We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Mortgage and probationary period
bex0309
Posts: 43 Forumite
We have seen a house we really like, we were going to wait until after I was out of my probationary period at work to apply for a mortgage, but are now considering applying sooner.
This is our situation:
I am three months into a job which has a six month probationary period (I was in my last job for over five years if that helps).
The house is on the market for £240,000. We have £15k deposit (plus extra for fees and other charges). We earn £40k and £36k each, with no children. We both have student loans deducted each month, but mine is due to be paid off at the end of this year. We have also lived at our current rented place for 3.5 years.
We have the savings account for a 95% mortgage with Nationwide, as well as current accounts with Halifax, Natwest and Nationwide.
I have pulled our credit reports and they are clean for both of us and we haven't used our overdrafts in around a year.
We have two credit cards each (4 total), two of those have less than £1k on, both with a 0% deal, which we can clear immediately and still have the above deposit. The other two, we buy our monthly groceries on and have the direct debit set to pay the total each month (we get cash-back on these).
What are our chances of success? Are there any banks who don't penalise a probationary period?
This is our situation:
I am three months into a job which has a six month probationary period (I was in my last job for over five years if that helps).
The house is on the market for £240,000. We have £15k deposit (plus extra for fees and other charges). We earn £40k and £36k each, with no children. We both have student loans deducted each month, but mine is due to be paid off at the end of this year. We have also lived at our current rented place for 3.5 years.
We have the savings account for a 95% mortgage with Nationwide, as well as current accounts with Halifax, Natwest and Nationwide.
I have pulled our credit reports and they are clean for both of us and we haven't used our overdrafts in around a year.
We have two credit cards each (4 total), two of those have less than £1k on, both with a 0% deal, which we can clear immediately and still have the above deposit. The other two, we buy our monthly groceries on and have the direct debit set to pay the total each month (we get cash-back on these).
What are our chances of success? Are there any banks who don't penalise a probationary period?
0
Comments
-
Nationwide and Halifax don't mind probation periods, I got a mortgage with Halifax while on my 6 month probation, Natwest (my main bank) were not interested though.0
-
Santander don't mind probationary periods either. I was advised by my Halifax who I bank with that they could not help us0
-
Thanks for the replies, we have now spoken with a broker and they have suggested both Halifax and Nationwide as suitable providers - fingers crossed
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 247K Work, Benefits & Business
- 603.6K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards