Mortgage and new job/probationary period

feynman33

Hi All,

Looking to get a feel for where i would likely stand in these circumstances:

I'm almost ready to get my place on the market, likely first week of June for survey and photography etc. Awkward timing but i have also just accepted a new job offer. I'm informed pre emplyment checks could take 6-8 weeks, followed by me working a months notice. The job has a 9 month probationary period.

The plan is to sell first, but that's not set in stone. The plan is to port my current mortgage and take out additional borrowing. 

I plan to apply for a DIP as soon as my place is on the market. Should i be upfront about these circumstance immediately, or wait and see how things play out?

Depending on how quickly i sell/find a new property, i could potentially be looking at making a full application with anything from 0 to only 2/3 paychecks from my new job in the bank, the contract (Permenant) i assume would be available. Where would i stand in those circumstances? What would the impact on chances of approval/amount of borrowing be, re the lack of paychecks and/or the probationary period.

How would porting with no additional borrowing change things, would i even need to tell them anything?

I'm talking about RBS (Natwest?) specifically.

Cheers!

paradigital

When I took out our current mortgage with NatWest in mid 2022, I was still in probation and it didn’t appear to make any difference to the amount I could borrow or to the rates I was offered.

Now clearly all situations are taken on their own merits, but clearly the situation of probation isn’t necessarily a problem.

MWT

feynman33 said:

How would porting with no additional borrowing change things, would i even need to tell them anything?

Porting is still a new full application, you just get to move the terms of your old mortgage to the new mortgage, so yes, you would need to disclose anything that is going to be a foreseeable significant change in your employment and income.

I would hope it would not be an issue, especially if it is a move to a similar job, a reasonable distance from your new home and hopefully at a higher salary...

feynman33

Thanks for replies, guess i just need to speak to them and sound them out on how they would handle the situation before i make any decision...