Getting a Mortgage With a New Job
Worried you won’t get approved for a mortgage because you just started a new job? The experts we work with can help you get approved.
Firstly, have you started a new job in the last 12 months?
No impact on your credit score
Which lenders have you already tried?
40% of our customers had been declined elsewhere before coming to us. The brokers we work with will be able to assess your circumstances and then identify the right lender for you instead of going direct.
Author: Pete Mugleston - Mortgage Expert, MD
Updated: December 10, 2021
Starting a new job can be an exciting step, but combine that with getting a mortgage and it can become complicated.
Worries will arise including wondering if you will qualify for a mortgage and whether you can borrow based on your new salary.
But don’t worry, with the right advice, securing your home loan while taking the next step in your career is possible
In our guide to getting a mortgage after starting a new job, we’ll explain how to get approved, how long you need to work in your job before lenders will consider your application, and much more.
The following topics are covered below...
How long do you have to be in a job to get a mortgage?
In many cases, mortgage lenders prefer you to have been in your new job for three months or longer, or at least to have moved beyond a probationary period, before they’re happy to offer you a mortgage.
There are also some lenders with stricter criteria who prefer applicants to have at least 12 months of payslips from a new employer.
However, it’s possible to secure a mortgage if you have just started a new job and have one or no payslips.
Proof of your contract from your new employer will be essential, while evidence of your ability to make monthly payments over the past 12 months may also be required.
Get Started with a Broker
Maximise your chance of approval with specialist advice from a mortgage expert.
How to get a mortgage while starting a new job
There are a number of steps to take when you begin your application for a mortgage while starting a new job, getting a pay rise or working a probationary period.
1. Gather all your information and proof of your new job
Ensure you have all your earnings history, your new contract and a supporting letter if required/possible from your new employer or relevant department head.
This includes details of any probationary periods and pay rises.
By having as much information about your future or recently new employment together, it will be easier to prove everything you’re telling a potential lender is true and verifiable.
2. Get your deposit and proof of it ready
This is an essential step in any mortgage application but has even greater weight in these circumstances.
Having an easily accessible deposit is one more way of reducing the level of financial risk a lender assigns to your application.
Most lenders will expect you to put down a deposit worth at least 10% of the property’s value, but some may accept less under the right circumstances, such as when the borrower is applying through a government scheme.
Superior rates might become available if you’re able to stretch to more than 10% deposit.
Remember, the higher your deposit, the better chance you have of getting the mortgage you want, regardless of whether you’re starting a new job, working a probationary period or have none of those concerns.
3. Speak with a mortgage advisor
Mortgage advisors have expert knowledge of lenders, mortgages and deals that aren’t available on the open market.
By speaking to an advisor who has experience of securing finance for clients who have started or will be starting a new job, they can reduce the length of time it takes to find the right lender for you.
They can also help you avoid being turned down by an unsuitable lender.
Our Broker-Matching Service Guaranteed!
We want you to have complete confidence in our service, and get the best chance of securing your mortgage. We guarantee to get your mortgage approved where others can’t – or we’ll give you £100*
Can you get a mortgage if your employment circumstances have changed?
Yes. This is possible but there may be some caveats if you’re changing jobs or starting a new contract from your existing employer.
You can still apply for and secure finance, provided you can prove certain criteria to your mortgage lender.
There are a few things that most lenders will likely request.
- Proof of employment: A contract or letter from your employer confirming you are starting a new job.
- A copy of your new contract: If you are changing contracts with the same employer.
These details will be in addition to the typical information mortgage lenders require from all applicants, including answering more detailed questions about affordability.
What if you’ve just gotten a pay rise?
It’s still possible to get a mortgage if you’re about to receive a pay rise and would like to borrow against your new income.
Some lenders might only be willing to offer you a mortgage based on the earnings in your previous job, but there are mortgage providers out there who will factor in recent pay rises, as long as they’re properly evidenced.
Mortgage lenders open to basing a mortgage on future earnings will need to see at least 12 months of payslips, along with a contract or agreement from your employer stating your planned pay rise and when it will begin.
In some cases, lenders will be happy to make calculations on the entire new wage, while others may prefer to work on a percentage of the increase.
Can you get a mortgage while in a probationary period?
If you’ve started a new job or contract but are working a probationary period, you can still get a mortgage.
However, not all lenders will consider your application, which means you must find those lenders who are willing to consider your particular circumstances.
Proof of contract, previous earnings and your reliability as someone who regularly pays monthly bills will all help.
However, because not all lenders will help in this situation, speaking with a mortgage advisor who knows which lenders and products will consider you for a mortgagee will increase your options and chances of securing your mortgage.
That’s the case whether your probationary period is 3 months, 6 months or even longer.
Brilliant service from Daniel, very positive and put us at ease.
Daniel was fantastic , put us at ease and answered all our questions. Would highly recommend to anyone who is struggling to get a mortgage being a foster carer
OMA have been amazing.
OMA have been amazing. I would thoroughly recommend them. Our personal broker has gone above and beyond in seeking the best deal for us and keeping us informed at every stage of the process.
Very professional and efficient…
Very professional and efficient service! Would definitely recommend.
Lenders considering approving a mortgage for someone in your circumstances will require all the usual details; affordability assessment, proof of earnings, proof of work history and confirmation of your identification.
However, they will also require contract details for your new role, whether it’s with a new firm or in a different job with your existing employer.
In some situations, the more information you can provide, the better, while for other lenders proof of a set list of details will suffice.
What effect will my credit score have on my application?
Mortgage lenders run credit checks on all loan applications, regardless of their situation.
That doesn’t mean you need to worry because you think your credit score might be low. In many cases, lenders will agree a mortgage to someone with a low credit score, they will just adjust the interest rate and terms to minimise the associated risk that low score brings.
If you have a high credit score then that will prove beneficial to your application, particularly in the case of changing jobs, being about to receive a pay rise or working a period of probation. You can also still secure a mortgage with a low credit score, but as detailed above, the terms of the mortgage including the interest rate, might be less favourable.
Get matched with the right mortgage broker today
Starting a new job and buying a home are two important and exciting steps in your life.
Speaking to a mortgage advisor who specialises in applications from clients starting a new job or changing contracts, will help keep that excitement and minimise the related stress.
That’s because they know of lenders and products you can’t access on the open market.
Also, the right mortgage advisor for your circumstances will ensure you don’t waste time speaking with lenders who won’t help you or don’t have the right product for you.
Give us a call on 0808 189 0463 or fill in our online form and we’ll put you in touch with a mortgage advisor experienced in cases like yours.
You can then have a free, no-obligation chat to hear how they can help you secure the best mortgage for you.
Ask a quick question
We know everyone's circumstances are different, that's why we work with mortgage brokers who are experts in all different mortgage subjects. Ask us a question and we'll get the best expert to help.
Mortgage Expert, MD
About the author
Pete, an expert in all things mortgages, cut his teeth right in the middle of the credit crunch. With plenty of people needing help and few mortgage providers lending, Pete found great success in going the extra mile to find mortgages for people whom many others considered lost causes. The experience he gained, coupled with his love of helping people reach their goals, led him to establish Online Mortgage Advisor, with one clear vision – to help as many customers as possible get the right advice, regardless of need or background.
Pete’s presence in the industry as the ‘go-to’ for specialist finance continues to grow, and he is regularly cited in and writes for both local and national press, as well as trade publications, with a regular column in Mortgage Introducer and being the exclusive mortgage expert for LOVEMoney. Pete also writes for OMA of course!