Mortgages whilst in job probation

AlecEiffel

Anyone got any recent experience of mortgages whilst in the probation period of a new job?

The landlord is putting the property on the market and I've just started a new role after a few months being out of work after voluntary redundancy.

We have a decent deposit (were planning on looking to buy in the new year) and my wife has been with her company a lot longer and is on a good salary. But I will be in probation for a few months and won't have the usual required 3 pay slips either.

Any hope at all? We're not 100% sure if we would buy our existing house but looking at options and just wondering if this one should be discounted from the start.

Cheers.

oxfordmark

AlecEiffel wrote: »

Anyone got any recent experience of mortgages whilst in the probation period of a new job?

The landlord is putting the property on the market and I've just started a new role after a few months being out of work after voluntary redundancy.

We have a decent deposit (were planning on looking to buy in the new year) and my wife has been with her company a lot longer and is on a good salary. But I will be in probation for a few months and won't have the usual required 3 pay slips either.

Any hope at all? We're not 100% sure if we would buy our existing house but looking at options and just wondering if this one should be discounted from the start.

Cheers.

My partner started a job at the end of May and we are applying through Nationwide.

We explained this during the Mortgage application and when we received our pack they are requesting a reference from her employer.

I have read various posts from people in a similar position and they get accepted through Nationwide, but until you get that offer through its hard not to think the worst.

Valuation is 2 weeks today and we are awaiting the employer reference (Nationwide recommended that we request it and send it back with our other documents to speed things up.). So once we have this we will be sending it all off for them to look at.

Thrugelmir

AlecEiffel wrote: »

The landlord is putting the property on the market and I've just started a new role after a few months being out of work after voluntary redundancy.

Have you spoken to your Landlord and expressed an interest.
Perhaps you can come to an agreeable solution all round. As the LL needs your co-operation as well for viewings etc.

AlecEiffel

oxfordmark wrote: »

My partner started a job at the end of May and we are applying through Nationwide.

I have read that Nationwide are a it more flexible on people with probation so think we will have a chat with them. Good luck with your app!

AlecEiffel

Thrugelmir wrote: »

Have you spoken to your Landlord and expressed an interest.
Perhaps you can come to an agreeable solution all round. As the LL needs your co-operation as well for viewings etc.

We have no direct contact with the LL as they live in another part of the country. The agency asked if we were interested as they also act as a mortgage broker and I told them we potentially were and needed to talk things through with the Mrs but didn't go into details. May give them a bell and explain the situation in detail and see if they think it's worth making a proper appt to go over stuff.

amnblog

Depends entirely on the lender.

Some will not consider your income until your probationery period has ended.

Nationwide should be OK with this as should Abbey Santander and Halifax.

Caladan

HSBC will accept applicants on a probationary period, but generally only if the employer will supply a letter stating that you're going to pass probation (i.e. you may as well not still be on probation really).

If you have a strong record in the industry you're working in now you may be more likely to succeed.

My only question is - If you're on probation, and can be let go at any time (you never know), do you really want to be taking on the commitment of a Mortgage? If it all goes to hell you'll be in a terrible position. It may just be best to hold off, save a bit more deposit (increasing your borrowing power/Loan to Value ratio) and therefore be able to buy an even nicer house a few months down the line.

amnblog

Caladan wrote: »

HSBC will accept applicants on a probationary period, but generally only if the employer will supply a letter stating that you're going to pass probation

Looking forward to finding an employer that will do that!

AlecEiffel

Caladan wrote: »

HSBC will accept applicants on a probationary period, but generally only if the employer will supply a letter stating that you're going to pass probation (i.e. you may as well not still be on probation really).

If you have a strong record in the industry you're working in now you may be more likely to succeed.

My only question is - If you're on probation, and can be let go at any time (you never know), do you really want to be taking on the commitment of a Mortgage? If it all goes to hell you'll be in a terrible position. It may just be best to hold off, save a bit more deposit (increasing your borrowing power/Loan to Value ratio) and therefore be able to buy an even nicer house a few months down the line.

Yeah ideally we were planning on signing a six month tenancy extension when it came up in a couple of months and waiting til the new year before we looked at buying (to see out probation, save a bit more) but we have been thrown a curve ball really by the LL putting the place on the market.

We like the house, it's in a good location taking into account work (I have a commute but always have), family, friends, amenities etc. Just really looking at options and hadn't put too much thought into it. May want a larger place but that is anticipating need really.

Still I suppose it may not sell, or it may sell to someone who wants to keep letting it. Not wanting to rush a decision or buy for the sake of buying obviously, but likewise don't want to miss out if we decide it's what we want.

Thanks to everyone for the input.

pjread

Caladan wrote: »

My only question is - If you're on probation, and can be let go at any time (you never know), do you really want to be taking on the commitment of a Mortgage? I

I hear things like this all the time, but I never quite understand why. Surely you either pay rent or a mortgage, and unless the plan is to be homeless you're about as committed to either.

(in fact, if the worst really came to worst I'd probably rather be in mortgage arrears than rent arrears...)

oxfordmark

Luckily my partner worked at the company she just started before and during Uni.