Is it possible to get a mortgage without 2 years on the job?

kingstreet

BrettMorganxD wrote: »

Do you mean they won't let you during probationary period? or that they don't care that you are on a probationary period

They do not make you wait out the probationary period before granting you a mortgage.

somethingcorporate

BrettMorganxD wrote: »

Really? I thought mortgage providers would ATLEAST insist on probation completion for job security. Seeing as in the first 1-2 years (whichever it is now) they could just get rid of you.

So technically I would have a chance of obtaining a mortgage if I had only been in a job 3 month - 1 year.

It does happen (although was in 2007).

My wife and I had a mortgage approved and started in June 2007, we didn't start working until September. That was with Skiptons.

BrettMorganxD

kingstreet wrote: »

They do not make you wait out the probationary period before granting you a mortgage.

That is good then .

To the other poster I have started work on october 31st and dont want a mortgage yet. Just about the whole 2 year thing.

BrettMorganxD

Oh now I remember why I thought it was going to be two years on the job.

You need 1 years service for a job to become secure (whether perm or not) soon to be two years. Do mortgage companys not realise that a job is not safe for this time?

anyway it is a good thing for me. I want to buy a house soon as I can. Preferably waiting to study first though.

kingstreet

Lenders take a more pragmatic view. Although more difficult, an employer can get rid of you pretty much any time if it's really what they want...

BrettMorganxD

kingstreet wrote: »

Lenders take a more pragmatic view. Although more difficult, an employer can get rid of you pretty much any time if it's really what they want...

What do you mean?

They look at how likley it is to last rather than the actual time of employment?

So if I started a job and 3 months in I wanted to get a mortgage (say this job was as a nurse or carer,) would someone allow me a mortgage if I earned enough )_ + had right deposit?.

It is my goal to by 25 I will of qualified as a nurse around 23 nearly 24

kingstreet

A lender takes the view an employer can get rid of an employee just about any time, so worrying about it in the context of a mortgage is a bit pointless from their point of view.

Lenders expect a certain amount of maturity from borrowers. ie No-one risks a deposit and fees knowing they are likely to lose their job in a few months time...

So if I started a job and 3 months in I wanted to get a mortgage (say this job was as a nurse or carer,) would someone allow me a mortgage if I earned enough )_ + had right deposit?

Yes.

BrettMorganxD

kingstreet wrote: »

A lender takes the view an employer can get rid of an employee just about any time, so worrying about it in the context of a mortgage is a bit pointless from their point of view.

Lenders expect a certain amount of maturity from borrowers. ie No-one risks a deposit and fees knowing they are likely to lose their job in a few months time...


Yes.

I suppose I can see their point, especially if someone has a big deposit.

I mean noone is going to risk £20,000 + fee's if they gonna lose their job and potentially there home in 2 months time are they?.

Good thing with nursing and care work is it always seems to be around. I will ofcourse save for emergencies as well.

BrettMorganxD

BrettMorganxD wrote: »

I suppose I can see their point, especially if someone has a big deposit.

I mean noone is going to risk £20,000 + fee's if they gonna lose their job and potentially there home in 2 months time are they?.

Good thing with nursing and care work is it always seems to be around. I will ofcourse save for emergencies as well.

Also is the mortgage calculator "how much can I borrow" on here 100% accurate?

kingstreet

No idea. As different lenders use different ways of calculating borrowing power, I'd have to say I doubt it's 100% accurate in every lender's case.