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Mortgage on Probation

  • 17-04-2019 3:10pm
    #1
    ZilkyG
    Banned (with Prison Access) Posts: 71 ✭✭


    Hey guys, my partner and I have been told that the landlord is going to sell. However he is willing to sell to us before it hits the open market. Unfortunately, we have both started new jobs and are about 2 months into 6 months probationary period. Is it possible to get a loan while on probation? Combined we make more than enough to cover the mortgage and are both IT, so we've no trouble finding work.

    Secondly, someone advised that we use Finance Ireland, who are apparently a little less stringent, however you do need a broker. Can anyone recommend a broker? (The ones I used were consistently trying to push us back towards banks)


Comments

  • #2
    uck51js9zml2yt
    Closed Accounts Posts: 18,268 ✭✭✭✭uck51js9zml2yt


    I know people who've had mortgages offers withdrawn due to changing jobs


  • #3
    Policy Review
    Registered Users Posts: 21 ✭Policy Review


    Unfortunately you may struggle to get any bank to accept an application as even for a loan they want to see people in a stable job and your current situation wont pass their stress testing when they look into you financial situation. However keep the saving regular and try again when your permanent.

    To be frank i don't think your be able to purchase unless the landlord can wait.


  • #4
    Trish56
    Registered Users, Registered Users 2 Posts: 1,256 ✭✭✭Trish56


    You can apply now and get approved but cant drawdown the mortgage until your probation is finished. In lots of cases it can take 4 months to close a sale on a property so I would go ahead and get approved and agree a closing date in mid August when you can drawdown your mortgage.

    I'm 100% certain about this as I've arranged mortgages for customers under this arrangement and it worked out well. I'm sure your landlord will agree to an August closing date.


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