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Getting A Mortgage With A New Job
If you have recently started a new employed job and are looking for a mortgage then don’t panic. Although some lenders will require that you have a fairly long history with your employer many will accept applicants that have recently moved to a new company. However, if you have recently become self employed then it can be far more complicated and we recommend you read our guide to self employed mortgages for more details. There are a few common scenarios that we will run through next.
If you have just started in a new company and are applying for a mortgage during a probationary period you can expect the lender to ask for a reference from your employer who will confirm your employment and salary details. Usually this is enough for a lender to move on from the issue. In some cases though an underwriter may prefer to see that you new job is in the same industry as your previous to give them some confidence that you are likely to continue working with your new company into the future. Often a CV will suffice. There are some lenders though that will refuse to help arrange a mortgage during a probationary period so taking advice is recommended.
If you are looking for a mortgage and have taken a new contract with the same employer showing a pay rise then you need to provide some evidence of this. A copy of the signed contract along with a reference will usually be enough. Again, there are some lenders that will not be comfortable with this situation, so if you need the pay rise to be taken into account make sure you take advice and find the right lender.
Mortgages for contractors can be much more complex. If you have a strong track record of receiving new contracts and winning new projects then it is far more likely that you will be accepted. Usually specialist lenders are needed, however, workers in industries such as IT do have an easier time obtaining mortgages.
In summary, getting a mortgage with a new job is usually not problematic and should not add much to the list of paperwork needed even if you are in a probationary period, however, we still recommend taking mortgage advice in order to avoid the pitfall of choosing the wrong lender.
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