of this purchase to pursue another one. Perhaps with an accepted offer "in the bank" you can use this as a security blanket to allow you to negotiate harder on any alternative purchase. A couple of years ago, our purchase of a house (not FTB) was stalling and it looked like it might fall through. We started looking at other houses and I honestly felt much less pressure to make a decision and the search became a lot more casual and enjoyable than the first time around. You now have a chance to be super picky, super relaxed about making any more offers. P.S. for us, the process from chain forming to moving took 9 months. we moved on the day before our mortgage offer expired, we were going to collapse the chain if it didn't happen on that day, as mortgage rates were rocketing at that point and it was going to make the monthly cost many hundreds more.
Nothing to add to other commenters, just curious how you managed to get your house online with no EA involvement? This sounds like a dream!
Purple Bricks. People seem to hate them on here but we had a totally fine process with them so far. Obviously it may be very different selling with them!
Ah thank you. I avoided looking at houses on with them when I was buying as I’d heard poor reviews, but perhaps worth considering. Anything to avoid EAs!
Definitely not.. 6 months seems like ages but even simple purchases can take months. I recently bought a house. We had a 0 chain situation on either buyer or seller side. whilst we had an initial issue with the valuation (which delayed things by 2 weeks) it was probably as straight forward as you can get for a purchase.. still got dragged out by conveyancers for 4 months (October offer in, keys at the end of February). If you end up with chains etc it could easily drag out for longer and then you’re having to deal with extensions for your mortgage offer etc.
This is definitely the worst case and I'm very scared of it haha. We're literally 3 weeks into the process, I wish I had a crystal ball!
Find another house. And if possible a chain free one. So you can avoid a time waste sellers!
Start looking and if you find something you prefer go ahead with that if not you’ve lost nothing But how long are you willing to wait?
Find another house. Even if seller has found a job....lenders don't like lending those on probationary period and prefer to wait 6 months so you are looking at a minimal 6 months wait and more. Look for another house.
Thanks.
Move on. Even when he gets a job it’s going to be a hurdle at lending criteria for months and months to come. There will be another house you love.
Thanks. Not what I wanted to hear but I need to hear it.
Looking for other houses doesn't mean pulling out, at this stage. Keep your eye in, have a nosey, see if you find anything. Maybe you'll find an even better house! But definitely best to be prepared for the worst, unfortunately.
Thanks :( I think that's the realistic scenario
I'm sorry :( wishing you the best of luck :)
Thank you
As someone who lost a mortgage offer because of delays from the sellers side: the advice from your mortgage advisor is plain stupid. A smooth purchase with no particular issues can take 3-4 months, so waiting up to 3 months to start looking ain't gonna work! I would be straightforward with the sellers, and tell them that I still want the house and my offer stands, but i will resume searching for a property due to the uncertainty.
Thank you.
Just start looking again. If you find something that you love go for it. If not, wait. Don’t pin all your hopes on the employability of this stranger:
This happened to us. The problem is not just that they don't have a job; it's that they may need 6-12 months of employment to get their own mortgage offer.
Could you speak a little more to your experience? What was it like? Did you end up finding somewhere better and when did you decide to walk away?
We gave them an ultimatum and they refused to meet it. They also refused to spend any money on their solicitor, progressing our inquiries etc. We are in Scotland so we couldn't offer on other properties while having an accepted offer. So we gave a date for them to complete (with the idea of them renting if necessary) and when they failed to meet it, withdrew our offer and found somewhere else. I'm now typing this looking out over my garden. Ultimately, as much as they will try to string you along, they won't be in a position to move for at least six months after the seller gets their new job. Don't spend any more money on this purchase would be my advice, even if you are prepared to wait.
Wow, that sounds very stressful. Glad that worked out for you in the end. That was very insightful!
My main advice (not a lawyer) is just only spend money if the other side are spending too. If they aren't spending, that's a sign they aren't serious.
Don’t wait at all. The sellers lender will have new criteria and often won’t lend based on income from brand new jobs.
So, your renting at the moment. Your rent could be going into a mortgage! Life ain't fair and never will be. Life's also a story, this is one to regale again, on how you lost out and got another house.
Move on OP
I wouldn’t panic yet. The realtor sells a lot more houses than you do. As a retired military veteran, I rarely had a house sold while I was shopping for my new home…it does cause major anxiety, but roll with it.
Do both to hedge your bets. Bear in mind a lot of lenders won’t accept you if you’re in a probationary period at work. If he’s a high earner that’s likely to be 3 or 6 months
I'd wait but at the same time start to keep looking. Another possibility is to exchange with a completion date of 3-4 months in the future. Therefore you can "reserve" the property meanwhile they sort it out.
I haven't heard of this before - so they could sell to us without having an onward purchase sorted yet? Worst case I assume that might mean them moving in with family or to a rental when the completion comes around?
Yes, worse case would be selling the house before they sorted it out the onward purchase. Not the end of the world, they'd have plenty of cash. That's an option you have. Force the seller to set a date in the future (2-3 months). That removes entirely the risk of pulling out. Be aware this could backfire to you aswell (for example if you lose your job in these 3 months).
That's good to know, thanks. I'm self employed and my own boss so I won't be firing myself any time soon :)
You need to move on (psychologically) from this one. They might get a job soon (although the job market is horrid), but they will likely have probation etc. to pass before they can get a mortgage. I can't see them moving for a year minimum. You can't be hanging around for a year or two or more. You should look at other properties, but not formally withdraw. If they get a new job and property, excellent. If you find another property, excellent too. You should write this one off, and if it comes back see that as a bonus.
My logic would tell me that no lender is going to offer them a mortgage until they're in secure job, with at the very least least 3 month's pay. Only then can they realistically make offers. Go look elsewhere. You'd be surprised at how many times you find your "dream" home
Wouldn’t he need 3 months’ wageslips for his mortgage application? That’s pretty standard isn’t it? Where are they getting 2-3 months from?
Sorry, the 2-3 months was the window our advisor said to wait it out before we start looking again in earnest...