If you're dreaming of owning your own home but have recently started a new job, you may be wondering if this will hinder your chances of getting a mortgage. We're here to shed some light on this common concern. 💡
📋 The Mortgage Industry's Take:
The mortgage industry understands that job security plays a significant role in your ability to make regular mortgage repayments. While lenders may view your recent job change as a potential risk, it doesn't mean that securing a mortgage is impossible. Here are a few factors that could influence your eligibility:
1️⃣ Employment history: Lenders will consider your overall employment history rather than just your most recent job ie you're not a flight risk! If you have a stable employment background with a consistent income, it can work in your favour.
2️⃣ Probation period: If you're still within your probationary period, some lenders may be hesitant to approve your application. However, not all lenders have the same criteria, so it's essential to do your research. An employer's letter can do the trick here!
3️⃣ Industry experience: Your previous experience within the same industry can play a role in your mortgage eligibility. If you've recently changed jobs but have extensive experience in the field, lenders may view you as a low-risk borrower.
4️⃣ Contract type: The type of employment contract you have can affect your mortgage application. Permanent contracts are generally viewed more favorably than temporary or zero-hour contracts.
💼 Tips to Improve Your Chances:
While there's no surefire way to guarantee mortgage approval, there are steps you can take to strengthen your application:
1️⃣ Save for a larger deposit: A larger deposit can reduce the perceived risk for lenders, potentially increasing your chances of securing a mortgage.
2️⃣ Improve your credit score: A healthy credit score is crucial for mortgage approval. Ensure your credit history is accurate and consider taking steps to improve it if needed.
3️⃣ Seek professional advice: Mortgage brokers specialize in finding suitable mortgage deals for various circumstances. Consulting with a reputable broker can provide valuable insights and increase your chances of success.
🤝 Our Final Thoughts:
Obtaining a mortgage after starting a new job is possible, but it may require some additional effort and research. Understanding the mortgage industry's criteria and seeking professional advice can significantly improve your chances of securing the home loan you're after.
Remember, every individual's situation is unique, and lenders may have different requirements. Reach out to a mortgage professional, and they'll guide you through the process, helping you make informed decisions along the way.
Good luck on your journey to homeownership! 🏡💚