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Mortgage In Probation Periods
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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.
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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.
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Can i get a Mortgage in Probation Period?
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. In this article, we’ll explore the requirements and challenges of getting a mortgage during probation, and provide some helpful tips to help increase your chances of getting approved. 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 dive in and explore the possibilities!
What is Probation Period in a Job?
Probation period, also known as 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 if the employee is not meeting their expectations.
How Does 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 pay slips 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.
### Good Credit Score
Your credit score is an important factor in determining your eligibility for a mortgage. A good credit score can help you qualify for better interest rates, 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.
### 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 tips to keep in mind:
### 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 favorable terms.
### 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.
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 unfavorable terms.
### Not Shopping Around
Different lenders have different requirements and eligibility criteria, so it’s important to shop around and compare your options.
Alternatives to Getting a Mortgage in Probation Period
If you’re unable to secure a mortgage during your probation period, there are some alternative options to consider. These include:
### Rent to Buy
Rent to buy schemes allow you to rent a property with the option to buy it at a later date. This can be a good option if you’re unable to secure a mortgage during your probation period, but still want to work towards owning a property.
### Shared Ownership
Shared ownership schemes allow you to buy a share of a property, with the option to buy more shares over time. This can be a good option if you’re unable to secure a mortgage during your probation period, but still want to get onto the property ladder.
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 favorable 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 favorable 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.
Getting a mortgage during your probation period can be challenging, but it’s not impossible. By understanding the requirements and challenges of getting a mortgage during probation, and taking steps to improve your eligibility, you can increase your chances of approval. Whether you choose to explore alternative options, get pre-approved for a mortgage, or wait until after your probation period has ended, there are options available to help you achieve your dream of homeownership.