How to get a Mortgage with a new job?

Is it possible to get a mortgage if I have a new job?

Yes. It is possible to get a mortgage with a new job and, if you fall into one of the following categories, you are likely to get a mortgage, if you:

• Have just started your own company
• Working with the same employer but on a new contract
• Had an increase in pay
• Starting a new job within the next 3 months and have evidence for this
• On a probationary period
• Have a contract of a temporary nature
• Begun self-employment after becoming a qualified professional
• A newly qualified teacher

Can I get a mortgage if I have changed my job?

Yes. It is possible to get a mortgage if you have changed your job. There are many lenders who will only offer a mortgage if you have a 1 to 3 years of employment history. However, there are many other lenders who will offer you a mortgage for a shorter period of employment well as considering different forms of employments. Obtaining a mortgage involving a recent change in employment can be a little more difficult compared to getting a mortgage when you are have been with the same employer long term. This is because lenders will perceive your mortgage to be risky as, should there be any downturn in an employer’s fortunes, the chances of a new employee being made redundant are much higher than for someone who has been there for a longer time.

Can I get a mortgage if I have changed my contract?

Yes. It is possible to obtain a mortgage if your contract has recently changed with the same employer. However, the issue is that you may not have earnings history for last 3 months as required by many lenders and as a result they may consider your application in the same way that they would  consider a change of job. Some lenders may therefore reject your application or offer you less favourable terms for your mortgage such as a high deposit amount. However, there are various other lenders who will understand this issue and offer you a favourable mortgage deal if you are able to secure evidence proving the same from your employer. 

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

Yes. It is fairly easy to get a mortgage after a recent pay rise. The key is to understand which lenders are most likely to accept your application with the increased pay details. The issue with such mortgage applications is that you may not have sufficient amount of evidence in the form of proof of earnings for 3 months in order to prove your increased income. However, there are various other lenders who will accept such applications following a pay rise.

Can I get a mortgage during my probation period?

Most lenders will decline an application made during a probation period as, n this case, your employment is not permanent. However, there are a few lenders who may accept such applications and do not require proof that you will be made a permanent employee in the organisation.

Can you get a home-loan with a new job?

Yes. It is possible and in fact easier to do so in the current scenario. The criteria for a home loan is similar to that of a mortgage while the norms for deposits and affordability are much more relaxed. It is possible to get a home loan for 95% LTV and affordability calculated at over 6 times your annual income if you have a clean credit history.

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