Award-winning advice on getting a mortgage with a new job
If you have a new job offer then don’t let it delay you getting a mortgage.
At Fox Davidson, we’ve secured mortgages for clients with new job offers up to four months in advance.
I’ve started a new job can I get a mortgage?
Did you know some mortgage lenders won’t lend if you’re about to start a new job and don’t yet have one, three, or even six months worth of payslips?
Luckily, there are lenders in the market place that are more accommodating and they can use your employment contract for the new job to lend up to 4 months in advance of your new job starting.
Other scenarios we come across are clients moving from employed to self-employed either as a sole trader or under a limited company.
These situations result in some high street lenders declining the application.
For clients that come to Fox Davidson, we work with innovative lenders that will lend to clients that have just started a new job or changed to self-employed.
Can I get a mortgage if I have just started working?
If you have just been offered a position of employment how soon can you use that income to secure a mortgage?
The good news is that there are lenders that will provide mortgages for starting a new job.
Fox Davidson are market mortgage brokers with access to many reputable lenders.
Some of these lenders will lend using your contract of employment, even up to 3/4 months in advance of you starting your new job!
I have just switched from employed to self-employed, can I get a mortgage?
In this situation, we will need to present a comprehensive lending proposal to the right mortgage lender. The key things we will be looking for are:
- Are you qualified/specialist/skilled worker?
- How many years were you previously employed?
- What level of income do you have whilst employed?
- How long have you now been self-employed?
- Where are your clients/business coming from?
Your experienced mortgage broker will put together a solid lending proposal hopefully showing that you are experienced in your field of work and have a good stream of income but have chosen to increase your income through self-employment.
Admittedly, many lenders will need to see 1 years proof of self-employment but we are securing lending for clients with as little as 3 – 6 months of self-employment. Find out more about self-employed mortgages.
The key to these situations is to sit down with your mortgage broker and help them to understand your situation and your background so that they can build a credible lending proposal to take to the right lender.
Using a broker that doesn’t have time to work with you on an individual basis is going to result in failed applications.
Fox Davidson are a relationship broker which means we take time to get to know our clients.
We successfully secure lending for clients that have just started employed/self-employed income.
Typical terms Include
- 95% loan to value for residential purchases and re-mortgages
- Competitive rates of interest
- Free property valuations and cashback with some lenders
- Repayment and interest-only options
If your situation doesn’t fit the regular high street lender and you need expert help from an independent team of mortgage brokers why not give us a call or send us an email.
For details of mortgages for starting a new job and recent switches to self-employment speak to one of the mortgage brokers at our Bristol, Bath or London office locations.