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It’s a common misconception that you need to be employed for at least 3 months to secure a mortgage. Whilst that might be the case for some lenders, it’s certainly not across the board.
Does the length of your employment impact your mortgage eligibility?
In reality, you may need much more or less than 3 months, depending on your employment history and income type.
Having a longer history with your current employer will give you a wider range of options, although for some income types, it’s not essential.
Permanently employed
Being permanently employed is undoubtedly the most straightforward and preferred type of income for mortgage lenders.
If you’re permanently employed with a contract in place, and you’re paid via PAYE, most lenders will often look more favourably upon your income compared to certain other income types.
Minimum employment requirements will vary considerably between mortgage providers, and therefore shopping around is essential.
Some lenders will require you to have been employed with your current employer for at least 3 months, others may only require 1 month.
Some lenders take it one step further and allow you to use a job offer or contract up to 3 months before you’ve even started your job.
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Zero hours workers
Zero-hour workers will usually be required to have worked with their current employer for a longer period of time to be considered for mortgage purposes. This is because the income can be inconsistent, and as the name suggests, there are no minimum guaranteed hours.
Generally, a minimum of 12 months is required, although there are some exceptions. Most lenders will take an average of your most recent 12 months’ payslips.
Contract workers
If you’re a contractor, your previous track history and the length of time remaining on your current contract will have a bearing on the minimum employment term required.
In theory, you could be eligible for a mortgage if you have just started with a new company on a new contract if you have a good amount of time remaining on the contract or have a track history in that line of work,
For example, Halifax state you must have 12 months or more continuous employment, with 6 months of the contract remaining,
or
2 years continuous service (for the last 2 years as at the date of application) in the same type of employment
CIS workers – Construction Industry workers
Most mortgage lenders treat CIS workers differently to PAYE employees, this is because the tax for CIS workers is not deducted at source and the employees deal with their own tax affairs.
The vast majority of lenders will treat CIS workers as self-employed and typically take an average of the last 2 years net profit.
A small proportion of mortgage lenders will treat CIS workers in the same way as PAYE employees, they will usually look to average income from their last 3-, 6- or 12-months CIS payslips.
Self-employed
There are several categories that the self-employed fall into:
- Contractors
- CIS workers
- Sole traders/ freelancers
- Company owners
Sole traders and company owners will generally require at least two years of trading history and account to secure a mortgage; however, they will consider just one year’s accounts. CIS workers & contractors are covered in the earlier sections above.
Does changing jobs stop you from getting a mortgage?
If you’re moving to a new job with a similar or higher salary and basing your mortgage on your current level of income, most lenders will not take issue with this.
They may insist on seeing a contract or job offer letter if they are made aware you’re switching roles.
If you’re moving to a new job with an income lower than your current job, the lender will base your affordability on the new lower salary, however, some lenders may insist on a minimum period of time in the new role, and it may not be possible.
If you’re planning on moving jobs around the same time as moving, it’s worth checking the lender’s criteria on this prior to applying, some will be more flexible than others.
What if my income relies on commissions or bonuses?
If you receive variable pay, like commission or bonuses, lenders will want to ensure they are sustainable and see that you have been receiving from for a period of time.
Lenders will generally average your most recent 3-6 months commission; a smaller proportion will average your income over the most recent one or two years.
Mortgage providers may cross-reference the commission income earned over the last 3 months with income earned last year on your P60, this is to ensure the income over the 3 months is a true reflection of your income and not overstated.
Lenders will vary in the amount of income they use for affordability; some may use 50% of the average commission, and others will use 100% of it. If a large proportion of your income is from commission, you will likely find the amount you may be offered from one lender from another will vary significantly.
Mortgage providers will use the most recent payslips at the point of application, not agreement in principle; therefore, if you have variable pay, it’s worth checking in with your mortgage advisor each month when you receive a new payslip to see what difference if any it makes to your affordability.
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Ashley Oldershaw2025-03-12Trustindex verifies that the original source of the review is Google. We worked with Jack, who was very clear in his explanations, spent some time learning about our situation and presented us with our options and the pros and cons of each. He was also very proactive and understood that this was unfamiliar territory for us. Jack made sure that he did everything he could to provide a smooth process from start to finish, which helped us out a lot. Thanks, Jack! Farshad Farzaneh2025-03-11Trustindex verifies that the original source of the review is Google. Jack Johnson is the mortgage broker we used from Strive mortgages and he has been very helpful and an absolute easment for the whole process of getting a mortgage. He's easy to get hold of and makes plenty of time for his clients. He has useful contacts across the industries (banks and estate agents) which can be helpful in many circumstances, especially for quick answers and resolutions to problems. Mark Williams2025-03-11Trustindex verifies that the original source of the review is Google. Jamie has been consistent in providing me with an excellent service over many years, so I wouldn't dream of using anyone else. I've also recommended him to friends and family. Peter Macciochi2025-03-11Trustindex verifies that the original source of the review is Google. James has always been detailed but extraordinarily helpful. Always get the best advice and deals out there - simply do not go anywhere else !! Matt Ploszajski2025-03-08Trustindex verifies that the original source of the review is Google. They did a great job arranging our mortgage. Very supportive and talked us through everything very clearly. Polly Alice2025-03-08Trustindex verifies that the original source of the review is Google. Highly recommend the service. Jack was a great help answering any questions I had about the process. Great value for money, and makes the whole process less daunting. Samantha Kilford2025-03-05Trustindex verifies that the original source of the review is Google. I highly recommend Jack and the team at Strive Mortgages. As a first time buyer, I was entirely clueless and Jack has been incredibly helpful at de-mystifying the entire process. Everything has been efficient and as stress-free as possible. A real top-notch advisor, Jack is always available to answer questions and provide expert guidance - I couldn't ask for more! mark slade2025-03-02Trustindex verifies that the original source of the review is Google. Absolutely fantastic. On your side right from the start. I will be recommending Strive Mortgages at every opportunity. Thank uou so much!! H W2025-02-25Trustindex verifies that the original source of the review is Google. Very professional and efficient service that always has your best interests at heart.They set up a WhatsApp group to enable my wife and I to have seamless and rapid communication with the broker on both the mortgage application process and any general queries we had in relation to mortgages.I would highly recommend them to anyone looking to take the stress out of moving. R A2025-02-25Trustindex verifies that the original source of the review is Google. Jamie and his team at Strive Mortgages have been fantastic from start to finish. The process was so smooth and efficient. Jamie was always so easy to get a hold of to answer any queries we had and ensured we were happy and comfortable throughout.Id highly recommend anyone to use Strive Mortgages and will certainly continue to use Strive for all our mortgage needs!
Bonus income
Like with commission and other elements of variable pay, lenders will want to see a track history of bonus income.
If they’re paid quarterly or annually for example, most lenders would require a 2-year track history, although some lenders consider just 1 year.
Some lenders will use all the bonus income, and others will take a percentage of the bonus, for example 50%.
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For more information on getting a mortgage with different types of employment, please contact a member of the Strive team, by emailing [email protected] or call us on 01273 002697.
Frequently asked questions about getting a mortgage with different types of employment
Yes, some lenders will consider a future pay rise, so long as it’s guaranteed and confirmed in writing by the employer. They will usually insist on the pay rise taking effect within 3 months of the application.
Yes, there are plenty of mortgage lenders that do not take into account probation periods, however, there are still some who may refuse to lend until you are out of your probation period.
Some others may insist on you having a minimum level of continuous employment if you’re still within your probation period.
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