Hello,
I have resigned from my current HF job and need to go through a 6 month non-compete, meaning I will likely be without any significant income until November. I have already signed a contract with a new employer (Quant HF) and they will pay me a large sign on bonus in the first month, which more than makes up for the loss of income.
I am now thinking of buying a house. Does anyone here know how my job situation could affect my ability to get a mortage? I suppose that during the next 6 months there is no chance of me getting a mortgage? Will it be possible right after I start or are banks typically careful when someone has just changed jobs? In case it matters, I have been at my current job for about 5 years and this was my first job after my PhD. Also, I live in the UK.
Thanks!
Show the lender your offer letter. If they say that's not enough, tell them to go bleep themselves, and find another lender.
Underwriting standards are a bit different in these times.
Income used for mortgage is typically based on annual income...not monthly.
You W2, bank statements and prior paystubs are usually all that is required to apply for a mortgage, so this should not be an issue with most banks.
How the fuck is that enforceable? They should have to pay you during that period. I would go to a lawyer and fight this.
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