Starting a new job and getting a mortgage on probation – which mortgage lenders can help?
When you start a new job it’s natural to start thinking about your living arrangements and the possibility of buying your first property or upgrading your current home.
However, one hurdle to overcome will be your probation period. This is typically a 3-6 month clause in your employment contract and it allows employers to terminate your contract if they deem that you are not suitable for the position.
The good news is that there are mortgage lenders who are happy to consider a mortgage application as soon as you have a signed employment contract, whilst other lenders will require the probation period to have ended or a written letter from your employer to confirm that your probation period no longer applies.
Mortgage Lenders that will consider recently employed (less than 3 months) within a probation period:
Mortgage lenders realise that most employers will now include a probation period for all new starters, it is becoming an increasingly common practice in all employment sectors. As long as you are on a permanent employment contract and not a temporary contract (or fixed term contract) then there are lenders who will consider your probation period.
It does vary though from one mortgage lender to another. Some mortgage lenders will require a period of 12 months previous employment before they would consider a mortgage within the same line of work, whilst other lenders don’t specify that it has to be the same line of work and can accept 6 months.
This is where our experts come in, we would be happy to assess your personal circumstances for free and advise further without any credit checks.
Article written by Ben, Glow Mortgage Advisor (CeMAP, BSc Hons)
Last Updated: 30th August 2020