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Mortgages for New Jobs

Best Mortgage Rates

I Want to Buy I Want to Remortgage

Mortgages for New Jobs

    • 4.07% Initial
    • 5 year fixed
    • 6.6% APRC
    • Cashback Max £250
      Free Legals
      Free Valuation
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    • 4.10% Initial
    • 5 year fixed
    • 6% APRC
    • Cashback £0
      Free Legals
      Free Valuation
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    • 4.14% Initial
    • 5 year fixed
    • 6.3% APRC
    • Cashback £0
      Free Legals
      Free Valuation
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    • 4.17% Initial
    • 5 year fixed
    • 6.4% APRC
    • Cashback £0
      Free Legals
      Free Valuation
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    • 4.17% Initial
    • 2 year fixed
    • 6.7% APRC
    • Cashback £0
      Free Legals
      Free Valuation
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    • 4.18% Initial
    • 5 year fixed
    • 6.7% APRC
    • Cashback Max £250
      Free Legals
      Free Valuation
    • Get quotes
    • 4.18% Initial
    • 5 year fixed
    • 6.7% APRC
    • Cashback Max £250
      Free Legals
      Free Valuation
    • Get quotes
    • 4.19% Initial
    • 5 year fixed
    • 6% APRC
    • Cashback Max £1,250
      Free Legals
      Free Valuation
    • Get quotes
    • 4.19% Initial
    • 2 year fixed
    • 8% APRC
    • Cashback £0
      Free Legals
      Free Valuation
    • Get quotes
    • 4.20% Initial
    • 5 year fixed
    • 6% APRC
    • Cashback £0
      Free Legals
      Free Valuation
    • Get quotes

Representative example based on a fixed rate mortgage

A mortgage of £375,000 payable over 20 years initially on a fixed rate for 5 years at 4.38% and then at the standard variable rate of 7.65% for the remaining 15 years would require 60 monthly payments of £2,351.88 and then 180 monthly payments of £2,899.55.

The total amount payable would be £663,156.80 which includes interest and product fees of £1,124.

The overall cost for comparison is 6.5% APRC representative.

Early repayment charges may apply.

Mortgages for New Jobs

Find the best mortgages for new jobs

When starting a new job, you may also consider getting a mortgage deal - perhaps because you need to relocate. When it comes to finding the right mortgage deal, a new job can sometimes present a challenge, whether you're a new graduate or making a long-awaited career change.

 

Have you ever had a mortgage before?

As a result of the Help to Buy scheme, first-time buyers can obtain mortgages with deposits as low as 5%. The following points can stand in the way of you getting a good mortgage deal for a new job, even if you are eligible for the Help to Buy scheme:

  •  A lack of a sufficient deposit - people who are new to the workplace may be unable to afford even a 5% deposit.

  • You may have no credit history if you are young and have not worked for a long time.

  • Credit card debt and outstanding overdrafts - of course, if you weren't too careful with your money at university, you might face the opposite problem, struggling to pay off your student loans along with your debts from university.

  • Moving to a new area for a graduate placement or a new job may mean you don't have any income to show for it - if you intend to buy a home in your new location, this may present a problem.

 

How can new employees get mortgages?

For people who are starting out in a professional trainee scheme, such as a solicitor or accountant training program, some mortgage lenders may offer special deals. Based on your job offer and your projected income over the next few years, they may be willing to lend to you. The problem is that this can be very difficult to obtain.

 You can also look for a guarantor mortgage. A guarantor is needed for this kind of mortgage, usually a relative. You'll need a guarantor who is also a homeowner, and who can demonstrate that they can meet your mortgage repayments if necessary.

 In the event that you fail to make the mortgage payments, the guarantor provides the bank with financial security. Therefore, neither party should enter into a guarantor mortgage lightly. Whether a guarantor mortgage is the right choice for you can be determined by our team of expert mortgage advisors.

Moving home and changing jobs at the same time?

Starting a new job may cause a few hiccups along the way when it comes to proving your income, even if you already have a mortgage. This is especially true if you are changing your line of work - for example, moving from employment to freelance or consultancy.

In general, mortgage lenders will require both relevant payslips and P60s for employed people, or two or three years' worth of business accounts for self-employed people. Even seasoned homeowners should shop around for the best deal when getting a mortgage with a new job, even if they are seasoned home owners. Some mortgage lenders may be willing to offer you a mortgage deal based on your projected new income. 


To investigate your finance options call our broker team or fill in our call back form -  speak to our independent mortgage broker team who will be able to offer impartial advice or you can call us on 0117 403 3464

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