Can I Get a Mortgage With a New Job? What Lenders Look For

Starting a new job is a thrilling experience. It can mean a fresh start, a potential pay rise, and the chance to grow in a new company. But many homebuyers wonder: “Can I get a mortgage with a new job?” People may think that most mortgage lenders wouldn’t touch applicants who had just changed jobs, or who had a signed employment contract but little history behind them. Getting a mortgage with a new job is more than possible if you know what mortgage lenders are looking for.

Below, we’ll explain what mortgage lenders look for, whether you’ve just been promoted, moved to a new industry or are starting on your very first job.

How Do Lenders Really View a Mortgage Application for a New Job?

Mortgage providers and lenders care about stability, which is why they scrutinise how your employment status will impact your monthly mortgage repayments. They prefer when people stick with the same employer or industry, but a new job (even one with a nice pay rise) can give them pause about your financial situation and future income.

Some lenders will accept a job offer letter or signed employment contract, while others want to see your first payslip and bank statements. If you’ve just changed jobs, not all mortgage lenders will give you a mortgage based just on a new contract, especially if you’re still in your probation period or have a temporary contract. Specialist mortgage brokers may be able to help you find lenders who are more open to giving you a mortgage.

Employment Types and Getting a Mortgage Approved

Permanent Roles:
If you’re on a permanent contract, most lenders will want a signed contract and preferably a couple of payslips. If you’re in a probation period, most lenders will be okay with that but others want to see you through the probation period first. Having your employer confirm that you’re permanent can help.

First Job or New Graduate:
Yes, people who are just starting their very first job can still get a mortgage. Most mortgage lenders usually look for evidence of a solid career path and a permanent contract, even if you don’t have much employment history behind you.

Fixed Term and Temporary Contracts:
For people with fixed-term contracts or working as agency staff, things get a bit trickier. Whether you can get a mortgage depends on your track record of doing contract work and earning a steady income. Some specialist lenders, like those used by a specialist broker, can help applicants who are on zero-hours contracts, temporary employment contracts or similar but it does depend on individual circumstances.

Self-Employed Applicants:
Some self-employed applicants need at least a year or two of tax returns to show that their income is stable. Many mortgage providers ask for tax calculation documents and bank statements as proof of income.

What Do Mortgage Lenders Want to See When You Apply for a Mortgage with a New Job?

• A signed contract and confirmation of your start date from your employer
• The first payslip, or a few payslips and bank statements, to show that your mortgage payments will be manageable
• Evidence of a pay rise, or a higher annual income if you’re moving up at work
• Continuous employment (or a stable employment history if you have changed jobs) and a clear career path
• No existing mortgage problems and a good credit history – with details from all tax years as needed

If you can show a bigger deposit, fewer overall debts and a solid mortgage repayment affordability, your mortgage application will be even stronger.

New Job? Here’s How to Boost Your Chances of Getting a Mortgage

Get your paperwork in order – signed contract, job offer letter, payslips and proof of employment status.

Clean up your credit history – check your credit score and pay any debts to show that you’re a reliable borrower.

Deposit size – the higher your deposit, the more mortgage options you’ll have.

Work with a mortgage broker – a specialist broker like Eden Hawk knows the inside track on lots of mortgage lenders and can help you find the one that’s right for you.

Frequently Asked Questions

Can I get a mortgage while I’m in my probation period?
Some mortgage lenders will consider you if your role is permanent, and you’re in a probation period – especially if your employer is confirming that you’ll have a stable income.

What if I’m on a fixed-term or temporary contract?
Specialist mortgage providers can help if you have a strong track record or stable income, especially if you’re working in the same field.

Will a pay rise or a job in the same company help?
Absolutely – most lenders see a pay rise or a move to the same company as a positive and can help get your mortgage approved, even if you’ve just started a new job.

What documents do I need?
You’ll usually need a signed contract, job offer letter, first payslip, and bank statements. Self-employed applicants or those getting a joint mortgage may need tax year-overviews and tax returns..

Why choose Eden Hawk as your mortgage broker?

Getting a mortgage while you’re starting a new job (whether it’s on a fixed-term contract or you’ve just switched jobs) can be difficult, but you don’t have to do it alone. At Eden Hawk, we have a team of expert mortgage brokers who can work with various employment situations, whether you’re an employee, self-employed, or on a complex contract.

Once you have a clear picture of your options, we’ll be right there to support you through the mortgage application process. Our advice puts you in the best possible light with lenders and makes sure that you match with a lender that’s used to handling people with your employment history.

Ready to get a mortgage on a new job, or just want to get some more info on your mortgage options? Get in touch with Eden Hawk today for a free chat with one of our specialist brokers and let us help you turn your dream of homeownership into a reality.