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Probationary period dilemma for mortgage application
pieceoffluff
Posts: 69 Forumite
Hi
First off big thanks to the site for getting me this far with my home ownership dreams!
I’ve been working for the NHS for 1.5 years. I have started a new contract with them but have just been hit with the bombshell that I have to start a new 3 month probationary period.
I’ve made an offer on a place and am looking for a mortgage but wanted to know if the probationary period could harm my application?
I read somewhere that because I’ve got a large deposit (approx 30% of flat price, i.e. £50000) it makes the probationary period less significant in the lenders eyes?
First off big thanks to the site for getting me this far with my home ownership dreams!
I’ve been working for the NHS for 1.5 years. I have started a new contract with them but have just been hit with the bombshell that I have to start a new 3 month probationary period.
I’ve made an offer on a place and am looking for a mortgage but wanted to know if the probationary period could harm my application?
I read somewhere that because I’ve got a large deposit (approx 30% of flat price, i.e. £50000) it makes the probationary period less significant in the lenders eyes?
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Comments
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some lenders are anti probationary periods, others less so,( especially given a history like yours) and yes with a good deposit some lenders ( including a particular large lender ) are less strictAny posts on here are for information and discussion purposes only and shouldn't be seen as (financial) advice.0
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Some are not bothered by probationary periods (let's face it, even if you didn't have a probationary period they could sack you within a month!) and some that don't usually accept them tend not to mind if you have experience in the same role and are moving purely for career progression. Most of the problems arise when you change job type.0
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well we're looking at halifax or alliance-leicester? i'm guessing you can't comment on individual banks0
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no i'm not taking changing job type but i am moving from one nhs trust to another?
also thanks for the help0 -
You should be ok with high street namesI 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
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I have always found the abbey most accommodating with probationary peiods ie its never bothered themI 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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Just placed a case similar to this last week. Accord Mortgages, Chelsea Building Society and Skipton Building Society were the most flexible on this. It eventially went to accord.I 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 -
pieceoffluff wrote: »well we're looking at halifax or alliance-leicester? i'm guessing you can't comment on individual banks
would be surprised if either of those caused you a problem..Any posts on here are for information and discussion purposes only and shouldn't be seen as (financial) advice.0 -
cheers guys really helpful0
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Can't recall on Halifax off the top of my head, but having worked as an advisor for A&L until last October they did not worry about probation at all.0
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