How to get a Mortgage in a probationary period on your first day of work including 3 & 6 months probationary
The rules around getting a Mortgage in a probationary period can be quite complex but rest assured we have helped many client successfully get a mortgage from some of the Uk’s Leading lenders with no additional rate loadings.
So you have a new job earning better money and can finally start looking at purchasing a new home but what about a Mortgage in a probationary period and finding the right lender to suit your current circumstances.
Being turned down for a mortgage because you are inside a probationary period is hard to take but not uncommon. The reality is many mortgage Underwriters rightly or wrongly take extra comfort from the position being permanent.
Some Mortgage Lenders will allow you to begin the mortgage process but will hold back the mortgage funds until the probationary period has completed; and others won’t even accept an Mortgage in a probationary period application.
To avoid confrontation on this contentious point individual Mortgage Lenders many impose a minimum period of say: 3 months, 6 months or 12 months with your current employer for all applicants probation or otherwise.
As you have taken in an interest in our website and the subject of getting a Mortgage in a probationary period no doubt you will have seen at Niche Advice we bring the best of breed Mortgage Lenders to suit our clients’ needs. Not only can provide mortgages for applicants in the midst of their probation, in some instances we have helped applicants obtain mortgages when they have yet to work a day in the position on the strength of their job offer letter.
Niche Advice specialises in helping clients who have been turned down for a mortgage. To find out more on how we can help please complete the Contact Form on this website or call T: 020 7993 2044. We are so confident in our ability we will not charge you a penny until your mortgage has been fully approved and the funds are released.
Author: Payam Azadi
Payam Azadi is a partner at Niche Advice who are whole of the market Independent Mortgage Brokers. His role is very much focused on Property financing both on residential and commercial lines.