Mortgage when in job probation

miranda1980

Hi

I've been accepted today for a mortgage in principle but I'm worried that I kinda told a fib about my employment status.

I told the woman I had just started my job last month and she said but it's permanent though? And as I was saying 'yes, it's permanent' (because I thought yes it is as opposed to a temporary), I heard her say 'so you're not in probation?'. I am (isn't everyone for six months?!) but I kinda pretended I didn't hear her and didn't let on because I sensed it could be a problem by the way she phrased it.

She said we had to provide 3 months of bank statements and pay slips (so can't apply for 2 months then till I've got these). My friend who recently got a mortgage said no-one asked for her employment contract. I read the mortgage provider can check employment with HMRC but presumably that's just employment status, dates, salary etc and not contractual details like this. Apparently gone are the days they rang employers to check details.

I'm surprised they were OK about me only being in my job one month as I read most providers demand 3 months. But I was clear about that.

I do worry about my job security. I've been made redundant twice in 6 months so this is my third job in under 12 months. And I'm working on a new start project. But my boyfriend has £12K worth of shares set to mature next June so it wouldn't be long before we have something to fall back on if I lost my job.

I would like to get mortgage protection for illness (I have had very mild MS for 10 years) and unemployment, and I would guess they're going to delve deeper into my employment history. By then perhaps 3 months under my belt might be better but they may refuse to cover me since I'm in a volatile industry where I'm on my 3rd job in 12 months.

I just don't want to delay any longer because we've planned this for years and hit set back after set back. We need to move to a bigger place to start a family and I'm in my mid 30s and my partner mid 40s so time is really ticking!!

Does anyone have any experience of this? Will we get away with it? Part of me is really scared of any fibs in case its classed as mortgage fraud and it falls through mid sale! But if I say anything will they withdraw their offer and would I face the same problem with other providers... delaying to get through 5 months of probation just isn't an option!

Many thanks

Miranda,

Thrugelmir

Simply put lying is considered fraud. So the risk is all yours. With it all the consequences of being found out. Personally I would suggest you listen to the what's being said and plan properly accordingly. Less haste more speed as the old saying goes.

Take a look at this link.

http://www.nhunter.co.uk/

kingstreet

There are lenders who will lend in a probationary period with no problem. Why not look for one of them?

BTW your chances of getting cover for a debilitating condition you've suffered for ten years are going to be pretty small.

blahblahblah85

Just go with another bank who accepts you being in probation (we both managed it through Halifax) if you're worried now this will only worsen deeper you're into the process.

kinger101

Lying to get a mortgage approved is a very bad idea. If you're on probation, you're on a temporary employment contract. There may be mortgage products available which factor in your probation contract, but these are likely to factor industry specific risks, and may decline or price accordingly.

I'd say waiting until you have completed your probationary period is by far the most sensible option. But if you must proceed with buying a property now, you might want to find a mortgage broker who can find you a suitable deal with full disclosure of your employment situation.

Even getting found at at the application stage could put a spanner in the works for getting a mortgage at a later date. It will leave a very nasty mark on your credit file.