Awaiting drawdown and new job probation

[jedentag]

Hi There,

I'm due to drawdown on a new home in Q.1 2024, possibly April.

I've been offered a new job with better pay but a 3 month probation starting in Jan or Feb depending on my notice period (not handed it in yet).

I'm with my current employer for more than 10 years.

How big a factor for drawdown is a new job and being on probation?

Would the bank wait until after probation period is over?

Presumably there's an element of case by case but trying to get a sense of things before I pull the trigger on anything.

Thanks in advance.

 

[lff12]

Generally a bank will not let you draw down the mortgage if you are not 2+ years in a full time permanent job. They will not draw down if you change jobs beforehand. You need to delay for a few months so it occurs before you leave the 10 year plus job. If you change job before drawdown you will have to wait about 2 years before they will consider your application again.

 

[FCBC12]

Generally a bank will not let you draw down the mortgage if you are not 2+ years in a full time permanent job. They will not draw down if you change jobs beforehand. You need to delay for a few months so it occurs before you leave the 10 year plus job. If you change job before drawdown you will have to wait about 2 years before they will consider your application again.

2 years?

 

[lff12]

2 years?

It would vary from lender to lender, some will accept an application in certain high earning sectors 6 months in and finished probation. Most will look for at least 1 year, others more. In general self employed people need 2-3 years of accounts to show and I have heard of someone who was told they required 3 years (seemingly at 3 years pub sector employment contracts become "contract of infinite duration"?)
As with all borrowing it seems brokers are the way to go if you don't have a straightforward PAYE and less than 2 years in the job situation.