Is it possible to get a mortgage while on probationary period in a new job?

FlacosFloozie

Hi there,

I'm hoping one of you wise people can answer some questions for me. We recently moved area to be closer to family. I'm the main breadwinner so got a new job sorted before the move with Mr F to look for something once we were settled. Our plan was to rent for 12 months or so and increase our deposit before buying. Great in theory...

The snag we've hit is that the rental sector here is a little less professional than we were expecting. Currently having to threaten legal action to get the landlord to sort our boiler and so, I'm fully expected to be labelled a troublemaker and asked to leave when our 6 month contract is up.

My new job has a 6 month probationary period which I'll complete 1 month before the rental contract is up. So, any chance of a mortgage offer being available before then? I just don't see it being possible to complete purchase in 4 weeks.

System

Best to speak to a broker, or wait if you can, or Google banks lending requirements, I know NatWest doesn't consider less than 6months at the mo

FlacosFloozie

Thanks, Matthew. I have a feeling 6 months is going to be required but I know some of the rules are starting to be relaxed so was hoping.... Will be talking to a broker in the not too distant future but didn't think I'd get hold of any on a Friday night

ACG

There are lenders who will lend with just a job offer letter, others who require 1, 3, 6 or 12 months in employment.

Speak to a broker.

Mummyto4kids

We have just been accepted pending valuation by Halifax and they accepted my hubbys new contract which doesn't start until the end of the month as proof of income. We applied via a broker

FlacosFloozie

Many thanks for that, ACG. You've made me feel a bit more hopeful about future options.

Humphrey2012

Halifax were fine with this for us about 3.5 years ago, but that was through a broker.

easilydistracted

About two years ago I got a mortgage through Halifax via a direct application when I'd been in my job two weeks. They did check I'd had a history of employment in the same industry. They were one of the few options at the time. Sometimes if you google the lender and 'probation period' you get the intermediary sight which gives you their criteria (probably a bit naughty to admit)

amnblog

Probationary period is not a issue with a number of mainstream lenders.

What can be more of an issue is if you have not been working and this is your first job for some time. In those cases some lenders can insist on a minimum employment period.

That does not appear to be the case for our OP.

audigex

If you go through a smaller, hand under-written lender (ie a smaller building society), you may also be able to discuss it directly with them and arrange a mortgage for completion after your probation period - even though you will be within it while applying.

The important fact is that by the time you complete, it will be outside your probation period.... it doesn't really matter that you're applying beforehand. It's just a case of getting past the automated systems.

FlacosFloozie

Many thanks to one and all. I'll be talking to a broker soon