Probationary Period (New Job) - Mortgage Stalled by 6 months

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Carla Jack

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We have a house that we made an offer on based on Eu150,000 that we were approved for in principle by BOI back in December. Unfortunately (and fortunately) my husband started a new job and the 6 month probationary period at the new job looks like it will mean we have to miss out on the property we have our hearts set on.

- First Time Buyers
- The deposit and month repayments are well within our combined means and we have an excellent credit history.
- My husband has not changed industries and has no employment gaps.
- I am a part time worker and have gaps in employment for child care so I don't believe applying for the loan in my name alone is possible.

Is it worth working through a mortgage broker to see if there is any institution that (to put it bluntly) will take our money and give us the loan?
 
A mortgage broker can change the rules. You have to be in permanent employment.

Were you not made aware of this requirement when you started the mortgage process? It is one of the questions you are asked when completing the questionnaire.

Steven
www.bluewaterfp.ie
 
Hi Guys, tx for the responses. We got our approval in principle from BOI in December in a matter of hours so probationary periods were not highlighted exclusively. It was not a mortgage application.

We had no joy speaking directly to the banks (AIB, BOI, Permanent TSB) but we found a mortgage broker who has experience with applications such as ours.

In case anyone else comes across this issue in the future the paperwork from my husbands employer included:
  • Salary Certificate completed by Employer.
  • Copy of your new employment contract.
  • Letter from your employer regarding the waiver or reduction of your probationary period.
My husband also had to include a CV summary explaining his job role and experience to strengthen his case (stable job sector etc).

Quite hopeful that the application will go through.
 
Ensure that the broker is not considering a sub-prime mortgage as suitable, which will likely be a higher interest rate for the life of the mortgage.
No house, no matter how much 'you have your hearts set on it', is worth paying €1,000s or €10,000s more in interest for, for the sake of waiting 6 months.
 
Hi Carla-Jack,

I'm in the same situation as your husband. I'm in my job 4 months and have a 9 month probationary period. I just received mortgage approval from AIB (provided salary cert, CV, employment contract on application). I hope this helps put your mind at ease that you have a good chance of getting approval also :)
 
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