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Is getting a mortgage with a new job possible and what happens if you change jobs during the house-buying process? We take a look
It may be possible to get a mortgage if you’ve just started a new job, and you may also be able to get a mortgage with the following employment circumstances:
But many lenders won’t lend in these circumstances. And those that may lend will look at your individual circumstances including your previous work history before making a decision.
If you want to apply for a mortgage with a new job it’s advisable to speak to a mortgage broker as they’ll know which lenders will be most likely to lend to you.
Get fee-free mortgage advice from the award-winning expert advisers at Mortgage Advice Bureau.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Please note some branches of Mortgage Advice Bureau may charge a fee for mortgage advice if you go direct. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed. So make sure you use this site, this form or phone number for fee-free advice.
Possibly. Most lenders will require that you’ve been in the same position for at least 3 months before you’ll be accepted for a mortgage. But this isn’t the case for all lenders so if you’re looking for a mortgage with a new job you’ve been at for less than 3 months, speak to a mortgage broker for specialist advice.
Getting a mortgage with 3-6 months’ employment is typically easier but if you wait 6-12 months after starting a new job to apply for a mortgage, you may have a greater choice of lenders and may be less likely to have your mortgage application turned down.
If you’re still in the probationary period of a new job it can cause difficulties in getting a mortgage. However, different lenders can be more flexible than others depending on your personal circumstances so it’s advisable to speak to a mortgage broker to get expert advice.
It may be possible depending on the lender and your personal circumstances, although the lender may require you to put down a larger deposit.
Get fee-free mortgage advice from the award-winning expert advisers at Mortgage Advice Bureau.
If you take on a new contract with the same employer, some lenders may consider this a new job and not take into account your employment under your old contract. It may be helpful to get expert mortgage advice in this circumstance.
Your occupation won’t usually affect your chances of getting a mortgage with a new job. However, some lenders that won’t usually lend to people who have just started a job will make exceptions for teachers and other professional roles.
Getting a mortgage with a new job means you’ll typically have a smaller pool of lenders to choose from and may not get access to the same range of mortgage rates. So you may decide to wait to apply for a mortgage.
However, if you’ve found a property you love it’s worth investigating your mortgage options. You may find that you can borrow what you need and decide you don’t need to wait.
Get fee-free mortgage advice from the award-winning expert advisers at Mortgage Advice Bureau.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Please note some branches of Mortgage Advice Bureau may charge a fee for mortgage advice if you go direct. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed. So make sure you use this site, this form or phone number for fee-free advice.
Most mortgage applications signed by borrowers will contain a declaration that the borrower will tell the lender about any change in circumstances that might affect the application. So if you have a formal mortgage offer, you should read the offer and associated terms and conditions to see what it requires of you.
If you change jobs after mortgage approval, the lender will reconsider the application and reserves the right to withdraw an offer if there is a material change in circumstances that might have affected their original decision.
It’s also common practice for your solicitor or conveyancer to ask you for confirmation that there’s been no change to your circumstances prior to completion. You would clearly need to answer any question truthfully, otherwise it would constitute fraud.
If you’ve changed jobs and your lender withdraws your mortgage offer as a result, it may be possible to get a new mortgage. But depending on what stage you are at in the house buying process you may need to act very quickly to avoid your purchase falling down.
To get a new mortgage offer you’ll need to go through the full mortgage application and this can typically take two to four weeks to process. However, factors like how busy the lender is and how straightforward your circumstances are can influence the duration.
If this happens, using a mortgage broker can save you time in finding the right mortgage for you. Find more on how you can speed the process up in our guide How long does it take to get a mortgage?
If you’ve been promoted and got a pay rise, you may be able to borrow more. But this will depend on the lender and your circumstances and you’ll likely need to show evidence from your employer confirming the pay rise.
If you’ve received a mortgage offer and now find yourself having to take a pay cut, you have to tell your mortgage lender to make sure they will still be willing to lend you the same amount.
According to the Office for National Statistics, over 4.2 million people in the UK are self-employed. If you’re self-employed and want to apply for a mortgage, most lenders will require you to provide at least two years of accounts to accept your mortgage application, however, it is possible to get a self-employed mortgage with less. Find out more in our guide on Self employed mortgages.
Get fee-free self-employed mortgage advice from the award-winning expert advisers at Mortgage Advice Bureau.
Yes. Once your mortgage has completed, you’ve moved into your new home and you’ve started paying your mortgage back you shouldn’t need to tell the lender about changes in your circumstances, as long as you can keep up with the monthly mortgage repayments.
However, if changes to your circumstances mean you experience difficulties keeping up with your repayments, you should speak to your lender. Read our guide Can’t pay mortgage – what now?
Getting a mortgage with a new job on a zero hours contract may be very difficult. Lenders consider those working on zero hour contracts as a higher risk customer than those on a guaranteed monthly income. For that reason, some lenders may require you to have been with the same employer for a year or more before they consider lending.
However, whether or not it’s possible for you will depend on your circumstances. Find out more in our guide on Zero hour contract mortgages.
If you remortgage with a different lender you’ll need to submit a full mortgage application, and if you’ve started a new job, this may cause issues depending on your personal circumstances.
So it’s advisable to speak to a mortgage broker about your remortgage options.
Get fee-free remortgage advice from the award-winning expert advisers at Mortgage Advice Bureau.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Please note some branches of Mortgage Advice Bureau may charge a fee for mortgage advice if you go direct. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed. So make sure you use this site, this form or phone number for fee-free advice.
There are some steps you can take that may increase your likelihood of getting a mortgage with a new job.
When you’re applying for a mortgage with a new job, on top of providing evidence of your employment as required by the lender, you’ll need to provide:
Mortgage Advice Bureau search over 100 lenders so you don’t have to.
Many lenders will need you to supply at three months of payslips as proof of employed income, although some will accept your most recent payslip. Other lenders may only require a signed employment contract or letter from your employer. It’s a good idea to speak to a mortgage broker for up-to-date information on what different lenders’ requirements are.
When you’re applying for a mortgage, red flags for lenders on bank statements include evidence of gambling, payday loans and being overdrawn. For tips on boosting your chances of getting a mortgage read our guide How to get a mortgage in 6 easy steps.
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