Probation period Mortgage Advice

Andrea1981

Hi,
I am hoping someone can give me some advice. I am in the process of getting a mortgage with my boyfriend for our second house together (we have been in our last house over 2 years). He Earns 70% of our income and is the primary applicant. His part of the mortgage is fine however I started a new job 2 weeks ago and have a probation period of 3 months. We have over a 25% deposit from the equity in our current home however we have been told that the fact that I am on a probation period may mean we can't have our mortgage. Does anyone have any advice or experience of such a situation??

Any help would be gratefully received.

Thank you!!!

JoeK_3

What are your incomes individually and how much are you borrowing?

Andrea1981

My BF earns £45K plus 25% bonus and I earn £30K plus 10% bonus. We are borrowing £300K and we have £110K equity.

Thanks

herbiesjp

There are plenty lenders that will agree a mortgage for you, however you are right that there are also many lenders that will want your probation period to have expired.

What is your new job? Were you doing the same kind of work in your previous role?

Andrea1981

I am doing a very similar role to my last one- I work in online marketing.

herbiesjp

Buying at £410k
Mortgage of £300k

£75k income (without bonuses) means 4 times joint income

It all looks fine, especially as you have gone into the same field of work.

There will be several lenders that can help - assuming you fit their other criteria

If you want to go it alone, have a look at some on-line comparsion tables and then call the lenders you like to see if they will acept your scenario

Alternatively have a word with a whole of market adviser as they will be able to find something for you very quickly


HTH

Andrea1981

Thanks very much for your help. I will let you know how I get on but you have made me feel much happier.

herbiesjp

You are very welcome:beer: