Remortgaging after changing jobs

Changing jobs does not stop you from remortgaging, but it changes what a lender needs to see before they are comfortable with your income. Some lenders are cautious during a probation period, wanting a signed contract and a few payslips first, while others focus more on your overall career history and industry. Moving from employed to self-employed work is treated differently again, since it usually means providing accounts rather than payslips.

Can you remortgage after starting a new job?

Yes, though how straightforward it is depends on the lender and how established the new role looks on paper. A new job with a signed contract, a similar salary and the same type of work as before is usually viewed differently to a complete career change, a move into self-employment, or a role that is still within its probation period. None of this rules a remortgage out, but it can affect which lenders are realistic options.

What do lenders look at with a new job?

Because approaches differ so much between lenders, this is an area where speaking to a broker or adviser who knows current criteria can save time compared with approaching lenders directly.

Moving from employed to self-employed

If you have recently moved from employed work into self-employment, this is treated as a bigger change than simply switching employers. Lenders commonly ask self-employed applicants for around 2 years of accounts or SA302 tax calculations with tax year overviews, though some lenders will consider 1 year of accounts. If you have only recently gone self-employed, fewer lenders are likely to be an option until you have more trading history, so timing your remortgage around this can make a real difference. Our guide on self-employed remortgaging with bad credit covers this in more depth.

What if your new job is a probation period only?

Some roles are explicitly temporary or subject to a formal probation review before being confirmed as permanent. Lenders tend to look more cautiously at this than at standard permanent employment, since there is a chance, however small, that the role might not be confirmed. If you are still within a probation period, gathering as much supporting evidence as possible, such as a written offer letter, your contract, and confirmation from your employer that the role is progressing well, can help a broker present your case more strongly than payslips alone.

Should you wait before remortgaging after a job change?

There is no fixed rule that says you must wait a certain length of time after changing jobs before you remortgage. In practice, though, a few extra months in a role, with several payslips behind you and probation completed, can widen the number of lenders willing to consider your application. Whether it is worth waiting depends on your current deal’s end date and any early repayment charge that would apply if you moved before then, so it is worth weighing both factors together rather than looking at your job change in isolation.

Considering a product transfer instead

If your current lender already knows your income history and you are not borrowing more, a product transfer can sometimes be more straightforward than a full remortgage shortly after a job change, since FCA rules allow lenders to switch existing customers without a full affordability reassessment in these circumstances (MCOB 11.6.3R). This will not suit everyone, particularly if you want to borrow more or move to a different lender, but it is worth comparing before ruling it out.

Remortgaging after changing jobs with adverse credit

If you have a CCJ, defaults or missed payments alongside a recent job change, both factors are assessed together rather than separately, and it usually helps to be upfront about both from the start. A few things worth doing:

• Get your credit file checked before you apply, so you and any adviser know exactly what a lender will see alongside your new employment details.
• Be ready to explain the story, not just the facts. If missed payments happened around a period of reduced income, for example between jobs, being able to explain this clearly can help an adviser present your case.
• Ask whether a product transfer is realistic first. Staying with your current lender, without a full reassessment, can sometimes be simpler while your new role and your credit file are both relatively fresh.
• Speak to a specialist adviser rather than a single high-street lender. Someone experienced with both employment changes and adverse credit can point you toward lenders whose criteria fit your specific combination of circumstances, including where a CCJ or default sits alongside a recent change of employer.
• Get free debt advice if underlying money worries are behind any missed payments. MoneyHelper and StepChange offer free, independent support regardless of whether you go ahead with a remortgage.

Neither a new job nor adverse credit rules out a remortgage on its own, and having both does not either, but the right preparation and an adviser who understands your full picture will usually get you further than approaching lenders one by one.