New Job probationary Period

Gadge2011

Hi,

I'm just weighing up my options here but having spoken to a mortgage advisor already I'd like a bit of feedback on our situation.

Me: I'm in full time work, no probationary period, been in the company for about 4 years now, no debts and the only out goings I really have are utilities / rent / shopping etc..

The missus: Recently changed jobs from the NHS to the university, still in the same line of work however she’s got a 12 month’s probationary period and 6k(ish) of debts which she is working towards paying off.

The broker we approached informed us that my partner’s salary would almost certainly need to be disregarded and that if we were to make a joint application that the amount we could borrow would be reduced by 10k since she would be classified as a 'dependent'.

I know her debts are not going to work in our favour and to be fair if needed I can make a single application (it would be ideal to be able to include her a portion of her salary to increase the borrowing range).

Does this information seem about right based upon our situation?

ACG

confirm it with another broker.

Some lenders do not mind if you are in probationary period so to not only disregard her income but to also class her as a dependent sounds very very wrong.

GMS

Some lenders will be fine with the probationary period.

Is this a remortgage or a purchase? What Loan to Value?

Thrugelmir

Why not use your savings to clear her debts?

Gadge2011

We are both first time buyers. Depending on the price of the property a minimum deposit of 10% would be put forward.

I have been informed that by myself I should be able to borrow £125k safely with a single application, this however makes house hunting a little difficult due demand. It would be ideal if we could push this towards the 150-175k range.

amnblog

Lenders vary on the new job scenario from out of probationary period and six months in the role, right back to confirmation of job offer only.

Engage a good mortgage broker and you should be accommodated.

malkorkslx

Before I started to look for mortgage I contacted Barclays with the same question. They said that they don't care as long as there was no gaps in the employment for the past 2-3 years.

I'm on probation and recently Virgin money contacted my employer to ask if I will be kept after the probation period is over.

Should be fine, but it may depend from lender to lender.

movilogo

I got my mortgage from HSBC while I (= primary applicant) was on probation. In fact I was only 2 months in new job. However, my line of work remained same and I already banked with HSBC for over a decade - so they had a very good history of mine on record.

Nationwide also doesn't care about Probationary period (a broker told me).

However, each application is judged on case by case and you will only know the outcome once you apply,

But keep in mind that you will most likely need a letter from employer confirming the role is permanent.

fioney25

Yeah I'm a first time buyer and went through a broker & just been offered mortgage from Nationwide. I've been at my job for 3 months and still got accepted.

Madbags

fioney25 wrote: »

Yeah I'm a first time buyer and went through a broker & just been offered mortgage from Nationwide. I've been at my job for 3 months and still got accepted.

Similar situation here, also with Nationwide. I had been working as an agency temp at the company for 6 months before being taken on and had to comply with company probation of 3 months (they weren't allowed to count my temping work as probation). Was accepted for mortgage.


My partner was in her job at the time for 3 years.