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Mortgage with a new job

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Mortgage with a new job

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Last reviewed on 21st July 2021

Getting a mortgage with a new job shouldn’t be difficult, just as long as your application is structured correctly.

A new job can be the start of something great, but because your employment is relatively new, it can cause concern for some lenders. Nonetheless, an advisor can prepare your application to improve your chances of mortgage approval.

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Can I get a mortgage with a new job?

Securing a mortgage with a new job is possible if you have:

  • Started a new job
  • Renewed a contract
  • A formal job offer but have not yet started
  • A temporary employment contract
  • Become newly qualified in a professional field (doctors, teachers, accountants, etc)
  • Recently become self-employed

Is it possible to get a mortgage if I change my job?

Lenders can decline applicants who haven’t been with the same employer for at least one year. Lenders that have very strict criteria often demand even more employment history.

Starting a new job is something to embrace, but it’s important to consider the impact new employment can have on your mortgage application.

Lenders base mortgage assessments on risk, and the less time you’ve been in your job, the higher risk you become. This is why getting a mortgage with a new job isn’t always an easy task.

Fortunately, there are lenders that are flexible and may consider you with little employment history. Some lenders offer mortgages to applicants that haven’t even started their employment but do have a contractual job offer. This is why it’s important to apply with the right lender from the start.

The correct lender will be based on your unique circumstances and an advisor can go through this with you.

Can I get a mortgage with a new contract?

Having a new employment contract shouldn’t pose too many problems. Some lenders can decline applicants with new contracts, so do proceed with caution.

Even if you’ve taken on a new contract with the same employer, lenders can class this as a brand new job and may disregard your employment history under the old contract.

When calculating affordability, lenders usually request three month’s payslips. Payslips need to match your contract to satisfy a lender’s judgement on whether or not your documents are accurate.

Thankfully, there are lenders that will consider you for a mortgage with a new contract. The key is to first find lenders who’ll consider newly employed borrowers.

The next step is to then demonstrate the income details of your new contract to the lender. This can be done by your employer in the form of a written reference.

ask a mortgage broker

Is it possible to get a mortgage after a pay rise?

If you’re aiming for a maximum mortgage amount but don’t quite meet the affordability, a pay rise may enable you to achieve this.

If you’ve had written confirmation that your salary is to be increased on a certain date, then lenders may be able to use the increased salary amount when assessing your income. This can be great, as it often results in the maximum mortgage amount being offered.

It’s important to understand that not every lender will consider the forthcoming increase in salary. This is because you won’t have evidence of payslips and your bank statements won’t reflect your higher salary.

Can I get a mortgage during a probationary period?

Applying for a mortgage during your probationary period is possible, but very difficult. This is because your job is not permanent and could be short-term.

If you work as a professional such as a teacher or accountant for instance, then lenders tend to be more flexible.

It’s recommended to consult a mortgage broker if you’re planning on getting a mortgage on a probationary period. An advisor can then assess your situation and provide you with impartial advice on what the best course of action is.

Is it possible to remortgage with a new job?

It certainly is possible to remortgage with a new job. As you already have a mortgage, it’s a lot easier for lenders to assess how you’ve managed your mortgage repayments.

The majority of lenders should consider your application and you shouldn’t run into any real difficulty. This of course depends on other factors, such as your credit score and the amount of equity you have.

If you’re still unsure about getting a mortgage with a new job, you can make an enquiry. A specialist will then call you back to discuss your options.

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About the author

Mortgage Advisor | More Articles

Martin is a senior mortgage advisor and has held a CeMAP qualification for over 15 years while also completing an MBA in Global Banking & Finance.