Get A Mortgage With A New Job
Specialising in pairing people with their perfect mortgage
Can I Get A Mortgage With A New Job?
So you’ve secured your dream job which is great news for you as you embark on your latest venture in life. Now you’ve got your new job, you may start to think about buying your own home for the first time. But starting a new job could make being accepted for a mortgage more difficult, even if you earn more. Here you can find out why and what you can do to improve your chances of getting a mortgage with a new job.
Why Will I Struggle to Get A Mortgage With A New Job?
There’s a good chance that if you’ve just started a new job, you may struggle to get a mortgage. This is because most lenders will only offer you a mortgage if you have been in your job for a while.
There are some lenders that may accept you if you have worked at your job for three months or less, but they can be difficult to find if you’re not sure where to look for them. In some cases, mortgages will only be available to you if you’ve been in your job for more than three years.
Largely, it depends on the lender’s acceptance criteria and their set of rules that determine who they are happy to provide a mortgage to. The factors include your employment status, age, income and credit record.
We have the skills and expertise to match people with their perfect mortgage. We’ve already helped hundreds of people obtain a mortgage and consequently secure their dream property. We have even helped people release money from their property to make them more financially secure or to complete the home improvements you’ve always wanted.
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Why Might Lenders Turn You Down
A lender could turn you down for a mortgage as you pose more of a risk after you start a new role. You could become unable to afford your mortgage payments if you lose your job due to underperformance during your probation period, as your company could terminate your contract without notice in this period until your role becomes permanent.
Or if your employer needs to make cuts, the newest employees are usually the first to go.
What If I Earn More Now?
If you earn more, it will stand in your favour when it comes to getting a mortgage with a new job, as a higher salary can lessen the impact as it increases what lenders think you can afford to borrow.
You will need to prove your new salary, so it’s best to ask your employer to confirm it in writing.
On the flip side, if you would be earning less, moving to a new job with a lower pay obviously means the amount you can afford towards mortgage payments will go down.
Get In Touch
We work with a range of providers to find you the best mortgages available from an array of lenders and we pride ourselves on putting the right person with the right product, whether it’s for mortgages or protection.
So what are you waiting for? Give us a call to find out more.
Get A Mortgage With Regal in 3 Easy Steps
Step 1
Complete an enquiry form and an advisor will call you back.
Step 2
Send us the documents we need.
Step 3
Receive a Decision in Principle from one of our lending panel.
