We know that lenders can be cautious about who they work with, often favouring people in stable, secure, and long-term regular employment. This doesn’t mean you can’t get a mortgage if you’ve started a new job, it just depends on how comfortable the lender is that you will be able to keep up with your payments and that your new job is secure. Some initial factors that a lender may think about when considering you for a mortgage are:
- Your previous work history. Were you at your last role for years, or do you tend to hop around?
- When you started your job.
- Whether you are on probation.
How long do I have to have been working to get a mortgage?
Lenders usually prefer you to have been in your role for 3-6 months. This doesn’t mean you can’t get a mortgage if you’ve just started your job, but it will help to have a good credit score, a higher income, and a reliable job history. Your interest rate may be higher initially as you will likely be seen as higher risk, but you can always remortgage later for a better deal.
Can I get a mortgage if it’s been less than 3 months?
It will be harder to get a mortgage if you’ve been in your role for a short time, but it’s definitely not impossible. It depends on your income, previous job history, and how secure your current job seems to be. Working in the public sector is likely to work in your favour in this case, as key worker roles tend to be high in demand and stable.
What if I’m on probation?
Being on probation makes you look riskier, because there isn’t a guarantee that you will keep your job. Lenders will take your probation length, your employment record, and any significant gaps in your work history into account when considering you for a mortgage if you’re on probation.
What if I haven’t started working yet?
Make sure you have your offer letter, which has been signed by both yourself and your employer, and if the offer is dependent on anything make sure you can prove you have met the criteria. The lender may also want to contact your employer to confirm.
Should I wait and apply later?
It is usually a good idea to wait until after your probation period, as it will be easier to get a mortgage, but it really depends on your circumstances. How soon do you want to move, and is there a specific property you’re hoping to snatch up?
Can I get a mortgage with a new job as a public sector worker?
While some lenders won’t be comfortable lending to someone who has just started a new role, public sector workers tend to be fairly safe bets because, while the roles themselves often change, the industries tend to be more stable. We will always need doctors, nurses, firemen, social workers, and people in the Armed Forces, and so there will always be jobs for them.;
It can be helpful to speak to a mortgage broker who specialises in the public sector, so they can help you find the best deals and work around your schedule. Have you just started a new role in the public sector? Speak to our specialist team for advice.
