Which lender while in probationary period?

movilogo

My offer has been accepted on a house and I have 20% deposit.

However, I was made redundant from old job and although I started a new job 2 months back (with higher salary) I am in probationary period in first 6 months.

I intend to apply with HSBC (I do bank with them) but I heard they are very picky and most likely will object me being in probationary period!

Yes, I shall be seeing a mortgage broker but still are you aware of any probationary period friendly lenders?

Also, is it possible to make 2 mortgage applications with different lenders? HSBC is a fee saver so I don't have to pay 2 fees.

GMS

Check with HSBC regarding the probation before you do anything. No point in applying if it is outside of criteria whether fees to pay or not.

Your broker will tell you where you can apply.

amnblog

Never apply for two mortgages at once.

Let us know what HSBC say.

movilogo

Unfortunately I already applied for HSBC mortgage

They didn't say anything while I got AIP confirmation (online). So I thought all good to go.

I spoke with them as long as employer letter says it is permanent [without mentioning anything about probationary period] or says I shall be absorbed after probationary period that should not cause any problem.

They will not process my application till I gather and submit this letter along with other documentary proof. But I also have the option to withdraw the application anytime.

So on next week, I shall check if my employer gives me a letter with that kind of wording. If yes, then fingers cross and proceed with HSBC. If not, I need to withdraw my application and go with whatever mortgage broker recommends.

I went for HSBC because they offered a good rate and there is no fee to pay.

amnblog

This does not surprise me.

Your time is being wasted.

An employer that has you on a probationary period is not going to produce a letter that says you will 'be absorbed' or anything similar.

Their legal team will have a fit.

Stop your application and engage a mortgage broker.

movilogo

Updating this thread in case anyone searches in future.

HSBC did approve my mortgage even though my employer reference letter did state I am in probationary period.