Does starting a new job affect a potential mortgage

theylive

Hi all, apologies if this has been asked before.

I’m looking at buying my first property and I’m exploring options in relation to mortgages.

My worry is I’m due to start a new job soon and I’ve only had my mortgage in principle offer.
I’ve had no employment breaks for several years now though.
I was talking to one person who said I’d have to be in my new job for at least 6 months before thinking about a loan.

Had anyone had any experience in this matter, or could potentially direct me to the appropriate thread.
All help is greatly appreciated

LRmortgage

Some lenders will want you to have been in your job for 3 - 6 months, others will be fine with a contact to start soon or only a month or two in the role.

Each lender will have its own criteria on this, either do some research or get a broker to place the case for you.

muhandis

As LRmortgage said above.

From experience, Halifax *should* be absolutely fine with a brand new job. I got an offer from them in my 4th week of a new job, even before my first payslip.They didn't care that I was on probation, etc.

I used a broker and would definitely recommend consulting with one to explore all available options when the time comes to make an application.

MortgageMamma

It all depends on the timing

More options are open to you if you've actually started the new job, been paid 1st time and are not in a probationary period. So it has to be a permanent contract.

If you do not meet that criteria, things can get a little more complex and there are fewer lenders available to you.

If you can, hold off until you have started your new job and been paid. I'm not just saying this from a mortgage lending perspective, but your own personal risk situation - what would you do if you were fired or failed a probationary period? what if you hated the job?

If you appoint an experienced broker to act for you, they will be able to give you examples of what type of mortgage you would get now pending the changes, what you would get shortly after starting new role, and what you would get if you'd finished your probationary period.

george4064

Another thing lenders consider is if your new job is in the same field/sector as your old job or if its in a new one, that will be factored in to ascertain how 'risky' your job move is.


In reality, you won't know what the effects will be unless you speak to your lender(s) directly about your situation. If you use a mortgage broker (which I would recommend) they will be better as securing you a good mortgage taking into account your circumstances, whereas a big bank might not be so flexible/understanding.

Freddie0619

Hi

Lloyds are ok with this, we are going through a mortgage application now pending a valuation of the property. I changed jobs 1 month ago & they just reassessed our circumstances. They wasnt bothered about a probation period.

Halifax are part of thr Lloyds group so it should be fine.

SarahB89

I went through a broker as I knew I was going to be in this situation - job contract ends this month, next fixed term contract starts next day but knew I wouldn't have any paperwork to prove it (typical NHS HR!) in advance. There were several lenders that I couldn't use, and the broker said the application needed to be in at least two months before my contract ended, I think it ended up being submitted a little after that but Natwest offered anyway.

Lungboy

Similar question, current mortgage is with TSB and possibly looking to move, starting a new job in August with same company so no probationary period, but unlikely to get any paperwork until september. New purchase would need the new wage. Is there even any point looking at houses yet? Will TSB or a new provider accept a letter from HR confirming the new post and wage in lieu of any other info?