Getting a Mortgage if You've Just Started a New Job
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
Have you started a new job in the last 12 months?
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At OnlineMortgageAdvisor we know that everyone's circumstances are different. That's why we only work with expert brokers who have a proven track record in securing mortgage approvals
- Experts in finding mortgages when starting a new job
- Higher chance of approval
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- No impact on credit score
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If you have any questions,
feel free to call us on 0808 189 2301
We’ll look at why changing jobs shouldn’t always have a negative impact on someone’s mortgage application, how long you need in a new job before you can apply, and why a mortgage broker can help boost your chances of success.
Can you get a mortgage if you’ve just started a new job?
Yes, of course. Although starting a new job can, potentially, make it more difficult to get a mortgage it’s by no means impossible. Several factors will come into play, including:
- Your previous work history
- How long you’ve been in your new job
- Whether or not you have a probationary period
Not all lenders will be open to offering a mortgage if you’ve recently changed jobs, so you’ll need to shop around to find the right deal. A broker can be invaluable here, identifying the right mortgage lenders for you who would tend to look more favourably on applications from someone in this position.
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Maximise your chance of mortgage approval with a specialist in new job mortgages
How long do you need to have been in a job?
The longer you’ve been in a job the better when it comes to getting a mortgage, but even if you’ve been in your new job for less than three months, there will still be mortgage options out there for you, it’s simply a matter of finding them.
Keep in mind that initially at least you may have to settle for a slightly higher interest rate as you’ll be considered higher risk, but you can always remortgage at a later date for a better deal.
Should you wait to apply?
This all depends on your own personal situation. Ideally it would be best to wait until you’ve passed your probationary period as most mortgage lenders will likely ask this question during their eligibility assessment. However, if you wait you may miss out on the property you really desire or a particular interest rate offer. But applying too soon could mean an instant decline if you’ve approached a lender who deems you to be too much of a risk at this point in time, due to your employment status.
This is why it’s best to seek the guidance of an experienced mortgage broker before applying directly with a lender. They’ll be able to assess your circumstances and offer the best advice on whether you should apply straight away or wait.
If you’ve been in a job less than three months
It will be hardest to find a lender when you’ve not even reached the three month mark in a new job, but it doesn’t have to be a deal breaker – there are lenders who are prepared to make an offer based on the salary of a job you’ve yet to even start.
Having a solid work history in your last job and having experience in the same industry will both play in your favour, as well as being able to provide evidence of a permanent contract and a letter from your new employer.
If you’re in a probationary period
Regardless of how long you’ve been in your new job, lenders will want to know whether or not you’re currently working a probationary period.
A probationary period comes with increased risks for lenders and while many won’t consider your application while it applies, there are some who will be happy to look more broadly at your career history and consider factors including:
- The length of the probationary period and how long remaining
- Relevant employment track record
- Any career gaps or significant career changes
If you’ve been in a job for less than six months
If you’re heading closer to the six-month mark in a new job then more mortgage options start to open up to you as the perceived risk for lenders is decreasing. Again, the overall length of time you’ve been consistently employed, not just in the new role, will play a part.
If you’ve just changed jobs
Just as there are ways to get a mortgage if you’ve recently changed jobs, you should be able to find a lender who is happy for you to remortgage, even if you’ve only been in your new job for a few months.
The eligibility criteria will be similar to a mortgage, so get together as much documentation as you can to support your application. Because these lenders are harder to find, you’re still best placed to go through a specialist broker.
How to get a mortgage with a new job
Prior to submitting an application, contact us so that we can match you with a broker who specializes in arranging mortgages for people who have just started a new job. This will ensure that you are in the best possible position to secure a mortgage that meets your needs.
They can help you do the following…
- Assess your overall employment history – not just your current status
- Strengthen your application to offset the risk posed by your change in circumstances
- Download and optimise your credit reports to remove any inaccuracies or outdated information
- Find the ideal mortgage lender for someone who’s just started a new job
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Eligibility criteria and lender requirements
As well as the standard eligibility criteria including credit history, other debt commitments and deposit amount, lenders will want to see as much evidence as possible of your new income, as well as potentially requiring financial documents from your previous employment.
The help of your broker will be invaluable here as criteria and requirements vary so much between lenders.
- The Marsden Building Society currently requires a minimum of three months in a new job. If this still leaves the applicant in their probationary period then they may consider an application if the new work is like for like and there are no gaps in employment history. A minimum deposit of 20% is required if you’re still in your probationary period.
- The Bank of Ireland requires a minimum of one month in a new job as they will not proceed until they have seen at least one new payslip. If you’ve been in the job less than three months they will also want to see a copy of your employment contract.
- Leeds Building Society does not have a minimum length of time in a new job, but does require a minimum of six months continuous employment, ideally in the same field.
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How much you could borrow
If your new job also means a change in income then you may be wondering how much you’ll be able to borrow on your new salary. Mortgage lenders tend to use a multiple of your annual salary – usually between 4-4.5 times – as a gauge to work out how much somebody may be able to borrow.
Use our mortgage affordability calculator below to see how this could work out for you, based on your earnings.
Mortgage Affordability Calculator
Our affordability calculator can tell you how much you can potentially borrow from a mortgage lender. Simply enter your total household income below and our calculator will do the rest.
You could borrow up to
Most lenders would consider letting you borrow
This is based on 4.5 times your household income, the standard calculation used by the majority of mortgage providers. To borrow more than this, you will need to use a mortgage broker to access specialist lenders.
Some lenders would consider letting you borrow
This is based on 5 times your household income, a salary multiple you might struggle to qualify for without the help of a broker. This income multiple is not widely available to customers who are applying directly with a lender.
A minority of lenders would consider letting you borrow
This is based on 6 times your household income, a salary multiple you will struggle to get without a broker. Six-times salary mortgages are usually only available under very specific circumstances.
Get Started with an expert broker to find out exactly how much you could borrow.
Can you get a mortgage with a job offer letter?
Possibly, yes. Again, this would all depend on your complete employment history and not just your current status. So, for example, if you have a 20-year track record with one previous employer then overall your employment history is positive.
Having a large deposit and healthy credit record would also count in your favour.
Alternatively, if you regularly switch jobs, have only a small deposit and low credit score you may find getting a mortgage at this stage much more difficult.
Get expert advice immediately if…
- You’re thinking of leaving your existing job
- You’ve changed jobs within the last six months
- You’ve recently been made redundant or lost your job
- You’re still in a probationary period in a new job
- You’ve recently become self-employed
If any of the above applies to you then getting expert advice from a specialist mortgage broker could increase your chances of securing a mortgage.
Not having ‘proof’ of my new salary was a massive roadblock and one I did not expect.
But thankfully, I discovered Online Mortgage Advisor! I filled in their form and desperately hoped they could match me to a broker that was able to help me. It felt like my last chance.
Get matched with a mortgage broker
If you’re keen to get started on your mortgage application then give us a call now on 0808 189 2301 or make an enquiry and we’ll quickly assess your situation and match you with a broker who has experience of securing mortgages for people who have recently changed jobs and haven’t been with their employer for long.
All of the advisors we work with have access to the whole of the mortgage market and have been vetted by us, so you can trust that the broker you match with will be in the best possible position to help you get the mortgage you want.
Speak to an expert mortgage broker
Maximise your chance of mortgage approval with a specialist in new job mortgages
Yes. You are legally obliged to tell your lender about any changes that could impact your suitability for a mortgage, so this includes changing jobs as well as any income changes within your existing job such as a pay rise or reducing your hours.
Yes, relocating for a new job should only impact your mortgage application in the same way as if you were changing jobs within the same town. If you’re relocating and changing jobs within the same company, then this should make things simpler as you’ll have a consistent employer.
Ideally lenders like to see several years of accounts if you’re self-employed, but it is possible to get a mortgage as a freelancer with less of a track record, it just depends on the lender. One thing that helps is if you can show a consistent history of employment before becoming self-employed, and even better if it’s in a relevant industry, as this will give lenders more confidence in your new venture.
Ideally if you’re looking to buy a house then it’s best to wait to hand in your notice until after the purchase has gone through, as resigning from your job will likely affect your mortgage offer. If that’s not possible then a good first step is to talk to your broker about any implications and what you’ll need to tell your lender.
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