Mortgage application and probationary period

lipo

Hello,

I am just about to lose my job. I am looking for a new one and as soon as I get it, I will apply for a mortgage.

What is the general lenders' approach to being in a probationary period and applying for a mortgage?
Shall I wait until that is over?
Is that not a problem as long as I am in a continuous employment?
Would I be chrged higher interest for being in a probationary period?

Thanks,
lipo

Emmzi

6 months with same employer and past probationary period would be a 'standard' condition to get the best rates. Which is not to say you won't find a lender, just that it may be more difficult.

Good luck !

SandytheSquirrel

Hi lipo,

Im two months into a six month probationary period and have just got an agreement in principle. I was told by my mortgage advisor that no one will lend you a 100% mortgage on a probationary period but with three months payslips there are a few lenders who would (if you get a deposit together). I went back again when we had found a house we loved (yesterday in fact!) and she found us a mortgage with nationwide (apparently they dont ask if youre on a probationary period, they just get a reference). I think we got a ok deal (although im no expert so maybe some people will think its rubbish!), 5.88% with a 5% deposit.

Hope this sheds some light.

x

herbiesjp

There are lenders that will look at a mortgage for you in a probationary period, and even lenders that will agree the mortgage for you even before you start your new job as long as you have a signed contract

It depends on what you are looking for

HTH

MortgageMamma

Accord, chelsea building society, skipton building society, being a couple of them

hebawom

Hi all, I have moved job 3 times over the last year - all with the same employer, with my salary increasing each time.
However, each time I sign a new contract I start my probationary period again since the role is different.
Is there anyway I could get HR to write a letter saying that I've been there for over a year now, and this would be like a probationary waiver??

herbiesjp

As long as you fit other criteria, you should be fine with plenty decent lenders over the probationary period