Mortgage application 12 month probation

H

Homefish

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Hi
I have a huge deposit saved up for a house but due to rising house prices and inflation I need a mortgage. 50% of price. I’m relocating. I have a full time permanent pensionsble job lined up with the HSE - and did a huge amount of work to get it, plus I’ve been waiting since last July for paperwork and still waiting - but it appears I can’t get a mortgage as I’ll be on a 12 month probation. I refuse to rent! It’ll eat into my deposit. Plus god knows what things will be like in a year. Any ideas/ what do people do?
Any comments welcome
 
Thanks Thirsty but I’m not in a permanent job now as I’m waiting I took short term work
 
A 12 month probation seems a very long time. It's there any possibility of negotiating a reduction in this is? I would have thought 6 months is the norm.

The other possibility might be too reapply for a mortgage after 6 months and see if they might take you earlier given you'd have six months done.

Seeing you've managed to amass a huge deposit why can't you keep going as you are for another 6-12 months?
 
skrooge said:
A 12 month probation seems a very long time. It's there any possibility of negotiating a reduction in this is? I would have thought 6 months is the norm.

The other possibility might be too reapply for a mortgage after 6 months and see if they might take you earlier given you'd have six months done.

Seeing you've managed to amass a huge deposit why can't you keep going as you are for another 6-12 months?
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I believe 12 months is a HSE standard. I doubt they are negotiable. Unfortunately refusal to rent is unlikely to win against inability to get mortgage.
 
I wonder if a broker might be able to find some flexibility in the system and lenders' usual insistence on being past probation in a job?
 
ClubMan said:
I wonder if a broker might be able to find some flexibility in the system and lenders' usual insistence on being past probation in a job?
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My guess is that a broker may be able to get the mortgage arrangements in place, but that drawdown can't take place until probation period is complete.
 
I’m in the same boat at the moment. Have letter of offer based on previous job but I n plan on moving into a hse role before we draw down and the probation period in 12 months (non negotiable after asking for a lesser period). I have track record of 9 years in the same role in a permanent capacity. Banks are currently making a decision on whether or not we can proceed with the house
 
Update for anybody interested:
We are applying for 80% LTV, well below out 3.5 x salary and the bank are happy to let us draw down despite probation period.
 
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