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 in theory consider a mortgage application 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 unsurmountable but may limit product / lender choice so it’s worth speaking to us about the terms of your employment.
[pullquote]GET A MORTGAGE AFTER A MONTH OF EMPLOYMENT[/pullquote] If your occupation entitles you to 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 it will just not be concluded until the former documents are available.
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 18 months with at least 1 tax return submitted.
For more information on mortgages for applicants looking for a mortgage after getting a new job please contact us on (020) 7993 2044 or alternatively complete the online enquiry form on the right-hand side of this page
Author: Payam Azadi
Payam Azadi is a partner at Niche Advice who are whole of the market Independent Finance Brokers In London. His role is very much focused on Property financing both on residential and commercial lines.
You can call Payam on 020 7993 2044 or alternatively complete the enquiry form so he can personally get in touch with you.
Niche Advice is not tied to any bank, building society, estate agent or insurer and offers Independent Mortgage and Insurance advice.