You maybe asking yourself if you can get a mortgage with a new job? You need not worry as even in the current economic climate getting a mortgage with a brand new job can be done with the right support.
In the main there are a couple of lenders who will consider new jobs but there are a few caveats that come with it and so we tend to ask a few more questions to understand a little more about your situation. Below just explains how lenders may consider new job applications depending on whether or not you have actually started the new position and how long you have been there for.
Getting a Mortgage with a new job you have not yet started
There are mortgage lenders who will consider you where you have just a letter offering you the job, even if you have not yet started the position. There are 2 main caveats here, the first is that the job needs to “make sense”. By that we mean if you have been working in a bakery part time on minimum wage and then you are offered a position of Finance Director on £53,000 a year – you are going to be hard pushed to convince an underwriter (or us) that the job offer is real. If you have been an Assistant Manager at a supermarket and have now been offered a Managers position at the same or a different supermarket then we could look to work with the new income.
The second caveat is that you generally need to have been in a previous job for at least 12 months with no more than maybe a 2-3 week gap between leaving one job and starting the new one. We may be able to get an exception made for say 4 weeks but beyond that you are probably going to struggle until you have been in the job for a month or 2.
Getting a Mortgage when you have started a new job
This opens up your options a little more providing you have been in the job for at least a month or will have been by the time your application is made. The same caveat applies as above in that if you have recently started the job, there will be an expectation that you were in another job previously with nothing more than a couple of weeks gap in between. Again there may be exceptions here – for example leaving uni. But we would need to discuss that in detail to get a better understanding before discussing your application with some of the underwriters.
Mortgage and new job options
Although your options may be limited when trying to get a mortgage having started (or due to start) a new job, that does not necessarily mean you will have to pay a premium on the mortgage.
When faced with these types of enquiries in the past, we have tended to get them through at normal rates. The devil however is in the detail, if you have other complications then it may be that we need to consider alternative options, but in the main I would expect you to be looking at normal lenders.
Getting a mortgage whilst in Probationary period
In the main Probationary periods in new jobs are not a major concern. It is generally accepted that there will be a probationary period when starting a new position and so that has usually already been taken in to account when looking at the criteria above.
If your new position does come with a probationary period, do not worry too much. The information above is still relevant but it is something we would investigate on your behalf when doing the research – before coming back to you with potential options.
What should I do?
Get in touch. Lets have a chat and discuss your circumstances in detail and determine what is available for you and how we can help.