Mortgage advice.. changing jobs.

[MustGetStraigh]

I did post earlier about remortgaging. But we decided to wait as interest rates were looking to drop.

Dilemma. Can currently get a decent drop in monthly payments though current provider, very easily. No credit check so can sort online and have sorted within days.

However, can get a very decent drop indeed if we switch providers. BUT although my credit file is clear, hubby's shows one default which will drop off in December (because he ignored advice from here and dithered about stopping payments and sending CCA request). Presumably even one default from almost 6 years ago is going to stuff us, so...

Dilemma is that I am about to change jobs. I'm wondering how much that will stuff a mortgage application, if I'm either in a brand new job, or about to move to one. He has been with his current employer about 3 years.

Our LTV is low (about 35%).

Thank you

[julian]

Re: Mortgage advice.. changing jobs.

Firstly be sure your ages will not cause problems. Many limit mortgages to be paid off by retirement.

Secondly add in the fees charged by the alternative provider e.g. booking fee, valuation, legal costs.

Finally compare taking out the current provider mortgage vs the new provider over the life of the mortage.

How much is the hassle/rejection of moving to a new provider worth compared with the guarantee of your present provider?

If you change jobs after the mortgage is complete, it should not be a problem unless your mortage provider requests such info and acts on it. Your employment history and new employment contract will make a difference after e..security, salary increase, travel expenses so may not be all bad news.

[MustGetStraigh]

Re: Mortgage advice.. changing jobs.

Firstly be sure your ages will not cause problems. Many limit mortgages to be paid off by retirement.

Secondly add in the fees charged by the alternative provider e.g. booking fee, valuation, legal costs.

Finally compare taking out the current provider mortgage vs the new provider over the life of the mortage.

How much is the hassle/rejection of moving to a new provider worth compared with the guarantee of your present provider?

If you change jobs after the mortgage is complete, it should not be a problem unless your mortage provider requests such info and acts on it. Your employment history and new employment contract will make a difference after e..security, salary increase, travel expenses so may not be all bad news.

Thanks Julian. Term is not a problem, we only have 10 years to go on current mortgage and will unfortunately be working well beyond that!

I think on balance it will be easier to stick with current provider. We will save some money, not as much as if we change completely - but it involves no form filling or credit check etc.

Thank you!