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Mortgage potential while on probation

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  • 16-06-2015 2:00pm
    #1
    budhabob
    Registered Users Posts: 4,867 ✭✭✭


    Hi all,

    While i think i know the answer, its still worth asking the question.

    My OH is full time employed and permanent. I have contracted to my work place for 2.5years, and have now been successfully made permanent - but on 12 month probation as per organisations policy.

    We met with a mortgage broker, and apparently tick all the boxes and are in a strong position, except for my probation being a rather large stumbling block. The only bank the broker couldnt approach was BoI. This is who we both bank with, and have a good history with.

    So in short, and given the above, have we any shot at a mortgage? Just wanna ask the question here before investing any further time into it.

    Thanks in Advance.


Comments

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    #2
    Paulw
    Registered Users Posts: 13,381 ✭✭✭✭Paulw


    Mod Note Moving to banking. Hopefully someone with more knowledge available to offer advice.


  • Options
    #3
    budhabob
    Registered Users Posts: 4,867 ✭✭✭budhabob


    Paulw wrote: »
    Mod Note Moving to banking. Hopefully someone with more knowledge available to offer advice.

    Cheers Paulw.


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    #4
    gl0Rob
    Registered Users Posts: 105 ✭✭gl0Rob


    budhabob wrote: »
    Hi all,

    While i think i know the answer, its still worth asking the question.

    My OH is full time employed and permanent. I have contracted to my work place for 2.5years, and have now been successfully made permanent - but on 12 month probation as per organisations policy.

    We met with a mortgage broker, and apparently tick all the boxes and are in a strong position, except for my probation being a rather large stumbling block. The only bank the broker couldnt approach was BoI. This is who we both bank with, and have a good history with.

    So in short, and given the above, have we any shot at a mortgage? Just wanna ask the question here before investing any further time into it.

    Thanks in Advance.

    Just went through this process ourselves. Very very similar situation .

    I've been permanent for a number of years but my OH was a contractor for 15 months. She was then made permanent.

    4 months into her probation BOI inquired if we were thinking about a mortgage. We were, but thought it pointless because of the probation. We meet with a mortgage adviser and were told it wouldn't be a problem based on the company and industry she was employed in. So I think they do have some criteria with this regard.

    A few weeks later we were approved.


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    #5
    seamus
    Registered Users Posts: 68,317 ✭✭✭✭seamus


    They're less concerned with probation and more concerned with length of service. If you've been there 6 months and are subject to a 12 months probation, it'll hurt you. But if you've been there two years and are subject to probation because of a change in contract, it's less of an issue.


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    #6
    budhabob
    Registered Users Posts: 4,867 ✭✭✭budhabob


    gl0Rob wrote: »
    Just went through this process ourselves. Very very similar situation .

    I've been permanent for a number of years but my OH was a contractor for 15 months. She was then made permanent.

    4 months into her probation BOI inquired if we were thinking about a mortgage. We were, but thought it pointless because of the probation. We meet with a mortgage adviser and were told it wouldn't be a problem based on the company and industry she was employed in. So I think they do have some criteria with this regard.

    A few weeks later we were approved.

    This is very relevant, as the industry / role I am in would be very stable. This has given me some hope, many thanks.


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    #7
    budhabob
    Registered Users Posts: 4,867 ✭✭✭budhabob


    seamus wrote: »
    They're less concerned with probation and more concerned with length of service. If you've been there 6 months and are subject to a 12 months probation, it'll hurt you. But if you've been there two years and are subject to probation because of a change in contract, it's less of an issue.

    Thank you. This is reassuring. Next step.....contact the bank.


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    #8
    PaulM1977
    Banned (with Prison Access) Posts: 210 ✭✭PaulM1977


    Each application is looked at on a case by case basis and each lender would have slight variations in their lending criteria so BOI may be willing to approve you based on being with your employer for a number of years before being given a permanent role, albeit with a 12 month probationary period. They are also offering a nice 2% of the purchase price of your home back once your mortgage closes so definitely worth looking in to.

    PaulM


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