Mortgage renewal question

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elefantfresh

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I had approval for my mortgage for a self build with EBS but i have since changed jobs to a considerably higher salary. It is the usual situation where I need to do 6 months "probation". Now EBS are now telling me that they wont renew until my probation is complete. Does this sound correct? Can i not get some sort of insurance policy out? Will another lender sort me out? Please help!!
 
Having a probationary period finished is usually a prerequisite for drawing down a mortgage.
Is the new employment in the same field as your previous employment?
If it is then you have more of a chance of the condition being waived.
EBS are very strict, speak to a broker who can present your case for you.
 
Thanks NorfBank - yes, the position is a promotion on a much higher salary but with a diff company. Same line of work, IT. I'm looking at a self build and currently am gathering the info to put in for planning. If that is successful it will be 4-5 months down the road anyway. Any more info you give me will be greatly received. Thanks again.
 
Six months is one of the basic requirements for many lenders I'm afraid.

If you're a professional they might reconsider.
 
As said, six months would be pretty standard.. Some info on self-build mortgages here...
 
I see you are "putting in for planning", this is confusing. Did EBS give you approval without full planning permission or am I missing something?
 
looking for similar advice.

We've got 92% approval for mortgage. We were refused 100% mortgage on the basis that I am employed on a contract basis.
However, I have just been offered a permanent position with a local authority and should be due to start in July.

My question is that because we submitted payslips and p60 on the original application two weeks ago, will they look for them again if and when we find a house suitable and by the time we require the actually money. By that time, i may have changed jobs and will be on a years probation.
 
I can only talk from my own personal history.
Before clsoing on our first purchase, my partner lost his job, and it was really frightening. He got another job (luckily) within two weeks. We already had everythign signed off and said nothing.


I don't think you have to resubmit everything again, but it might depend on how long there is between approval and sign off?
 
Whitesnake said:
looking for similar advice.

We've got 92% approval for mortgage. We were refused 100% mortgage on the basis that I am employed on a contract basis.
However, I have just been offered a permanent position with a local authority and should be due to start in July.

My question is that because we submitted payslips and p60 on the original application two weeks ago, will they look for them again if and when we find a house suitable and by the time we require the actually money. By that time, i may have changed jobs and will be on a years probation.
Click to expand...

You'll need to check with your lender how long your approval in principle stands. If it expires before you find a house you may need to re-submit payslips, current account statements etc to renew it.

You might want to consider applying to a couple of lenders for approval in principle before changing jobs, using your payslips from your current job. Otherwise it may be a year before you are in a position to buy.
 
Got sorted with the EBS - no problems even tho still on probation in the new job. Just wanted a form signed by new employers. All a bit too easy. I'm a little suspicious!!
 
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