Getting a mortgage when you’ve just changed jobs can be slightly more complicated than if you've been working somewhere for a while. That’s because most mortgage lenders need to understand your income and how stable your employment is when working out your mortgage affordability.
When you're new to a job, mortgage lenders can find it more difficult to get a picture of your regular income.
In this Guide, you’ll find how new employment can affect your mortgage application, and what you can do to improve your chances.
Yes, it’s possible to get a mortgage if you have a new job. Sometimes, people think you can’t get a mortgage until you’ve been in your new job for three months, but if you’re full-time employed, you can apply for a mortgage if you’re freshly in a new position. You’ll just need to make sure your mortgage application is put together so it looks good to lenders. A good mortgage broker can help with that.
Starting a new job can be an exciting time, but it can make getting a mortgage tricky. Lenders need to know how risky lending to you will be. The less time you’ve been in a job, the more ‘risky’ you seem. That’ because lenders like you to have a steady income so they know you can keep up with mortgage repayments.
Some of the big banks will refuse you if you haven’t been with the same employer for at least a year. However, there are specialist mortgage lenders who specialise in dealing with more complex cases. A specialist lender will look at your application on a case-by-case basis and assess you on your individual circumstances.
You’ll just need to work with a mortgage broker to find you the right deal with one of these lenders. If you’ve just started a new job and need a mortgage, get in touch to speak to a specialist mortgage advisor.
See how much you could borrow on a mortgage using our Self-Employed Mortgage Calculator.
Yes, it’s possible to get a mortgage with a new contract. But you’ll need to make sure you apply to the right lender. Some of the high street lenders will refuse your application, even if your new contract is with the same company. Some lenders will class this as a totally new job.
While some big banks will need three month’s payslips before looking at your application, there are specialist lenders who will consider you with a new contract. You might need to get a written reference from your employer to confirm your earnings. It’s a good idea to work with a mortgage broker, who can identify the lenders most likely to accept you. A broker will then work with you to present your income in the best possible light.
Make an enquiry to get matched to a specialist mortgage broker.
It’s possible to be accepted for a mortgage using an upcoming pay rise. You might need to do this if you’re looking to borrow more than your current salary will allow, but would otherwise meet the criteria following a pay rise.
You’ll need written confirmation from your employer stating when your pay will increase and by how much. Some lenders may then accept this, and increase the amount you can borrow.
It’s important to remember that not every lender is the same, and some will only assess you on your current salary. The advisors we work with live and breathe the mortgage market. They know which lenders will consider you with a future pay rise, and will know how to make your application look good. Make an enquiry to get matched to an advisor.
It’s possible to get a mortgage while still in your probationary period, but it can be tricky. Lenders prefer stable employment situations. Being on probation indicates that your job situation could easily change.
It’s a good idea to work with a mortgage broker if you need a mortgage but are still on probation. The brokers we work with have seen it all - they’ll find you the best deal with the right lender, and will be there every step of the way.
Yes, you can get a mortgage on a temporary contract. More and more people are finding employment that’s more flexible, and work such as temporary contracts, agency work and freelance work are becoming more common.
However, your application will be more complicated than it would be for a full-time employee - someone who can easily prove their salary with three months of payslips.
When you apply for a mortgage, mortgage lenders will want as much information as they can get about your income so they can work out how much they’re willing to lend to you. If you’re on a contract, they’ll want to see your income history from the last twelve months and that you have a regular income.
You’ll probably have gaps in your employment history, which can be an issue for some mortgage lenders. But as long as you’ve built up a long-term stable income over time, there’s plenty of lenders who’ll consider your application.
When you’re looking for a mortgage on a contract, it’s better to work with a specialist mortgage broker. Specialist mortgage brokers will understand the nature of temporary work and that it doesn’t mean your income is unreliable. Our platform connects people just like you with specialist brokers who can help them get a mortgage. Get in touch with us to find the perfect specialist broker for your unique situation.
See how much you could borrow on a mortgage using our Self-Employed Mortgage Calculator.
Yes, you should be able to remortgage with a new job. It’ll be easier for lenders to see how reliable you are with repayments when they look at your existing mortgage. Most lenders will probably consider your application, as long as you meet the rest of their lending criteria.
If you’re worried about any other issues affecting your application such as bad credit, get in touch to speak to an expert mortgage advisor.
Most lenders will need you to have a secure income before lending to you. They won’t want to risk you struggling, or having to repossess you.
It may be possible to get a mortgage without a regular income, but you’ll have fewer options to choose from than if you were earning regularly. You may also have to put down a big deposit.
If you’re applying for a joint mortgage and one of you isn’t earning, you may still get accepted if the other applicant’s income is enough to cover the repayments and other outgoings. If one of you has really bad credit, and you think it might affect how successful you might be at getting accepted for a mortgage, you could consider just the one of you who has good credit being the sole mortgage holder. Read more about that in our Guide: Getting a mortgage as a single person.
If you receive benefits, some lenders will consider your income from this. It’s best to work with a specialist mortgage advisor who can explain your options and find the lender most likely to accept you.
If you’ve lost your job, or are currently seeking new employment, it might be best to wait until you’ve got some income before submitting your application.
Read more in our Guide: Can I Get a Mortgage With Low Income?
When you’re applying for a mortgage, you’ll need to prove you earn what you say you do. Lenders then verify your income and work out what kind of a mortgage you can afford. You’ll usually do this by submitting payslips, tax returns, or employer references. But there are a few differences in the way you prove your income depending on if you’re employed by a company, or you’re self-employed.
If you’ve just gone self-employed and don’t have accounts yet, it can be difficult to get accepted for a mortgage. Usually, a lender will look at your average income over recent years to determine how much you can afford to pay and, therefore, how much you can borrow.
If you're an employee, you'll likely have a contracted salary which means you can produce payslips and P60s to prove your income. Mortgage companies can easily calculate how much of your pay will go towards your monthly mortgage repayments. When looking at employed applicants, mortgage lenders will want to see recent payslips (usually 3 months), a P60 and bank statements. If you’ve just started a new job, they’ll want to see a signed contract or an employer reference to verify your employment.
Working with a specialist mortgage broker is really important if you have a complex situation. Brokers know the market, and have helped lots of people in your situation. Get started.
Read more in our Guide: What Do Mortgage Lenders Look For in Mortgage Applicants?
If you’ve got a new job and need a mortgage, it’s a really good idea to work with a specialist mortgage broker. A qualified mortgage advisor will have access to the lenders who’ll look at your application and consider your unique circumstances. They’ll help you through the entire journey, from application right through to completion. They know the market, and will make your application look as appealing as possible to lenders. Get started.
Over 50% of mortgages for people who are self-employed or have bad credit aren’t available directly to you. They’re only available through specialist brokers. Using our platform guarantees you’ll be matched with a broker who has a proven track record of making mortgages possible for people like you. Less processing, more understanding.
Applying for a mortgage or understanding your options shouldn't be confusing, yet there are just so many myths doing the rounds and it's not easy to know where to turn to get the right advice.
Our calculators give you an idea of what you might be able to borrow, what's affordable and a rough estimate of the kind of property prices you can start to look at.