We can help if you are looking to secure a mortgage within 3 months of your new job start date or with a job offer or employment contract.
Lenders want to see steady and stable income before lending. So when it comes to securing a mortgage with nothing more than a job offer letter, your choice of lenders will be much smaller. The majority of lenders want to see that you have been employed with a company for at least 3 months before they will consider granting a mortgage. A small number of lenders will consider a job offer letter up to 6 months in advance, provided the borrower meets a number of other requirements.
If you are planning to move to a new company and don’t want this to derail your plans to get on the property ladder, finding the right lender could help. Lenders will want to see a written contract and a verbal agreement will not be sufficient. It also helps if the new role is in a similar sector.
An example of this would be a medical student graduating and having a job offer from a hospital. Secondments would also be satisfactory to a select number of lenders. The lender will calculate affordability based on what is outlined on the job offer. They will want to see that the pay will not revert to a lower amount once you return to your usual place of work.
If you are including bonuses or other allowances in your affordability calculations, these will need to be guaranteed in the job offer. For example, if you are being offered a signing bonus to join another company, this would need to be outlined in the offer and be clear to the underwriter.
Lenders will also look at the employment contract to identify any deductions from your salary for things like pensions, union subscriptions or travel loans. If you have a housing allowance that expires after three months, this would need to be taken into consideration in the affordability calculations.
If you’re hoping to secure a mortgage during a job change, get in touch to find out how we can make this process easier.
