Can I get a mortgage with a new job?

Almost 20 per cent of people changed jobs in the first six months of last year, so moving to a new career is nothing out of the ordinary.

But can you get a mortgage with a new job?

If you’re currently thinking of a career change, you’re not alone. The average British worker changes job every five years.

There are many reasons why you may be moving on. You could be looking for a new challenge. Or, you might be looking for better pay – which is the No1 reason for seeking a new role, according to a survey.

Either way, if you’re looking for a new home at the same time as looking for a new job, here’s what you need to know about applying for a mortgage during two big lifetime events.

Can I get a mortgage with a new job?

The short answer is ‘yes’. If you were to apply for a mortgage in your current job, you will be asked to provide three months of payslips. But what if you are in between jobs? Well, there are a number of mortgage lenders who will make an offer if you provide them with a job offer letter.

If you have been to a high street lender that has refused a job letter, speaking to a mortgage broker such as The Mortgage Dog will help you find a lender that accepts a job offer letter

Like all mortgage applications, it all depends on your individual situation. No two homebuyers are the same!

What you must remember is that when starting a new job, mortgage lenders may see you as higher-risk borrower. That’s because you haven’t been in your new position for long. As a result, you might end up regretting the move. A study in 2022 found that 72% of workers said their new employer was very different to what they expected. Almost half said they wanted to get their old job back.

So, you can see, that a new job isn’t always about a new beginning. Sometimes, it’s not what we expect. And that’s why lenders are more cautious about making an offer if you’re about to or have just moved to a new role.

Lenders always ask for your occupation but view some jobs as more secure than others. For example, teachers might be offered a new job before they break up for the long summer holidays and won’t start until September. But lenders view their profession as secure and that is less likely to affect their mortgage application.

The biggest issue mortgage lenders are concerned about is your financial situation. They want to know about your ability to keep up with mortgage repayments.

What about probation periods?

Again, your individual situation can make a difference. Some lenders don’t mind if you’re on probation whilst others prefer you pass your probationary period. Working with a broker, such as The Mortgage Dog, means we can help you find the right lender for your situation.

Should I wait for a few months before applying?

If you are concerned that you will have to wait to start your new job before applying for a mortgage, then don’t worry.

Some high street lenders may prefer you wait and might prefer three months of payslips before agreeing to your home loan. But The Mortgage Dog has access to lenders who might be willing to offer mortgages to people who are between jobs. We will be happy to guide you through the process.

We can also use your new, higher income for the mortgage application. This may lead to an increase in the number of properties available to you. So speak to a broker before you make any application or start house-hunting.

What should I do?

It may sound like we’re repeating ourselves, but mortgage offers really do depend on your individual circumstances.

Some people may be given a mortgage offer from a lender if they change job. But others may not. So, speak to our experienced team if you’re looking to buy a new property and you’re also changing job.

As a mortgage broker, we can usually access deals that banks, building societies and comparison websites are unable to. And we have access to specialists lenders who might be able to help in circumstances where high street lenders run to the hills.

Don’t forget, no matter what your circumstance, your home may be repossessed if you do not keep up repayments on your mortgage.