Getting a mortgage with a new job
January 16, 2018
New job mortgages
You’ve got a new job, congratulations! Getting a mortgage with a new job is possible. But, some mortgage lenders will consider you a risk, as you may find that you are unable to afford your mortgage repayments, if you don’t pass your probation period or are made redundant. However, there are lenders who will be happy to lend to you and we can help!
Each lenders’ rules on who they are happy to lend to vary, as your age, income and credit record, are all factors that are considered, when deciding whether they will lend to you or not.
As expert mortgage advisers, we know which mortgage lenders are most likely to accept your application, so no matter how long you’ve been in your job, we are here to help you get the best possible mortgage deal at a great price!
Had a pay rise
Although a new job can make getting a mortgage difficult, a higher salary can significantly improve your chances. You will need to provide evidence of your new income, so if you haven’t already received payslips or bank statements showing your increased pay, then make sure you receive written confirmation from your employer detailing this.
If you have started a new role with lower pay, getting a mortgage is possible. But, the amount you can borrow and the type of property you can now afford to buy, is likely to be affected, which we can help you with.
Dependant on bonuses and/or commission
If you’re now on a lower basic salary, but receive regular bonuses, commission or overtime payments, then payslips or written confirmation of the additional income you could potentially earn, can help show lenders your earning power.
If you have recently decided to work for yourself, you can get a mortgage. But, as you’ll need to prove your income, you may not be able to buy a new home straight away. If you can however prove that you either have regular work, have recently left your previous job to start contracting or have regular, guaranteed work in the near future, there are still lenders who will consider you.
Getting a mortgage whilst you’re on probation in a new job can be difficult, as your employment is not guaranteed. Your chances of being accepted are therefore greater once you have completed your probation and have been in the role for six months or more. However, if you can’t wait, there are mortgage lenders who will happily accept your application.
Want a new mortgage deal
Switching your mortgage after getting a new job can be complicated, as lenders like to see a history of continuous employment. However, there are lenders who consider a range of different employment types, and will help you move to a better deal.