Probation Period Mortgage Experts
Welcome to A Little Mortgage Advice
We are experts in getting mortgages for people in a probation period. With our experience and knowledge, you have the best chance of getting the mortgage you need, paving the way for you to own your own home.
Mortgage In Probation Periods
Are you looking to get a mortgage in your probation period? Then stop searching and get in touch, because this is what we specialise in! We are mortgage probation period experts, and our expertise is highly sought after by many. We know our stuff, and it won’t cost you a penny if we can’t help you.
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Probation Period Mortgages
If you have just started a new job and are currently in your probation period, then you may have found it difficult to get a mortgage with a high street lender.
Some lenders will see you as a higher risk because you have just started a new job, and your income may not be secured for the future at this stage. If you have just started a new career to improve your chances of owning your own home one day, it can feel as if you have taken a step back.
If you have started a new job, then our mortgage broker is here to help find you the right lender.
How We Can Help
As a specialist independent mortgage advisor, we work with lenders from across the whole market, including those who specialise in offering mortgages to those who have started new jobs and who may be in their probation period.
Buying a home is stressful, especially if you are a first time buyer, dealing with lawyers, arranging the move, and of course finding a mortgage. A Little Mortgage Advice are here to reduce that stress and help you find the perfect mortgage for your first home.
We will hold your hand throughout the whole process, making securing a mortgage on probation much less stressful.
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Obtaining a credit report to help give you the best chance of getting the right mortgage. At A Little Mortgage Advice, we recommend checkmyfile because of their reliability and accuracy of reporting.
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Why Choose A Little Mortgage Advice?
Specialist Advisor
We’re a specialist independent mortgage broker with access to all U.K. mortgage lenders, meaning that we search the whole of the market to find you the best mortgage product to suit your individual circumstances. A Little Mortgage Advice Brokers really do go that extra mile for our customers.
Personalised Service
As a small, independent mortgage advice brokerage, you will have a dedicated mortgage advisor who will stay with you throughout the mortgage process. We dedicate the same amount of time to each customer, never leaving you waiting, responding quickly and answering all of your questions so you feel comfortable and confident that you are in safe hands.
Five-Star Reviews
Every customer interaction, email, and phone call is important to us. We pride ourselves on offering a five-star service at all times, our reviews speak volumes and so do the awards that we have won for outstanding service.
No Obligation Quote
We offer a free no-obligation quote and helpful advice throughout the process. So, finding out if we’re the right fit for you won’t cost you a penny. Its as easy as picking up the phone and giving us a call, you have nothing to lose and a lot to gain because our mortgage advisors are qualified and experienced.
Can You Get a Mortgage While on Probation?
If you’re in your probation period at work and looking to buy a home, you may be wondering if getting a mortgage is even possible. While probationary periods can be a time of uncertainty and insecurity, there are options available for those seeking a mortgage during this time. The good news is that it is possible to get a mortgage while on probation, but it may require some extra effort and research on your part.
Whether you’re a first-time homebuyer or a seasoned homeowner, understanding the ins and outs of getting a mortgage during probation can make all the difference in securing your dream home. So, let’s find out more!
What is a Probation Period in a Job?
A probation period, also known as a trial period, is a period of time given by an employer to a new employee to evaluate their performance on the job. It is usually a period of three to six months, during which the employer assesses the employee’s suitability for the job. During this period, the employee’s performance is closely monitored, and the employer can terminate the employment contract at any time if the employee is not meeting their expectations.
How Does a Probation Period Affect Mortgage Applications?
If you’re in your probation period, it can affect your mortgage application in a number of ways. For one, lenders may view you as a higher risk borrower since you’re not yet confirmed in your job. This means they may be more cautious in lending to you, or require additional documentation or security to approve your loan. Additionally, your income during your probation period may be considered less stable than if you were a confirmed employee, which can also impact your application.
Requirements for Getting a Mortgage in Probation Period
While it’s possible to get a mortgage during your probation period, it’s important to note that the requirements for approval may be more stringent than if you were a confirmed employee. Some of the requirements you may need to meet include:
Stable Income
Lenders will want to see that you have a stable income that is sufficient to repay the mortgage. This means you’ll need to provide evidence of your income, such as payslips and bank statements, for the entire period you’ve been employed. If your income is variable, you may need to provide additional documentation to show that it is sustainable.
A Good Credit Score
Lenders will want to see that you have a stable income that is sufficient to repay the mortgage. This means you’ll need to provide evidence of your income, such as payslips and bank statements, for the entire period you’ve been employed. If your income is variable, you may need to provide additional documentation to show that it is sustainable.
Proof of Employment
To qualify for a mortgage, you’ll need to provide proof of your employment, including the length of your probation period. Your employer may need to provide a letter confirming your employment and the terms of your probation, such as the length of the period and the likelihood of your contract being renewed.
Tips for Getting a Mortgage in Probation Period
If you’re in your probation period and looking to get a mortgage, there are some steps you can take to increase your chances of approval. Here are some of our top tips:
Shop Around
Different lenders have different requirements and eligibility criteria, so it’s important to shop around and compare your options. This can help you find a lender that is more willing to lend to you during your probation period, or one that offers more favourable terms. When you work with us, we will do this for you, saving you time and effort.
Consider a Guarantor
If you’re struggling to meet the eligibility criteria for a mortgage, you may want to consider a guarantor. A guarantor is someone who agrees to take responsibility for your mortgage repayments if you are unable to do so. This can help you qualify for a mortgage that you may not otherwise be eligible for.
Save for a Larger Deposit
Having a larger deposit can help you secure a mortgage during your probation period. This is because it reduces the lender’s risk and shows that you have a stake in the property. Consider saving for a larger deposit or exploring other options such as a shared ownership scheme.
Applying for a Mortgage After Probation Period
If you’re unable to secure a mortgage during your probation period, you may want to consider applying after your probation period has ended. This can help you meet the eligibility criteria for a mortgage, as you’ll have a confirmed employment status and a longer work history.
However, it’s important to note that you may still need to meet other eligibility criteria, such as a good credit score and sufficient income. Not sure of what the best strategy for you is? Don’t worry, we can advise you.
Common Mistakes to Avoid When Applying for a Mortgage in Probation Period
When applying for a mortgage during your probation period, there are some common mistakes to avoid. These include:
Applying for Too Much
It’s important to only apply for a mortgage that you can afford to repay. Applying for too much can lead to rejection or financial difficulties down the line.
Not Checking Your Credit Score
Your credit score is an important factor in determining your eligibility for a mortgage. Not checking your credit score before applying can lead to rejection or unfavourable terms.
Not Shopping Around
Different lenders have different requirements and eligibility criteria, so it’s important to shop around and compare your options.
The Role of Credit Score in Getting a Mortgage in Probation Period
Your credit score is an important factor in determining your eligibility for a mortgage during your probation period. A good credit score can help you qualify for better interest rates and more favourable terms, while a poor credit score can make it more difficult to get approved. It’s important to check your credit score before applying for a mortgage, and take steps to improve it if necessary.
Benefits of Getting Pre-Approved for a Mortgage
Getting pre-approved for a mortgage can offer a number of benefits, including:
Increased Confidence
Knowing that you’ve been pre-approved for a mortgage can give you increased confidence when house hunting, as you’ll have a better idea of what you can afford.
More Favorable Terms
Getting pre-approved for a mortgage can also lead to more favourable terms, such as better interest rates and lower fees.
Faster Closing
Since some of the paperwork is completed during the pre-approval process, closing on your mortgage can be faster and smoother.
Talk to Us
Getting a mortgage during your probation period can be challenging, but it’s not impossible. By working with us and making the most of our knowledge and expertise, you can still secure a great deal. So why not get in touch today? Remember, if we can’t find a mortgage for you, you don’t have to pay us a penny!