What is the minimum time to get a Mortgage with a New Job
Getting a mortgage with a new job is a distinct possibility but as Mortgage Lenders apply different rules you are better enlisting the services of a professional Mortgage Broker to avoid disappointment.
To explain further every Mortgage Lender will have a defined set of rules for determining whether to lend to employees looking for a mortgage, these normally cover the following question set:
- How long have you been in your current job?
- Were you working in a similar field previously? If so, for how long? Was this on an employed basis?
- Is the position permanent, a fixed term contact or zero hours?
- Are you related to the employer?
- Is there a probationary period?
- Are the contracted hours excessive?
- Do you have a signed employment contract?
- Does the job require relocation, extra travel or child care costs? If so, how will this affect affordability?
- Is the level of earnings in keeping the role?
- Is the new job your sole income?
Example: Mortgage with a New Job
Lender A: no minimum time in your current job provided the position is permanent and there has been continuous employment for 12 months in a similar line of work.
Lender B: 6 months in current job or passed probation if longer. No prior jobs needed.
Lender C: will work off a signed job offer contract even if the job is only due to start in 3 months’ time.
As you can see there is a great disparity between the various Mortgage Lender stances. A skilled Mortgage Broker, such as Niche Advice, should be able to guide you to the appropriate home for the right Mortgage Lender for your circumstances. When looking to get a Mortgage with a New Job considerations needs to be given to your individual circumstances such as income profile, income and expenditure, type of property your deposit levels something Niche Advice has been doing for over 10 years.
Niche Advice offers appropriate advice to employees that are looking to get the Best Mortgage with a New Job. To find out more please complete the Contact Form on this website or call T: 020 7993 2044.
Author: Payam Azadi
Payam Azadi is a partner at Niche Advice who are whole of the market Independent Mortgage Brokers. His role is very much focused on Property financing both on residential and commercial lines.