Mortgage in Probation Period
Mortgage in Probation Period
Getting a mortgage in a probation period is not as difficult as you might think. Lenders know that people change jobs a lot these days and a few are happy to accept applications during a probation period.
Last Updated: 13th August 2022
Can I get a mortgage in a probation period?
Yes. A few lenders will allow you to apply for a mortgage while you are on probation. They will treat you just like any other borrower.
Be careful though, as not all lenders will allow this. Working with a mortgage broker such as myself can make sure you apply to the right one, and it usually won’t cost to use my services either.
It is even possible to get a mortgage before you new job even starts. Read more about new job mortgages.
Does the length of my probation affect getting anything?
Not with the best probation friendly lenders. If your probation is 6 days or 6 months they’ll treat you like any other borrower.
Will I get a better mortgage after my probation period?
Not necessarily.
Some of the biggest and best mortgage lenders, who offer the lowest cost mortgages, accept mortgages even if you’ve only just started a new job.
It’s unlikely that waiting months for a probation period to end will see any significant change to your mortgage options.
The only exceptions to this are where you have significant other criteria that needs to be satisfied. For example using bonus or commission as you income. Typically 3, 6 or 12 or even 24 months of evidence is required to use all of this.
Is it a good idea to get a mortgage in a probation period?
That completely depends on your individual circumstances. Mortgages, and home ownership are big commitments.
You could read this article I wrote on “Is now a good time to buy?” to get my full take on the question.
How many pay slips do I need for a mortgage in probation period?
As you’ll have only just started a job, when applying for a mortgage some lenders will be happy with just your signed contract.
You’ll qualify with a few more lenders once you have your signed contract and first pay slip, even if the first pay slip doesn’t show a full month’s pay.
What deposit is needed for a mortgage whilst on probation?
Approach the right lender and you could be accepted with a deposit as small as a 5% deposit. The larger the deposit you have the more likely you are to be accepted though, and you’ll get a lower interest usually too.
Your status in the UK can determine minimum deposit sizes too. You may wish to read about mortgages on a spouse visa or mortgages if you have pre-settled status.
How much can be borrowed?
How much you can borrow is the same as how much you can borrow in a new job, regardless of being in probation. Read the answer on the new job mortgage page.
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