mortgage after starting new job

catflapuk

Hello all,

I am facing the following scenario: I may take an offer for a job and move onto the property ladder shortly thereafter. I have been looking to buy a shared ownership apartment for some time and now this job opportunity has come along. I wonder whether I am likely to be approved a mortgage, literally a month or two into the new job. This means I will still be in the probationary period. Here are the facts:

- I am looking to buy a 25% share of a property, the share is worth about £63,000
- I have 10% deposit
- I have been in stable employment and with the same job ever since I left uni, no gaps
- I have an excellent credit history. I have never been in debt. I use my credit card and pay it off the same month (I heard this increases credit rating)
- The new job would come with a 15% higher salary, of course the contract is permanent

Buying a shared ownership apartment is an absolute priority to me due to personal reasons. I wonder whether anyone has been in a similar situation or could advise on my prospects of getting approved a mortgage ? I really do not see any issues apart from the new job and me being in the probation period at the time of buying

shonzyd

is there going to be a salary change? How long is the probation period?

Just a few details you may want to include

catflapuk

Hello,

yes it will be at least 15% above my current salary. The probation period comes to three months. Would six months make a difference ? As a matter of fact I'd be still in my probationary period at the time of applying for a mortgage.

Also, does the amount I want to borrow make a big difference ? £60,000 is not that much compared with £250,000 you'd normally need to buy a property outright in london (at least).

kingstreet

Some lenders accept probationary employees, some don't.

Your credit score will be lower compared to someone in the same job for three years, or longer. As long as you score enough, you still pass.

Success will depend on the whole of your application data.

Have you been vetted by the HA yet?