If you’re looking for a mortgage, one of the main criteria is the need for payslips. This proves to a lender that you have a consistent source of income. They will usually ask for three but it could be any up to six.
If you’ve just started a new job, it’s unlikely you’ll have enough documentation to support your application. You could have the deposit, the right salary, and your affordability in place, but without payslips, your options will be limited.
With some planning, and understanding what goes into an application, you can improve your chances of getting a mortgage with a new job.
Financial stability with a new job
Lenders prioritise stability and reliability, so a key part of showing you can afford a mortgage is to show that you’re financially responsible. While having a job is part of this, it’s not everything that matters.
Having a good credit score, a good deposit, and a clear picture of your income, expenses, and outstanding debts all play important roles in getting a mortgage, whether with a new job or not.
Can I get a mortgage with a new job?
The nature of your job can influence a lender’s decision. For example, if your profession is in an industry that aligns with your previous work experience, and you have a good history of stable employment, they may work with you about the number of payslips you need.
If your job change is a big departure from your previous career, it’s unlikely they’ll waive the payslip rule. You may be able to talk to them about how your skills are transferable, but any decisions will depend entirely on the lender.
Even if the lender agrees, you may still face higher interest rates if you still want to pursue a mortgage without the appropriate number of payslips.
Should I wait to get a mortgage with a new job?
Timing is always important with a new mortgage, and with a new job, it may be better to wait a few months if you have the option. Not only could this give you time to improve things like your deposit and credit score, it’s an excellent opportunity to get all your ducks in a row.
For more expert mortgage advice, get in touch with one of our advisers to discuss your options if you want a mortgage, but have just gotten a new job. They can offer invaluable guidance and provide you with options for next steps.
Important information
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The actual amount you pay will depend on your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.
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