Military Veterans: Getting a Mortgage with a Recent Career Change
Can you get a mortgage if you’ve just started a new job?
Yes you can.
Although starting a new job does make it more difficult to get a mortgage it’s by no means impossible. Several factors will come into play, including:
your previous work history
how long you’ve been in your new job
whether or not you have a probationary period
Not all lenders will be open to offering a mortgage if you’ve recently changed jobs, so it will help to use a broker who has knowledge of which lenders to approach first.
Getting a mortgage when you’ve been in a job less than three months
It will be hardest to find a lender when you’ve not yet reached the three-month mark in a new job, but it doesn’t have to be a deal breaker – there are lenders who are prepared to make an offer based on the salary of a job you have yet to even start.
Having a solid work history in your last job and having experience in the same industry will both play in your favour, as well as being able to provide evidence of a permanent contract and a letter from your new employer.
The fact that you are in a new job does not mean you can no longer buy a house, it just means you’ll need to get organised.
Find a specialist broker
Mortgages for people in new jobs can be trickier to find than a standard mortgage, so it’s vital that you get expert advice from the start. A broker will be able to assess your circumstances and guide you directly to the best lenders for your situation, supporting you along the way and negotiating the best deal for you. Extensive market knowledge and experience can save considerable time and money, so it really is worth it.
Next steps
If you have changed jobs to a new employer in the same industry within the last 3 months, then you will need to collate pay slips from your previous role. If you have accepted a new job but have not yet started, you will need to ensure that you have a signed contract showing job title, start date and annual salary. This is not exhaustive, there may be other criteria to be met and further evidence required.