Yes, you can potentially get a mortgage with a new job. Starting a new role does not automatically prevent you from applying, although lenders have different requirements around employment history, probation periods and the evidence they need to verify your income.
Your options can also depend on the type of employment, your salary and wider affordability. Some lenders may consider an application before you have built up several months of payslips, while others have different requirements.
If you have recently changed jobs or are about to start one, getting mortgage advice before applying can help establish which lenders may consider your circumstances and what evidence you will need.
How Does A New Job Affect A Mortgage Application?
Lenders want to understand the income you will use to make your mortgage payments. A recent employment change can mean there is less evidence from your current job than there would be for someone who has worked for the same employer for several years.
This does not mean you need to wait for a set period before applying. There is no single minimum length of time in a job that applies across the mortgage market.
The lender will assess your application according to its own criteria. Your employment circumstances form part of that assessment alongside affordability, credit history and the property being purchased.
The nature of the job change can matter too.
Moving To A New Employer In The Same Field
Moving between employers while continuing in the same occupation can provide a lender with an established employment history to consider, even though you are new to your current employer.
The lender may ask about your previous employment alongside the details of your new role. This does not guarantee acceptance, but a recent change of employer does not automatically prevent an application.
Starting A New Job After A Promotion
A promotion can involve a new job title and a higher salary, either with your existing employer or a new one.
Where your income has increased, the lender will decide how much of the new salary it is prepared to use for affordability. Evidence such as an employment contract, salary confirmation or payslips may be required depending on the lender and when the new salary takes effect.
You should not assume that a higher salary automatically means you can borrow more. The lender will still carry out its normal affordability assessment.
Starting A Fixed-Term Contract
A fixed-term employment contract can be treated differently from permanent employment.
Lenders have their own criteria for applicants working on fixed-term contracts. They may consider factors such as the length of the contract, time remaining and previous employment or contracting history.
If you have recently started a fixed-term role, checking lender criteria before applying can help avoid approaching a lender whose requirements do not fit your circumstances.
Starting A New Career After An Employment Gap
Returning to work after a gap or moving into a different career can require additional consideration.
A lender may want to understand your recent employment history and verify your current income. The length and circumstances of the gap can also form part of the overall application.
An employment gap does not automatically prevent you from getting a mortgage. How it affects an application depends on the lender’s requirements and your wider circumstances.
Can I Get A Mortgage During A Probation Period?
It can be possible to get a mortgage during a probation period.
Some lenders are prepared to consider applicants who are on probation, while their individual requirements differ. You should therefore avoid assuming that you have to pass probation before applying.
Your occupation, employment history and the terms of your new role may be relevant to the lender’s assessment. The lender will also need to be satisfied that the mortgage is affordable.
If you know you will be on probation when applying, tell your mortgage adviser. They can take this into account when checking lender criteria rather than submitting an application based on assumptions about how a particular lender will treat your employment.
What Documents Might You Need For A Mortgage With A New Job?
The evidence required for a new job mortgage application depends on the lender and your circumstances.
If you have already started work, the lender may ask for available payslips. Your bank statements may also help evidence salary payments once you have begun receiving them. Our guide to what mortgage lenders look for on bank statements explains how statements can be used as part of a mortgage application.
Where you have not yet received a payslip, some lenders may consider other employment evidence. This can include a signed employment contract or confirmation from the employer, depending on the lender’s requirements.
Relevant information may include:
- Your job title and employer
- Your confirmed salary
- Your employment start date
- The terms of your employment
- Details of any probation period
A lender may also ask about previous employment, particularly where you have only recently joined your current employer.
Providing a signed employment contract does not guarantee that your mortgage will be approved. The lender will still assess the rest of your application and decide whether the evidence meets its requirements.
Can A Signed Employment Contract Replace Payslips?
In some circumstances, a lender may consider an employment contract when payslips from the new role are not yet available.
Whether this is acceptable depends on the lender. The contract may need to contain particular information and the lender can request additional evidence.
This can be relevant if you have accepted a new job but have not started yet or have started recently enough that you do not have the usual history of payslips.
A mortgage adviser can check which lenders may consider your position rather than assuming that every lender will accept a contract instead of payslips.
What If My New Job Includes Bonuses, Overtime Or Commission?
Variable earnings need to be considered separately from your basic salary.
A lender may be able to verify a new basic salary from your employment evidence, but bonuses, overtime and commission can be treated differently because the amount received may change.
Lenders have their own rules for how variable income is assessed and what evidence is needed. A new employee may not yet have enough history in the role to demonstrate earnings that depend on performance or hours worked.
You should therefore provide an accurate breakdown of your basic salary and any additional income rather than assuming the lender will use all of your expected earnings for affordability.
What if I Change Jobs During A Mortgage Application?
Tell your mortgage broker if you change jobs or expect your employment circumstances to change while a mortgage application is in progress.
A mortgage application is assessed using information about your circumstances at the time. If your employment or income changes, the lender may need updated information before deciding whether it can continue with the application.
The same principle applies if you have already received a mortgage offer but your circumstances change before completion. A mortgage offer remains subject to its terms and conditions, and relevant changes should be disclosed so the lender can decide whether anything needs to be reassessed.
Do not assume that receiving a mortgage offer means a subsequent change of job cannot affect the application.
If an employment change contributes to an unsuccessful application, our guide to what to do if your mortgage application is declined explains how to review the reason before considering another application.
Should You Apply Before Or After Starting A New Job?
There is no single answer because lender criteria and individual circumstances differ.
Waiting until you have started work can provide additional evidence such as payslips and salary payments into your account. In other circumstances, there may be lenders willing to consider a signed contract before the job begins.
This means the best timing depends on your employment position and the lenders that may be suitable for you.
If you are planning to move jobs while also buying or remortgaging, tell your mortgage adviser as early as possible. They can consider the proposed change when researching your options rather than having it emerge after an application has already been submitted.
You should also avoid delaying or bringing forward an employment decision purely because you assume all mortgage lenders use the same rules.
How Can A Mortgage Adviser Help If You Have Recently Changed Jobs?
Recent employment can make lender selection particularly important because policies differ across the mortgage market.
Key Mortgage Advice provides personalised mortgage advice and has access to the whole of the market, along with exclusive deals where available. An adviser can look at your employment circumstances and check relevant lender criteria before recommending a suitable mortgage.
They can also explain what employment evidence a lender may require and support you through the mortgage process from application towards completion.
Using a mortgage adviser cannot guarantee that an application will be accepted. The lender makes the final decision after carrying out its own affordability, eligibility and property checks.
Example Of Applying With A New Job
Consider someone who has accepted a permanent job with a new employer but has not yet received their first payslip. They want to apply for a mortgage before starting the role.
Rather than assuming they must wait several months, their circumstances could be checked against lenders that may consider applicants using appropriate employment evidence. Any lender approached would still need to assess the applicant’s affordability and the rest of the mortgage application.
Speak To Key Mortgage Advice About A Mortgage With A New Job
Changing jobs does not necessarily mean putting your plans to buy or remortgage on hold. The important part is understanding how your employment circumstances fit current lender criteria before an application is submitted.
Whether you are about to start a job, have recently changed employer or are still in your probation period, Key Mortgage Advice can review your circumstances and help you understand the mortgage options that may be available.
You can call us on 01772 620000 to discuss your new job and mortgage plans or book an appointment with a mortgage broker in Preston, Southport or Garstang.
This article provides general guidance, not personal financial, legal or tax advice. Lending criteria, product terms and eligibility vary. Seek advice based on your circumstances.
Mortgage With A New Job FAQs
Can I apply for a mortgage during probation?
Potentially, yes. Some lenders consider applicants during a probation period. Requirements differ between lenders, so being on probation should be considered alongside your employment history, affordability and wider circumstances.
Can a signed employment contract replace payslips?
Some lenders may consider an employment contract where payslips from a new job are not yet available. This depends on the lender’s criteria and the information contained in the contract. Additional evidence may still be required.
What if I change jobs after receiving a mortgage offer?
Tell your mortgage broker and ensure the lender is informed of relevant changes before completion. The lender may need to reassess part of the application or request updated evidence. Do not assume an existing mortgage offer means a change in employment will have no effect.
Does an employment gap matter when applying for a mortgage?
It can form part of the lender’s assessment, but an employment gap does not automatically prevent you from getting a mortgage. The lender may consider your current employment and recent work history alongside the rest of your application.
