Employment probation period scuppers mortgage application

Zawzaws

My partner and I recently sold our property, we're renting and have found a property we want to make an offer on. The problem is, my partner is in the process of changing jobs. He was with his last firm for 19 years and left of his own volition for a better opportunity. He has a three month probationary period with his new firm (which is standard) and lenders are seeing this as a big black mark. In terms of financials, the house is £464k we have a deposit of £84k, we'd like a 19 year mortgage and our income is £135k. Any advice please? Credit rating is excellent, the probation/changing jobs seems to be our biggest issue. I understand we could wait until the end of the probation, then we might lose the house.

dwsjarcmcd

There isn't a way round this, it's standard practice. In reality all that this means is that you cannot complete until your husband completes his probation period. It does not mean that you cannot choose you lender and apply for the mortgage and go through the conveyancing process (which will take a while anyway). With this market, I would simply explain to the vendors but not exchange until the probationary period ends.

[Deleted User]

First direct had no problem with me being in my probationary period, but they wanted a copy of my employment contract and a letter from work stating my salary

kingstreet

A few lenders will offer during a probationary period. Off the top of my head Halifax is one and Nationwide may be another.

From Nationwide criteria;-

Probationary Employment
Proof of income for applicants who are in a probationary period can be from a Letter of Appointment or an employer's reference.

Zawzaws

Hiya,
Thank you very much for your suggestions and advice. Nationwide are happy to progress with our application so fingers crossed.
Thanks again

attila_

I don't even remember telling santander I was in probation period...whoops. That was 2 years ago mind.

Did you bring it up?

Must4rd

ringo_24601 wrote: »

First direct had no problem with me being in my probationary period, but they wanted a copy of my employment contract and a letter from work stating my salary

First Direct have told me that I cant remortgage to them due to a change of jobs. Qualified accountant borrowing 1.8 times salary with a 34% LTV.

Who did you speak to resolve this?

alexia88

I applied for a mortgage on August 30th, passed my probation on August 31st, all Natwest have done is sent a letter to my employer asking to confirm when my probation is ending and if I am now considered fully employed.
They have said that they would have declined within my probation, despite me temping through the same company since January this year as my company name wasn't on my pay slips, only my agency.