mortgage while on probation

Jaybo10

Hello all,

I'd like you advice/ opinion on our ability to get a mortgage. But first some background info..

We have been saving for a number of years and we are getting to the point where we are close to reaching our deposit target (see sig below) so we'd thought we'd register with couple of estate agents and start viewing a few properties to understand how a listing compares to reality (we're FTBs so have no experience to rely on).

The market we are looking in has been really slow over the past year so we thought we had plenty of time to save the final bit of deposit to get us up to 15%. However, a house that ticks all our boxes has just come on the market.

At this point we have only 10% deposit (we have fees/stamp duty etc saved already) the property is listed for £370,000.

I earn just over 50k per year and OH earns 30k however he is 3 months into a 6 month probation period.

our credit history is clean - no defaults, no late payments, both on electoral role etc

Do you think think we would be eligible for a mortgage based on the above?

Many of the high street lenders out there will loan us the required amount (according to their online calculators) and the rate varies from just under 4% to 5.3% but I am not sure how the probation issue will go down..

Your thoughts are appreciated

kingstreet

There are a couple of lenders who will look at those in a probationary period, subject to credit score.

Do some shopping around, or find a good whole of market broker.

jozeffo

There are at least four mainstream lenders who will accept you once you have your first payslip.

Jaybo10

excellent news,

I will be speaking to a broker later today in order to get the ball rolling!

many thanks

ACG

You wont have a problem with a fair few lenders. A lot require 3-6 months. You have met the criteria of some lenders already so you should be fine.