Mortgage queries - amount & probation

fluffymonster

Dear MSErs

I wondered if I could please pick your brains. We are looking to part exchange our house for a new home. Has anyone got a mortgage where one of the salaries is for a job in which someone is on probation? My husband was made redundant and the company was taken over so he is effectively in a 'new job' even though the terms, salary, are all the same. He was not TUPED over. We could not afford the mortgage on my salary alone.

Also, I am not sure we will be able to borrow as much as we need. We can make the repayments as we are overpaying more currently than the payments would be by a considerable amount. We want to borrow £240K for a new house worth £360K. We imagine (pending valuation etc) we will have a desposit of £132K. With the current climate, does anyone know if this would be doable.

I have contacted soem IFAs but am just trying to figure out if it is possible before we get too excited.

Thank you for any advice you can give.

ETA - Realised it might be helpful to have more info. Looking at a mortgage of 25 years. Joint salaries of £68K. Excellent credit history.

Robert_Sterling_3

I am a bit behind the times and have not come across TUPED before?

fluffymonster

Hi Robert

It's when all terms etc are moved onto a new employer. I 'think' this means length of service etc. If that had happened we would not have the probation issue. It's a total pain.

More info here if that helps.

http://www.berr.gov.uk/whatwedo/employment/trade-union-rights/tupe/page16289.html

Thanks for replying.

alm721

Did he get redundancy pay? If so then I think it will be classed as a new job but why not talk to an IFA for some advice?

fluffymonster

Yes, from the insolvency people as the company went under. It is a new job. We are going to speak to an IFA anyway as I think you are right, best to check these things out.