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Job probation periods and mortgage applications
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Luke76
Posts: 12 Forumite
Hello
If you are still in your probation period in your job and are applying for a mortgage for moving home, how will the lenders take to this? My girlfriend and I have equity in our property and have a good credit rating. What are the pros and cos for us with one of us still in a probationary period?
Thanks for any help
If you are still in your probation period in your job and are applying for a mortgage for moving home, how will the lenders take to this? My girlfriend and I have equity in our property and have a good credit rating. What are the pros and cos for us with one of us still in a probationary period?
Thanks for any help
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Comments
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Hi Luke
Some lenders will accept applications whilst you are in a probationary period but the majority will not. See a whole of market broker to have your details assessedI am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
We are wasting our time applying for a mortgage with a high street lender over 35 years. Should we be up front about the probationary period?0
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MortgageMamma wrote: »Hi Luke
Some lenders will accept applications whilst you are in a probationary period but the majority will not. See a whole of market broker to have your details assessed
We are wasting our time applying for a mortgage with a high street lender over 35 years. Should we be up front about the probationary period?0 -
Much safer to be up front.. find a lender that accepts you anyway, or delay til coming out of probation period?
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You need to be totally up front about your probationary period - there are quite a few lenders that can look at this for you.
A lot of lenders are becoming more flexible with this, and will request a simple employers reference - nothing too painful.
HTHI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
You will be restricted as far as the number of lenders you can use but there are High st lenders out there you should be able to use. Consult an independent broker.I like to give people as many choices as possible to do what I want them to. (Milton H Erickson I think)0
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I got a remortgage (with woolwich) when I had a temporary contract.
The only problem I had was I couldnt get insurance to pay if I wasnt working0 -
Ive just got a 95% ltv case through with accord and my client had only bee in job 1 week and on a 6 month probationaryI am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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