Work probation

danslenoir

Hi,

My girlfriend and I are looking to buy a property together. She has an existing flat and mortgage (about 50% paid off) which she wants to turn into a buy-to-let as it's in an 'up and coming' part of London and she expects value to further appreciate. I don't really agree with buy-to-let but that's another matter and it's her property, not really any of my business. I am currently renting.

We have about a 15% deposit for the kind of place we want to buy (looking at properties around £400k-450k, and both are reasonably high earners (>£60k/year each) with no other debts so will easily be able to afford the monthly repayments irrespective of whether rates stay the same or increase.

The problem is that she just started a new job a few weeks ago (same 'job-type' as before with continuous employment history) and has a couple of months left on her probation. We have been informally advised that this may be a problem when applying for a mortgage in principle and that it would be best to wait until she has completed her probation. In reality, is this likely to be an issue? We're both a bit anxious that waiting until her probation is over will lead us into the Christmas period when the market quietens down and it could be more difficult to find somewhere, especially considering that there has not exactly been an abundance of suitable properties in the area we want to move to over the last month or so.

Neither of us want a long and protracted search for somewhere, and it's frustrating to see the occasional 'perfect' property on rightmove, have the funds in place, but not be able to do anything about it.

GMS

Probation is not an issue for some lenders.

85% with a property in the background isn't for all lenders.

Broker should be able to help you with this.

Ensure the flat to be let will bring in sufficient rent to cover the mortgage on it. Use a rate of 6% interest only x 125% to cover most lenders requirements.