Mortgage Top-Up whilst in Probationary Period

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DublinHead54

Registered User
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Hi All,

Is it possible to get a mortgage top up from BOI whilst in a 6 month probation period in a new job? I tried ringing them but they were too busy and will call back at some point.

I am currently have around 75% Equity and overpaid my mortgage by 50k last year, so essentially asking for the money I overpaid back! Do they consider payment history, spouse income etc or will they just say no whilst in a probation period?

My other option is to wait until 6 months is up, but at that point I will have had to commit and sign contracts for renovation and I don't want to risk delays in financing.

Cheers in advance!
 
I queried this with them in about 2017. I didn't go through with it. They said they would require a valuation before and after works, builder's quotes in advance, and an engineer's sign-off as well.

The whole process seemed very heavy for the €40k I was thinking about.
 
NoRegretsCoyote said:
I queried this with them in about 2017. I didn't go through with it. They said they would require a valuation before and after works, builder's quotes in advance, and an engineer's sign-off as well.

The whole process seemed very heavy for the €40k I was thinking about.
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Thanks, my question was on whether they would lend for a mortgage top up whilst I am on a probation period in work. I started a new job and employment contract has a 6 month probationary period as standard. I know that when on probation and applying for a new mortgage it is generally no, but is a top up treated differently?

I am off probation in November, with works due to start in January and as you point out the process is burdensome. I know it will be burdensome hence why I am looking to top-up as much as possible and it will be cheaper than getting a 7yr loan.
 
Really only lender can tell you, there may be variations in what way they would consider it depending on if it's the sole income, history of employment etc, if there is a hard and fast rule then it's probably no but hopefully there might be some leeway but only they could tell you that based on your circumstances
 
Monbretia said:
Really only lender can tell you, there may be variations in what way they would consider it depending on if it's the sole income, history of employment etc, if there is a hard and fast rule then it's probably no but hopefully there might be some leeway but only they could tell you that based on your circumstances
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Thanks, I am planning to ask but BOI only offering callbacks at the minute.

I hope there is some logic applied, but that isn't always the case. At least hopefully they can approve on the condition of probation period completing before funds are drawn down etc. I am essentially just asking for the lump sum I paid back!
 
Having just gone through getting a top-up, I can say that with UB the process was almost exactly like getting a mortgage the first time with regards to documentation (down to marriage certs, all saving statements, and so on) hence I would fear that the same criteria regarding eligibilty for an initial mortgage would also apply. In the initial form to UB we filled in were the following questions, which *may* give you some hope, though.
Employment Status (ie permanent, self employed, temporary, contract etc)
Job title & company
Date you commenced this employment
if less than 1 year, previous job title, company & date you started with previous company
 
In hindsight it was a bad plan to overpay! This was the beauty of those mortgages like offset or the ptsb version where you could just get the overpayment back.
 
Yes it was a bad plan but I somewhat naively thought getting a top up would be simple!

This is definitely a process banks should streamline especially if you get your salary paid into a bank account with them.
 
Top ups used to be easy with UB before last bang, few payslips plus p60 assuming job hadn't changed, form for employer to fill if it had, life cover and off you go, would be approved and in your account within days. Might need a new valuation if some time since original. That was assuming of course credit report/income etc checked out and assuming the amount required was below the max top up type loan which I think was 65k at the time.

Dead Tiger plus other issues tightened up everything so I imagine it might be a little more cumbersome these days.
 
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