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Can you get a mortgage during the probation period in a new job?

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  • 05-10-2018 12:29pm
    #1
    0gac3yjefb5sv7
    Closed Accounts Posts: 3,948 ✭✭✭


    Can you get a mortgage during the probation period in a new job?


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    #2
    big syke
    Registered Users Posts: 906 ✭✭✭big syke


    Yes


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    #3
    bri007
    Registered Users Posts: 1,375 ✭✭✭bri007


    No, you will get approved in principle but not drawdown until passed probation

    Pheonix10 wrote: »
    Can you get a mortgage during the probation period in a new job?


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    #4
    fjon
    Registered Users Posts: 2,084 ✭✭✭fjon


    bri007 wrote: »
    No, you will get approved in principle but not drawdown until passed probation

    That has been my experience (twice)


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    #5
    0gac3yjefb5sv7
    Closed Accounts Posts: 3,948 ✭✭✭0gac3yjefb5sv7


    fjon wrote: »
    That has been my experience (twice)

    Is it of the discretion of the bank or a firm no? Conflicting answer from a user above :/


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    #6
    Hitman3000
    Closed Accounts Posts: 5,596 ✭✭✭Hitman3000


    Approved on Monday by Ulster bank, wife started a new job 4 months ago. Needed a letter to state she was off probation otherwise nothing doing.


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    #7
    fjon
    Registered Users Posts: 2,084 ✭✭✭fjon


    Pheonix10 wrote: »
    Is it of the discretion of the bank or a firm no? Conflicting answer from a user above :/

    I had two different banks, both offer AIP, but one of the stipulations for drawing down the mortgage is the probation period must be passed.
    If you/ your partner are pretty sure the probation period will be over when you go to draw down the mortgage then there's nothing stopping you from looking at houses with the AIP.
    You'll find it hard to actually draw down the mortgage with any bank with one of you on your probation period.


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    #8
    _brendand_
    Registered Users Posts: 123 ✭✭_brendand_


    Pheonix10 wrote: »
    Can you get a mortgage during the probation period in a new job?

    In theory the bank manager will tell you they require a letter from your employer that you passed probation. In reality during my mortgage application, this was never requested. They are entitled to ask for whatever documentation they think is reasonable so I wouldn't really bet on being lucky enough to avoid this hurdle.


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    #9
    catrionanic
    Registered Users Posts: 2,091 ✭✭✭catrionanic


    We have AIP from PTSB and Ulster Bank. Both said we need to be out of probation before drawdown though.


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    #10
    miss misty
    Registered Users Posts: 86 ✭✭miss misty


    Depends on your profession.....


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    #11
    tomfoolery60
    Registered Users Posts: 293 ✭✭tomfoolery60


    https://barden.ie/useful-tips/you-cant-move-jobs-and-get-a-mortgage-at-the-same-time-wrong-heres-why/

    This seems to suggest you can but perhaps by approval they mean AIP rather than drawing down....


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    #12
    Mint Sauce
    Registered Users Posts: 29,293 ✭✭✭✭Mint Sauce


    Probably depends on the lender. I required a signed letter to say I was permenant, and 6 months worth of payslips for BoI.


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    #13
    0gac3yjefb5sv7
    Closed Accounts Posts: 3,948 ✭✭✭0gac3yjefb5sv7


    tomfoolery60 wrote: »
    https://barden.ie/useful-tips/you-cant-move-jobs-and-get-a-mortgage-at-the-same-time-wrong-heres-why/

    This seems to suggest you can but perhaps by approval they mean AIP rather than drawing down....

    Have you used them at all? :)


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    #14
    tobsey
    Registered Users Posts: 1,275 ✭✭✭tobsey


    We were going through the application processes this year. My wife had a 12 month probation period that just ended. We were told that because she’s part time and is he lower of the two salaries they would probably have allowed it if it was 6 months, but not a 12 month probation.

    If the higher income is still on probation then probably no, if it’s the lower income in the joint mortgage then you might be ok.


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    #15
    [Deleted User]
    Posts: 24,714 ✭ [Deleted User]


    I got AIP as a single applicant when only on one year fixed term contracts. I didn’t go ahead but they were contacting me asking when I wanted to proceed etc so can’t see why they wouldn’t have given full approval. With this in mind I can’t see too much issue getting it during the probation period of a permenant job if you are in a good position overall to go for a mortgage.


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    #16
    Interested Observer
    Registered Users Posts: 13,105 ✭✭✭✭Interested Observer


    I took a new job in August, spoke to a broker about this issue and were basically told to forget it. We can draw down in Feb, so I think we'll try get AIP in maybe a month or two and start house-hunting with a view to closing in Feb. It's annoying because there are a lot of properties out there at the moment that we can afford and we like, but they'll probably be gone by the time we can buy.


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    #17
    bri007
    Registered Users Posts: 1,375 ✭✭✭bri007


    Are you on 6 months probation?

    If you have consistently worked in same field of employment and your not on probation in your new job you may stil be eligible, if it’s probation then you will have to wait until that’s passed.

    Interested Observer wrote: »
    I took a new job in August, spoke to a broker about this issue and were basically told to forget it. We can draw down in Feb, so I think we'll try get AIP in maybe a month or two and start house-hunting with a view to closing in Feb. It's annoying because there are a lot of properties out there at the moment that we can afford and we like, but they'll probably be gone by the time we can buy.


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    #18
    tomfoolery60
    Registered Users Posts: 293 ✭✭tomfoolery60


    Pheonix10 wrote: »
    Have you used them at all? :)

    No! But I did see the piece in a newsletter. Again it did say "approval" not drawdown. Which is something every bank will give you


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    #19
    Interested Observer
    Registered Users Posts: 13,105 ✭✭✭✭Interested Observer


    bri007 wrote: »
    Are you on 6 months probation?

    If you have consistently worked in same field of employment and your not on probation in your new job you may stil be eligible, if it’s probation then you will have to wait until that’s passed.

    Yeah I'm on 6 months probation. That's the issue rather than time in the company.


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    #20
    tfeldi
    Registered Users Posts: 104 ✭✭tfeldi


    I was able to get a mortgage drawdown with EBS during probation with very low LTV. What they assessed was how likely I would be able to get another job if I didn't complete the probation successfully. I needed to share my CV. Both my current and previous employers are well known reputable companies.

    Joined applicants but second applicant was without income at that point.


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