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Probationary period and mortgage application

(12 Posts)
MissDuke Sun 19-Feb-17 20:36:32

Hi all
We managed to sell our house much quicker than anticipated and so are now rushing to apply for a mortgage for our move on. We plan to borrow £80,000 for our move and both work full time. However I stupidly hadn't considered the fact that I am still in a probationary period at work, I started in the NHS in October after qualifying as a HCP. Is this going to rule out us getting a mortgage? According to the online calculators, dh can easily borrow much more on his own salary anyway, will this help? We had hoped to go with first direct but I have read they are particularly tight with their criteria though I can find nothing on their website. Going to contact a broker tomorrow but really hoping to get some peace of mind that this will work out. Thanks for reading!

MissDuke Sun 19-Feb-17 20:43:03

Just in case it makes any difference, we are also providing an £86000 deposit following the sale of our own house.

wrinkleseverywhere Sun 19-Feb-17 20:51:04

Until someone more qualified comes along, my own experience is that the mortgage company wanted a letter from HR confirming the length of the probationary period & that was it. Again, we were applying for a low LTV . What may have helped was there was little difference in my net pay & the childcare cost & I mentioned on the application that if I lost my job, DC would be withdrawn from nursery & our financial position would be broadly similar.

girlelephant Sun 19-Feb-17 20:55:42

Depends on your lender & how they view probation periods. Some sectors are deemed less risky for probation periods & if you have previous experience in the same industry that can also reduce how they view the risk

superking Sun 19-Feb-17 20:57:58

We were in the same situation, our broker advised us that there were a few lenders who wouldn't lend to someone in their probationary period but there were plenty who would. It didn't stop us from getting a decent rate.

MissDuke Sun 19-Feb-17 21:11:11

Thanks everyone, very reassuring - will help me to sleep better tonight!

Scribblegirl Sun 19-Feb-17 21:13:13

We had a similar set up. Would absolutely advise going via a broker who knows so you don't waste time on an application that's a nonstarter. Would recommenf London and Country smile

IMissGin Sun 19-Feb-17 21:15:14

We got one with Halifax based on signed contract (6months probation) in 2015

MissDuke Sun 19-Feb-17 21:30:38

Phew!! Thanks everyone :-)

OnceUponATimeInLondon Sun 19-Feb-17 21:33:27

Agree with Scribblegirl, call London and Country and they will tell who is ok with probation periods. I did it two months after starting a new job no problem. Don't worry!

MissDuke Mon 20-Feb-17 22:01:05

Thanks again all. Set up an appt with London and Country for Wed so hopefully all will be well.

MissDuke Wed 22-Feb-17 22:22:08

So we saw the MA today and got an AIP very easily. She said this wasn't a problem at all and we still had our pick of lenders (we have a high deposit and relatively low amount to borrow, no other debt etc) - she recommended Santander who we are already with so fingers crossed it all progresses without hitch. Thanks again for the reassurance!

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