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You are here: Home / Mortgages / New Job Mortgage / Getting a Mortgage with a job offer letter or employment contract

by Payam Azadi

Getting a Mortgage with a job offer letter or employment contract

Mortgage within 3 months of your start date with a job offer letter or employment contract

payam azadiMortgages with a job offer letter or employment contract are not generally available, however, there are 3 Mortgage Lenders that I’m aware of that are in this space. The maximum period between the start date is normally capped at 3 months although we do have a Mortgage Lender that will consider job offer letters 6 months in advance for the right customers.

The Mortgage Lender wants to see written confirmation in the form a job offer letter and a copy of the employment contract. Verbal agreements are not sufficient. They are looking for the position to be permanent but can be in a probationary period. The employer cannot be a relative.

Ideally, it should be in the same sector as the one you are in currently. Tolerance on this rule is normally given if you are straight from university, for example, a medical student going into nursing.

Secondments are becoming more prominent with Companies looking to share “cost centers” across branches. This are also acceptable. The Mortgage Lender will check the job offer letter states that the pay is sustainable when assessing affordability; and that it will not revert back after the assignment is over.

Additional income such as bonuses and duty pay must be a “guaranteed” feature in the contract to be taken, and make sense to the Mortgage Underwriter. For example, an investment banker moving from one bank to another, the bonus is being guaranteed to entice them away.

The Mortgage Lender will also look for the job offer letter or contract to detail any deductions from pay at source, for instance pension contributions, travel loans or union subscriptions. This is so they can work out your net pay for affordability with confidence.

For an example of job offer letter mortgage, click here.

New job Mortgage product

Niche Advice can arrange Mortgages with a job offer within 3 months of your start date even if your on a probationary period.   

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For more information please complete the Contact Form on this website or call T: 020 7993 2044.
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Payam Azadi

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. To get in contact with him please click here.

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Filed Under: New Job Mortgage

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AS A MORTGAGE IS SECURED AGAINST YOUR HOME OR PROPERTY, IT COULD BE REPOSSESSED IF YOU DO NOT KEEP UP THE MORTGAGE REPAYMENTS.

If you are thinking of consolidating existing borrowing you should be aware that you may be extending the terms of the debt and increasing the total amount you repay.

Niche Advice Limited is a Credit Broker and does not lend money directly to clients. Niche Advice Limited is authorised and regulated by the Financial Conduct Authority. FCA Number: 750263.

Commercial Buy-to-Let and commercial mortgages are not regulated by the Financial Conduct Authority.

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