Getting mortgage while on probation

ginvzt

Hi everyone.

Me and my partner are starting to look for a house and there is a house we like, but we still want to look around - just started looking last weekend really. My partner is in permanent employment and his probation period ended in the beginning of October. But I am just due to start my job on November 13th and there is 3 month probation period - don't think any company hires now without one... I have been at university before studying PhD (which I haven't finished yet and going to finish it while working).

I have been to few banks over the lat few days and in few places they were not too excited about me being on probation (in other places they didn't ask). They mentioned that could get a letter from employer stating that I am working with them and my starting date, but not sure how it works.

Has anyone been in this position? Do you know how can we move on and get the mortgage? I really want to get a house and I am fed up with renting. Please, can you advise me what could I do?

strawman_special

Hello,

I am a FTB and I am on a year's probation in my new job since March. When applying for my mortgage I found most lenders were not too bothered and I managed to get agreements in principle from Nationwide, Halifax and Abbey & Leicester. Nationwide did tell me that being in probation does not matter to them and I am sure that other lenders take the same position. My impression is that things like your credit history and current loan liabilities are more important in their decision about lending you money rather than being in a probationary period, after all anyone of us could go into work tomorrow and find that our employer is making positions redundant.

The letter confirming your offer of employment sounds like a good idea, I would say that you are doing them a favour by borrowing money from them instead of one of their competitors so if they are not interested then shop around and go somewhere else.

Doozergirl

High Street banks are not the best place to go for the best deal on a mortgage.

You should speak to an independent, whole of market mortgage broker, who is able to find you the cheapest mortgage from the 000's available out there.

More importantly, if being within you probation period really is an issue, they will able to find you the best mortgage to suit.

You can go to https://www.unbiased.co.uk or even better, get a referral from a friend or even ask on the Mortgage board here.

Even a couple of decimal points on a mortgage rate will cost you thousands over the time you are paying it off.

mr.broderick

Just because you've been in jail doesn't mean you cant get a mortgage....

mr.broderick

Obviously my humour is wasted on here....

Rosie75

My job has a four year probation period (!) and neither I nor my colleagues have had a problem getting a mortgage.

mr.broderick

wowzers that is 1 long probation period, you dont get that long for murder

ginvzt

mr.broderick wrote:

Just because you've been in jail doesn't mean you cant get a mortgage....

Well, I haven't been in jail, just at university :rotfl: Although with education system in my country, high school being part of uni and then PhD on top here, I spent more than 13 years at uni - would have done a sentence sooner! Or became an MD...

Doozergirl

mr.broderick wrote:

wowzers that is 1 long probation period, you dont get that long for murder

I did laugh at that one. Not the first though

GingeG

C&G Have a great policy on this and treat you exactly the same as anyone else in employment.

silvercar

Coventry BS accept this as long as there was no period of unemployment between this and your previous job.