Mortgage Advice

Moritz_2

Hoping for some advice for a situation that's hopefully not too complicated...

My partner and I are hoping to move house as soon as current property sells. situation is partner has mortgage on current property in sole name and the new property will be joint. I'm changing jobs next week, my question is will this affect obtaining a mortgage as i'll be in a probationary period? We will need both incomes for affordability

Appreciate any advice

glosoli

How long will the probationary period be for?

If the probationary period ends before your anticipated move date, and you are able to provide evidence of this, then a number of lenders could consider the application. If the period ends after you plan on moving, then options will be much more limited.

It is a scenario where you may require broker involvement, as they may know where is best to place your application, to avoid unnecessary time wasting and disappointment.

Sami_-Finbud

Being on a probation period does restrict your options but their are lender's who will lend such as Halifax

The following is some of their criteria on probationary periods:

Probation
Income from probationary employment is only used where the probationary period is part of a permanent contract. If the contract is purely probationary with the employer having the option to terminate the contract then this income cannot be used.

It is important that probationary contracts are keyed accurately as follows:

Where the applicant receives an offer of permanent employment and the contract states an initial probationary period e.g. three or six months, it should be keyed as 'permanent'. The income will be used in the affordability assessment.[/COLOR]

As of today they launched some good exclusive broker deals starting from 1.09% depending on the loan to value.

I hope that helps

ACG

Agree with the above, there should be lenders but it will not be for every lender.
I would not comment on specific lenders as there could be other issues we are unaware of but in principle there are lenders based solely on what you have mentioned in your post.

Moritz_2

Thanks for the advice it sounds like there will be options, it's a permanent contract just with the normal probationary period clause.