Starting a new job can be an exciting time, whether you’re fresh out of education and beginning a new career or advancing by changing employers. Career progression has its obvious benefits, and there are many reasons to change jobs: increased income, greater flexibility, or even the culture of an organization. However, if you’re thinking about buying a property or taking out a new mortgage, a recent or upcoming job change can influence a mortgage lender’s decision.
This article aims to answer your initial questions and help you understand whether changing jobs is the right move when considering your homeownership goals.
Can I Get a Mortgage If I’ve Only Just Started a New Job?
The short answer is yes. If you meet the lender’s criteria, there’s no minimum time you need to be in a job to use that income for a mortgage. However, if your job isn’t permanent—such as a fixed-term contract, agency work, or a zero-hour contract—additional factors like contract length and job stability will be considered. Lender requirements vary, so it’s important to consult an experienced mortgage broker, like our team here at The Mortgage Pod, to understand how your situation will be assessed.
Can I Get a Mortgage with Less Than 3 Months’ Employment?
Yes, this is possible. It’s often said that mortgage lenders require you to have been in the same position for at least 3 months before applying, but this isn’t always the case. Some lenders are willing to work from just your first payslip, and others may even accept your employment contract if you haven’t started your new role yet.
Can I Get a Mortgage If I Am About to Start a New Job?
Yes, some mortgage lenders may be willing to accept your employment contract as proof of income, even if you haven’t started yet. Since it’s generally assumed that it will take a few months for your purchase to go through, as long as your new job starts within the next three months, there will be lenders willing to consider your application.
Is It Possible to Get a Mortgage During the Probationary Period of a New Job?
Being in the probationary period of a new job can make securing a mortgage a bit challenging. Since there’s no certainty that you will pass the probation period, lenders may view this as a higher-risk application. However, many mortgage providers are comfortable considering such applications, so it’s worth having a conversation with us to understand your specific circumstances.
How Much Can I Borrow If I’ve Just Started a New Job?
A typical income multiple for an employed applicant will be between 4 and 5 times their total annual income. In some circumstances, this can be as much as 6 times the income. If your new job includes any variable pay, such as commission or overtime, you won’t have a track record for this, so that element may need to be excluded.
What Documents Are Required for a Mortgage If I’ve Started a New Job?
You will typically need:
- Each payslip received since starting with your new employer
- Employment contract
- Latest 3 months’ bank statements
How Can I Get a Mortgage with a New Job?
The best way to get started is to contact an independent mortgage broker, such as our team here at The Mortgage Pod. We will guide you through all your options and help you secure the best mortgage deal for your individual circumstances.
FAQ’s
How many payslips do I need to provide to get a mortgage?
Some lenders may not require any payslips at all, instead just accepting an employment contract if you are yet to start a new job. The exact answer will depend on your individual circumstances.
Should I change job if I want to buy a property?
In our view, buying a property or needing a mortgage shouldn’t hold you back from advancing your career. Consult a mortgage broker HERE for personalised advice.
Can I get a mortgage if ive just changed employer?
Absolutely you can. Although depending on the rest of your circumstances.
