This is my first post here so I hope I don't inadvertently break any rules. I'm a bit shocked at the response of my current mortgage lender and a friend has suggested I ask around this forum for advice.
Basically, my employment situation means I need to move across the country and so I want to buy a new house. This turns out to be a problem.
I've had a mortgage for 4 years now with NatWest. I'm not having any repayment problems with it whatsoever, nor have I ever been behind at any time.
About a year ago I was made redundant. It didn't affect my mortgage payments because, luckily, I have plenty of savings. For the rest of 2012 I worked part-time, occasionally dipping into my savings to make up the shortfall. Then in January I found a fixed-term full-time contract that lasts until the end of July. So at least I was working full-time.
There don't seem to be any permanent jobs for me where I'm currently living, so I decided to look further afield. I was successful. I have been offered a permanent job 150 miles away (further north) on £7k a year more than I have ever earned before; a slightly more senior post but in the same industry. Basically, I'm going to be a university lecturer (before, I was a more junior researcher). So I want to sell my house and buy another one somewhere else.
So I did what I thought was obvious: I went to my current mortgage lender to arrange a new mortgage. And it has been disastrous.
There is no problem with the salary amount, which would qualify me for probably more than I would need. But, basically, they don't want to give me a new mortgage until I have been in the new job for 12 months. They don't seem comfortable with the fact that the job has a probation period of 3 years (which is quite normal for university lecturers in academia, I have asked several friends with similar jobs). They also don't like the fact that my *current* job is a fixed-term contract (that bit I understand, but I was really applying for a mortgage on the basis of my *new* job).
In short: I have 40k in savings (I was going to look at offset options), an existing mortgage that I have repaid with total diligence for 4 years, and a permanent job on a good salary starting in just under 10 weeks. University lecturers aren't made redundant very often, either (unlike the more junior researchers, which is what I used to be, who are treated like cannon fodder).
So my question is this: Have I encountered some quirk of NatWest, or is it likely that no-one reputable will give me a mortgage?
It would be a disaster if I now have to go and rent, because I'm not sure how long my new employer keeps their (quite generous) relocation package open for. Almost certainly less than 12 months. So this could cost me thousands...
Thanks in advance.
Basically, my employment situation means I need to move across the country and so I want to buy a new house. This turns out to be a problem.
I've had a mortgage for 4 years now with NatWest. I'm not having any repayment problems with it whatsoever, nor have I ever been behind at any time.
About a year ago I was made redundant. It didn't affect my mortgage payments because, luckily, I have plenty of savings. For the rest of 2012 I worked part-time, occasionally dipping into my savings to make up the shortfall. Then in January I found a fixed-term full-time contract that lasts until the end of July. So at least I was working full-time.
There don't seem to be any permanent jobs for me where I'm currently living, so I decided to look further afield. I was successful. I have been offered a permanent job 150 miles away (further north) on £7k a year more than I have ever earned before; a slightly more senior post but in the same industry. Basically, I'm going to be a university lecturer (before, I was a more junior researcher). So I want to sell my house and buy another one somewhere else.
So I did what I thought was obvious: I went to my current mortgage lender to arrange a new mortgage. And it has been disastrous.
There is no problem with the salary amount, which would qualify me for probably more than I would need. But, basically, they don't want to give me a new mortgage until I have been in the new job for 12 months. They don't seem comfortable with the fact that the job has a probation period of 3 years (which is quite normal for university lecturers in academia, I have asked several friends with similar jobs). They also don't like the fact that my *current* job is a fixed-term contract (that bit I understand, but I was really applying for a mortgage on the basis of my *new* job).
In short: I have 40k in savings (I was going to look at offset options), an existing mortgage that I have repaid with total diligence for 4 years, and a permanent job on a good salary starting in just under 10 weeks. University lecturers aren't made redundant very often, either (unlike the more junior researchers, which is what I used to be, who are treated like cannon fodder).
So my question is this: Have I encountered some quirk of NatWest, or is it likely that no-one reputable will give me a mortgage?
It would be a disaster if I now have to go and rent, because I'm not sure how long my new employer keeps their (quite generous) relocation package open for. Almost certainly less than 12 months. So this could cost me thousands...
Thanks in advance.
