Mortgage within 3 months of your start date with a job offer letter or employment contract
Mortgages with a job offer letter or employment contract are not generally available, however, there are 3 Mortgage Lenders that I’m aware of that are in this space. The maximum period between the start date is normally capped at 3 months although we do have a Mortgage Lender that will consider job offer letters 6 months in advance for the right customers.
The Mortgage Lender wants to see written confirmation in the form a job offer letter and a copy of the employment contract. Verbal agreements are not sufficient. They are looking for the position to be permanent but can be in a probationary period. The employer cannot be a relative.
Ideally, it should be in the same sector as the one you are in currently. Tolerance on this rule is normally given if you are straight from university, for example, a medical student going into nursing.
Secondments are becoming more prominent with Companies looking to share “cost centers” across branches. This are also acceptable. The Mortgage Lender will check the job offer letter states that the pay is sustainable when assessing affordability; and that it will not revert back after the assignment is over.
Additional income such as bonuses and duty pay must be a “guaranteed” feature in the contract to be taken, and make sense to the Mortgage Underwriter. For example, an investment banker moving from one bank to another, the bonus is being guaranteed to entice them away.
The Mortgage Lender will also look for the job offer letter or contract to detail any deductions from pay at source, for instance pension contributions, travel loans or union subscriptions. This is so they can work out your net pay for affordability with confidence.
For an example of job offer letter mortgage, click here.
Niche Advice can arrange Mortgages with a job offer within 3 months of your start date even if your on a probationary period.
Author: Payam Azadi
Payam Azadi is a partner at Niche Advice who are whole of the market Independent Mortgage Brokers. His role is very much focused on Property financing both on residential and commercial lines. To get in contact with him please click here.
