Length of probation - effect on mortgage apps

J

Jenny

Guest
I went to see a broker to start discussion about getting myself on the property ladder and the issue of job probabtion came up. I am more than likely about to start a new role which I've discovered has a 1 year probation period. He said that lenders would need to know I've completed any probationary period before agreeing to give me a mortgage. Is this the case for all lenders and if so when in the process does it arise? In the documentation required list, it mentions a statement of salary from employer but nothing about duration of contract or probation? Should I resign myself to the idea of no mortgage for at least a year? By which time all the SSIA's will be 'out' and no doubt affecting prices. Or is there any way around this little issue?
Any thoughts would be appreciated!
 
I am just coming to the end of my probation so am in a slightly similar position. Surely you could get a letter from your prospective employer after a couple of months?
 
That's what I'd be hoping for Darex. Thing is I've no idea what they will be like...I guess I'm in the land of 'what if' and 'maybe'....I may need to get my foot inside the door before I get an answer to this question..
 
Hey there,

I was in this situation too when applying for mortgages about 6 mnths ago.
My employer could offer a letter along the lines of 'should my performance remain in line with what they'd seen then there would be no problem passing probation'.
It also probably depends on the type of mortgage you want too- we were going for a 100% which has stricter conditions relating to the length of time you're employed as well.

We didn't manage to sort it out at that time, though my partner is self employed so that may have affected the whole application too.
I'd say talk to a bank/ broker, there's some really helpful people on this site ...

HTH, Michelle.
 
Hello There,

All lenders expect that you would complete any probation period before loan offer is issued either for 100% or 92%.

One question on the salary cert is when you started with the company, so if it is within the last 6 months etc they (the lender) will require a letter from your employer to say you are not on probation.

So you can either buy a house before you change jobs, or wait till after your probation.
 
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