Can I Get a Mortgage If I Just Started a New Job?

Are you considering buying a home but worried about whether you can secure a mortgage with your new job? Starting a new job can indeed present some challenges when it comes to getting a mortgage, but it's not impossible.

In this comprehensive guide, we will answer the question, Can I Get a Mortgage If I Just Started a New Job, exploring the factors that lenders consider when evaluating mortgage applications from individuals with new jobs. We'll also provide you with valuable tips and advice on how to increase your chances of securing a mortgage successfully. So, let's dive in and find out if you can get a mortgage if you just started a new job.

Key Takeaways

Can I Get a Mortgage If I Just Started a New Job?

Yes, you can get a mortgage if you have just started a new job with a minimum of 1 month's payslip. Or, if you're yet to start you can provide evidence of your contract instead. However, your application will likely take longer and you may have fewer options. 

It's important to be aware that not all lenders may be willing to offer mortgages under these circumstances.

In such cases, it's a good idea to seek advice from a mortgage adviser who has access to the entire market of lenders. This way, you can assess your options comprehensively, as these advisers can help you navigate the potential challenges of securing a mortgage with limited job history. Keep in mind that while it's possible, the application process may take longer, and you may have fewer lenders to choose from compared to more conventional employment situations. Consulting with a mortgage adviser can greatly assist you in finding the best solution tailored to your specific circumstances.

Can I Get a Mortgage If I Just Started a New Self-Employed Job?

Many lenders typically ask for a history of two to three years of financial accounts when considering a mortgage application from self-employed individuals. However, if you haven't been self-employed for that duration, there are still options available to secure a mortgage.

Your chances may improve if your previous employment, before transitioning to self-employment, closely aligns with your current full-time work. 

Understanding the Impact of a New Job on Mortgage Eligibility

Lenders have specific criteria when assessing mortgage applications, and one crucial aspect they consider is your employment history. The length of time you have been in a job plays a significant role in determining your mortgage eligibility. Generally, the longer you've been employed, the better your chances of securing a mortgage. However, even if you've only been in your new job for a short period, there are still mortgage options available to you.

Mortgage Options for New Job Seekers

Less than Three Months in a New Job

If you've been in your new job for less than three months, you may still be able to find mortgage options tailored to your circumstances. Although you might be considered a higher risk by lenders initially, there are lenders who specialise in working with individuals in this situation. It's important to note that you may have to accept a slightly higher interest rate initially, but you can always explore the option of remortgaging later for a better deal.

Approaching the Six-Month Mark

As you approach the six-month mark in your new job, more mortgage options start to become available to you. Lenders perceive individuals with a longer employment history, including consistent employment prior to the new job, as lower risk. This increased stability can positively impact your mortgage eligibility and open doors to a wider range of lenders.

Can I Remortgage If I Just Started a New Job?

Yes, you can remortgage even if you've recently started a new job. Just like there are ways to secure a mortgage under such circumstances, you should be able to find a lender willing to accommodate your remortgage needs, even if you've only been at your new job for a few months.

The eligibility criteria for remortgaging in this scenario will be quite similar to those for obtaining a mortgage. It's essential to gather as much supporting documentation as possible to strengthen your application. Since these lenders who consider such situations may be somewhat harder to locate, your best approach is to work with a specialist mortgage broker. They can assist you in navigating the process, finding suitable lenders, and ensuring that your application is well-prepared and stands the best chance of approval.

Additionally, if you find it challenging to remortgage away from your current lender, you have the option of seeking a product transfer with your existing lender. The advantage of a product transfer is that it often doesn't require income verification, making it a more straightforward option to explore while staying with your current lender.

Can you get a mortgage when you're in a probationary period at a new job?

Yes, it's possible and something many think about because starting a new job with a higher salary can mean you can afford a bigger mortgage. But here's the catch: lots of lenders won't see you as a permanent employee until your probation period is over. This can make getting a mortgage more difficult.

Do you need 3 months payslips to get a mortgage?

No, you don't always need three months' payslips to get a mortgage. The specific requirements can vary depending on the lender and your individual circumstances. Some lenders might accept one month's payslip, while others may require more or different types of documentation to assess your eligibility for a mortgage.

Conclusion

In conclusion, the answer to the question "Can I get a mortgage if I just started a new job?" is a resounding yes. While securing a mortgage with a new job may present challenges, it is definitely possible with the right approach and guidance. By working with a specialist mortgage broker, strengthening your application, and demonstrating financial stability, you can increase your chances of obtaining a mortgage that suits your needs. Remember to be proactive, persistent, and realistic with your budget throughout the process. With careful planning and preparation, you can embark on your homeownership journey, even with a new job.