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New Job Mortgages

Starting a new job shouldn't get in the way of your mortgage, speak to an expert broker for more options and the right advice

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By Pete Mugleston  | Mortgage Advisor Pete has been a mortgage advisor for over 10 years, and is regularly cited in both trade and national press.

Updated: 29th January 2020 *

I’ve just started a new job, can I get a mortgage?

Depending on your circumstances, you may be able to get a mortgage even if you've only just started, or are just about to start, a new job. We've written this article as a guide to what you might expect in the following circumstances:

The expert brokers we work with are experienced in helping customers with new jobs get a mortgage. As a quick overview, new job mortgages are available in the following situations:

  • 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

If you would like to speak to someone about finding a mortgage lender based on your own circumstances, call 0808 189 2301 or make an enquiry for a free, no obligation chat and we'll match you with one of the whole-of-market expert brokers we work with.

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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 when you're still in a 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. Find out more about probationary periods here.

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.

Updated: 29th January 2020
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FCA disclaimer

*Based on our research, the content contained in this article is accurate as of most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The info on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms who are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs. Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.