Is it worth it? Mortgage & job question

johannalf88

Hi Everyone,

I hoping a couple of mortgage brokers will chime in here- but would also love the views of those with a bit of experience, or just those that agree with me! :rotfl:

I have booked to view a flat on Sunday, we were supposed to wait a bit, but something came up we would both like. On paper it is almost perfect. Husband is not happy and thinks it will be a waste of time as we can't get it right now.

The issues

• Husband is currently on probationary period until start of October (changed law firms).
• We need a 95% mortgage
• 95% of asking price will be just over 4x joint salary (but no debt/dependants, good credit history)

I have contacted a recommended broker to arrange an appointment to talk through options, but since this came up now, I can't do this before the viewing!

So question is: Is it worth us viewing? Are we unable to proceed until probationary period is over?

Thanks.

ACG

I think you will be fine.
95% can be hard to pass on credit checks, but assuming you are on the voters roll, no missed/late payments etc then I am sure there will be options for you based on what you have said.

Caladan

***Not a broker, just an internet troll***

This is lifted from the Help to Buy site:

Typically, your mortgage will be based on a multiple up to a maximum 4.5 times your household income. Higher multiples cannot be approved by the Local Help to Buy Agent under any circumstances. Your Local Help to Buy Agent will also work to a guideline to ensure that your monthly costs (mortgage, service charges and fees) are no more than 45% of your net disposable income.

Source: http://www.helptobuy.org.uk/docs/default-source/default-document-library/help-to-buy-equity-loan-buyers-guide.pdf?sfvrsn=4

So in theory could be approved. Different lenders have different views on probationary periods and it may depend on your husbands experience, likelihood of passing probation etc.

May also depend on how long is left on the probation and a supporting letter from the employer to suggest it will be passed could help, which since there's only 2 months left they may be willing to provide.

Definitely a job for a broker. It's a high risk case and you may have to pay over the odds, but I wouldn't write off your chances immediately.

johannalf88

Thanks ACG. So the Probationary period expiring start of October shouldn't be a problem?

Caladan - Its not the help to buy equity loan, its the mortgage guarantee (or any other 95% mortgage available). DH will get a letter when passed though (its unlikely he won't, as he was poached from another firm).

ACG

Probationary will be an issue for some lenders, but not all.