Mortgage Application & Work Probation

Scoobysue_2

Hello,

I will be starting a new job 5th August (whoo hoo!) but will be given a 3 month probation period. I need to remortgage my home and will go through Santander (great existing customer rates). Does anyone know their lending criteria with regards to applying whilst still in your probationary period? Will they want me to apply after the probation or happy to continue whilst still in it?

Thanks for helping in advance.

Scooby Sue

kingstreet

Is this a remortgage or a customer retention product from your existing lender? Your OP is not very clear.

If it is your existing lender and you are just going back for a new product there will be no new checks needed.

If you are a new borrower, it's worth bearing in mind many existing borrowers come on here to say their Santander offers are poor and they end up remortgaging away. Only Nationwide guarantees its existing borrowers products as good as they offer new borrowers and its attitude to probation is good too.

Scoobysue_2

Hi,

Thanks for the information. I am an existing customer in terms of I bank with them but I will be a new mortgage customer remortgaging my home.

Hope that helps.

holly_hobby

So you bank with Santander, but aren't currently a mortgagor of theirs.

Have you remained in the same/similar/promoted role in the same industry ? Or is this a complete career change ?

Holly

Scoobysue_2

Hi Holly

I've been off work for 6 years long term sick but now returning to the same career just a different company.

Sue

kingstreet

Ok. What I said about their products for existing borrowers stands. They don't publish them, so no two borrowers can compare what they've been offered and there appear to be wide variations between two borrowers' offers which can't be accounted for.

What makes you think their existing borrower products are good, or are you talking about current account customer products?

Please differentiate between existing customer - mortgage and existing customer - other products, as these can often be very different.

AFAIK they will not lend in a probationary period, but TBH I haven't tried to do such a case with them in the last ten years. However, it is not mentioned when other threads have been posted on here as one of the potential options.

Frankly, I don't like the way they treat customers, nor the way they treat brokers, so I may be somewhat prejudiced. They should be avoided, IMHO.

Scoobysue_2

I had considered their products good as I had an appointment with the Santander mortgage advisor a couple of months ago coming up with 2.45% fixed 5 years.

What does AFAIK mean?

Regards,

Sue

holly_hobby

Scoobysue wrote: »

Hi Holly

I've been off work for 6 years long term sick but now returning to the same career just a different company.

Sue

Due to the fairly significant break in employment (even though its the same sector you're returning to), IMHO no lender will "ignore" the probabtion period, so you'll possibly have to wait until its expired I'm afraid. (which isn't too long only 12 weeks)

If you're not looking to release equity, have you considered looking at the existing borrower rates of your current lender ? (as a straight product switch, with no further borrowing, doesn't require new uw)

Hope this helps

Holly

kingstreet

As Far As I Know.

2.45% fixed for five years? I don't remember them offering that. It would have been better than the Co-Op/Britannia and Yorkshire BS options over the last six months.

You need to look at what they are offering now, compared with other lenders' options so you know you are getting the best deal.

Scoobysue_2

The 2.45% rate is a rate purely for banking customers for new mortgages with Santander. My current mortgage is with the Bank of Scotland and I consider their rates quite high compared to others. Halifax do allow probation as per my appointment with them back in May and they know my situation of returning to work. Their rates appear fair but I'm just generally still looking around.

holly_hobby

Halifax criteria for probationary period ...

" If your clients are part of an employee probationary period then key ‘probationary' as the contract type and subject to an accept result at DIP / full application we can proceed."

So you have a decent credit score, which has helped and is good news if you are intent on moving lender in the short term.

Holly x