I’ve just started a new job, can I get a mortgage?
- Mortgage when just started in a new company
- Mortgage on a new contract with the same employer
- Mortgage with a pay rise
- Mortgage when due to start a new job up to 3 months in the future (so long as it can be evidenced)
- Mortgage when in a probationary period
- Mortgage when on a temporary contract
- Mortgage as a newly qualified professional just started self-employed
- Mortgage as a newly qualified teacher
Getting a mortgage when changing jobs
Many lenders will decline borrowers that haven’t been in their jobs for 12 months, some even demand a 3 year working history. Thankfully there are lenders out there that consider a whole range of different employment types and length of time in employment / self-employment, you just need the help in finding them!
Starting a new job can be an exciting prospect, but the impact on your creditworthiness can be affected as many lenders will consider you higher risk the less time you are with a single employer. Therefore getting a mortgage after starting a new job can be much more difficult. This is for a number of reasons, but often from a ‘last in – first out’ perspective should the business enforce a round of redundancies. Thankfully there are lenders willing to consider your new contract from day 1, and some even up to 3 months before you start if it’s a permanent full-time position.
Getting a mortgage when changing contracts
If you are staying with the same employer but changing to a new role with a new pay structure, then you won’t have the 1-3 month’s payslips most lenders will require to assess borrowing. As a result some lenders will assess you as starting a completely new job, and can decline your application. There are lenders that are completely happy with this arrangement however, and as long as you can evidence your new income with a contract or have it in writing from HR or a member of staff with authority, it shouldn’t be a problem.
Getting a mortgage using a pay rise
Getting a mortgage after a pay rise can be straightforward if you know which lender to use. If however, you wish to base the new lending on a contract alone before such time as having payslips and bank statements to evidence it, then you may find lenders limit income to your previous pay. Other lenders are more flexible and will approve mortgage applications with a pay rise no problem.
Applying for a mortgage on a new job probationary period
Probationary periods cause problems with many lenders, most of which will decline applications that involve a borrower who’s employment isn’t permanent. Other lenders are completely happy with the risk of probationary periods (depending on industry sector) and do not require confirmation that you will be taken on past this date.
Can you get a home-loan with a new job?
Borrowing additional money secured on your property is certainly possible with a new job, in fact the criteria in the market is currently much the same as for main 1st charge mortgages. Often, the rules around income and secured borrowing are more liberal and can even be evidenced using just bank statements in some scenarios! Borrowers that are clean credit can get up to 95% LTV, and sometimes loan sizes over 6x income.
If you’re having trouble finding a mortgage lender that accepts your new job – let us know! The experts can help you today, just get in touch either with a quick question or a full enquiry. If you require immediate assistance please make a telephone enquiry.