How quickly can I get a mortgage after getting a new job?
The minimum period with a current employer could be as little as a week but does depend on your job history and, in particular, what you were doing prior to your new job.
For instance, we have lenders that will consider a mortgage application within 3 months start date on the strength of an Employment Contract and Offer Letter detailing your income and start date.
As you might expect applicant(s) who work for large employers, such those with a separate HR/Personnel function, are generally viewed more favorably by lenders.
Other factors such as working a ‘probationary period’ are not insurmountable but may limit product/lender choice so it’s worth speaking to us about the terms of your employment.
If your occupation entitles you to a bonus or commission then it is highly unlikely that this will be taken into consideration until this is a regular feature of your income.
MY PERSONAL THOUGHTS
In my own experience arranging mortgages of this nature, the lender’s strong preference is to see your first month’s salary demonstrated by a payslip and bank credit. Don’t get me wrong the Offer letter and Employment Contract should enable you to start the process and in some cases, that’s all is needed but if you have limited work experience within the sector then I would wait until you’re in your job maybe with one month’s payslips.
Please also bear in mind this article is written in the context of an applicant(s) who is switching from employer to employer, matters can get become more complex if you are going from self-employed to employed, and harder still if the other way around. The minimum period for trading a newly self-employed applicant is at least 1 tax return submitted however if you’re an contractor working on a daily rate different rules apply depending on your level of experience.
For an example of job offer letter mortgage, click here.
New job Mortgage productNiche Advice can arrange Mortgages with a job offer within 3 months of your start date even if your on a probationary period.
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.
