Mortgage with a new job

Mortgage with a new job

As a mortgage advisor, one of the most common questions is, “can I get a mortgage with a new job?” Good news, our mortgage advice with a specialist mortgage broker is free. We will then introduce you to a few mortgage providers lending a mortgage deal when you have a new job. Most lenders on the high street market tend to shy away from offering a mortgage with a new job.

As we know, a new job is exciting, and we don’t want to take the excitement away from this by being unable to get a mortgage, and while it can cause problems if you are trying to get a mortgage, we have mortgage providers to help. A mortgage advisor will discuss how changing jobs could impact your mortgage application and how a mortgage broker can help.

Continue reading, or if you would prefer to speak with a specialist mortgage broker, click the link below to constitute financial advice:

Use our online mortgage calculator as a guide for your monthly repayments now

Is it possible to get a mortgage for someone who has just started a new job?

Yes, It is possible to get a mortgage, even though it can be more challenging when you start a new job. Many factors will play a role in the mortgage lenders criteria:

• Your previous work history
• How long have you been at your current job
• If you are eligible for a probationary term

Not all lenders will offer a mortgage if you have recently switched jobs and you’ll need to shop around for the best mortgage deal. This is where a mortgage broker can help you identify those mortgage lenders more likely to consider applications from people in your position and find you the best mortgage deal on the market.

What length of time do you have to work to qualify for a mortgage?

You must be in a job for at least three months before getting a mortgage. However, you still have options even if your job has been for only three months. It’s just a matter of finding them. You may need to accept a higher interest rate initially because you are considered riskier. However, you can always remortgage later for a better deal.

Speak with an online mortgage advisor here today to begin your journey:

Can you get a mortgage if you have worked for less than three months?

Finding a lender can be difficult if you haven’t even been in your new job for three months. Specialist lenders would be more helpful. However, it doesn’t mean that you cannot get a loan. Some lenders will consider the salary of the job you are currently working in. Solid work history and experience in the same field will be a plus. Ensure to have your bank statements to hand.

Obtaining a mortgage within less than six months in a new position

As the perceived risk to lenders decreases, more mortgage options will open up to those closest to six months in a new position. The overall length of your employment, not just in the new job, will also play a role.

A probationary period is required. Can I get a mortgage?

Lenders will be interested in knowing whether you are currently on probation, regardless of how long you have been at your current job. Specialist lenders are more likely to approve a probationary period, while many high street lenders will not consider your application during the process. However, some lenders will look at your work history and consider factors such as:

• How long the probationary period is, and how much time remains
• Relevant employment track record
• Any career gaps or significant career changes

How to get a mortgage when you have a new job

You don’t need to panic if you have recently switched jobs and are searching for a mortgage. You can still buy a home because of this. It doesn’t make it impossible. These are the three steps that will get you started, or you can speak with an online mortgage advisor by clicking the link below:

Locate a specialist broker

As we know, finding a mortgage for someone in a new job can be more challenging than if you were looking for a mortgage in the same job role. This is why you must seek expert advice right away. Our mortgage brokers can assess your situation and help you find many lenders suitable for you. They will also support you throughout the process and negotiate the best deal on the mortgage market.

Begin your journey with the link below. We provide mortgage advice free with no obligation.

Make sure you have all your paperwork in order.

Most mortgage lenders will be wary of you applying for a new job. You must have all documentation in order before you begin your application. This will make the process run more smoothly and quickly.

The broker can help you determine exactly what you need. This could include:

• Your employment contract will confirm terms, salary, and any probationary periods, for your new job.
• Payslips for your previous or new job
• Any evidence of other sources of regular income such as a rental home or portfolio

Attract lenders by having a higher deposit

If you can raise more money for the deposit, lenders will feel more confident and may offer you lower interest rates. Other mortgage options may make borrowing easier if you are in a probationary period or have not been employed for more than three months. You have options: a family mortgage, a joint mortgage and a guarantor mortgage. This is where another financially stronger person agrees to provide security and ensure your repayments.

Lender requirements and eligibility criteria

Lenders will require additional documentation from previous employment in addition to the standard eligibility criteria, such as credit history and other debt commitments. Your broker’s assistance is invaluable as the criteria and requirements of lenders vary greatly.

Take, for example:

• Marsden Building Society requires applicants to work for at least three months in a job. If the applicant is still in their probationary period, they will consider an application if the work is similar and there are no gaps in the employment history. A minimum deposit of 20% will be required if you are still on probation.
• Bank of Ireland will require a minimum of one month of experience in a new position before they can approve you for a mortgage. They will request a copy of your employment contract if you have been in the job for less than three months.
• Leeds Building Society doesn’t have a minimum time requirement for a job. However, they require at least six months of continuous employment in the same field.

Online mortgage calculator

You might be curious about how much you can borrow on your new salary if your job involves a change of income. An online mortgage affordability calculator will estimate how much mortgage you could get if you enter basic information and your new annual income.

If you have just switched jobs, can you remortgage?

You can remortgage even if your job has been changing recently. Eligibility criteria are similar to mortgages, so gather as much documentation as possible to support your application. These lenders can be challenging to find, so it is best to work with a specialist broker.

Match you with a mortgage broker

An exclusive mortgage expert when looking to have a mortgage approved is essential. They will save you time, money and stress. Not every lender will be willing to help you; they all have different lender criteria for you to meet. A mortgage broker will know which mortgage lender is ready to help you. Whether you are starting a new job, self-employed or working for the same employer for several years, we will ensure to find you the best mortgage deal on the market.

FAQs

What do I need to tell my mortgage lender if my job changes?

You must inform your lender of any changes that may affect your ability to get a mortgage. This includes any job or income changes, such as a raise or reduction in hours.

If I move, can I get a mortgage?

Relocating to a new job shouldn’t impact your mortgage application. This will make it easier if you move and change jobs within the same organisation.

If I have recently become self-employed, can I get a mortgage?

Lenders prefer to see a long history of accounts if you are self-employed, however, it is possible to get mortgages as a freelancer. It all depends on the lender. It is helpful to have a track record of consistent employment before becoming self-employed. This will help lenders feel more confident in your venture.

What happens if I have recently given my notice?

If you want to purchase a house, it is best to wait until the purchase is complete before giving notice. Resigning from your job could affect your mortgage offer. Talk to your broker to discuss any implications and what to tell your lender if this is not possible.

Begin your mortgage journey here today and contact us now.