You’ve started a new job, and you’re working through your probationary period. If that wasn’t enough, you’re also keen to get onto the property ladder so you can invest your hard-earned cash into your own home, not someone else’s.
Being in a new role, you may be overlooked by some mortgage lenders who require a more robust employment history from their customers in order to offer them a loan. This is why it can be hard to get accepted for a mortgage if you’ve recently changed jobs.
Here at CLS Money, we can help you navigate the market to find the mortgage lenders who are prepared to take a healthier view of your circumstances. In fact, we specialise in finding great deals for first-time buyers like you who want to move forward despite still being on probation.
Things to consider as a first-time buyer
Lenders define a first-time buyer as someone purchasing a property who has never owned a home previously.
If you’re a first-time buyer, you might not fully understand the mortgage process, so it can be really helpful to speak to an expert to talk you through it. He or she will explain all the key terminology and help you work out how much your monthly repayments will be, as well as how much the mortgage will cost you over the course of your full term.
One key thing to ensure from the start is that you have all the right documents to hand. Any errors, inconsistencies or omissions from your paperwork could be a red flag to your lender and could put you in a poor position when it comes to being accepted for a mortgage.
As a first time buyer, you might not have a strong credit history. Chances are you’ve never had to pay back this kind of debt before. From the lender’s perspective, taking you on as a mortgage customer is a bit of a gamble because they have no examples of your reliability as a debtor. This is why it’s so important to use a mortgage broker when looking to apply for a first-time buyer mortgage. Their expertise will help you meet lender criteria, which in turn will give you a better chance of being accepted for a mortgage and securing your dream home.
How will being in your probation period affect your chances of getting a mortgage?
If you’ve just started a new job and are in your probationary period, you may find it challenging to get a mortgage. This is because, from the mortgage lender’s perspective, your source of income has not been secured yet, so you’re considered to be a riskier candidate for a loan.
While there are many High Street lenders who will immediately turn away applications from those in their probation period, there are a growing number of companies that specialise in providing mortgages to recently hired employees.
You may find that the lender will want to get in touch with your employer to confirm the length of your probationary period and to review your job offer as part of their evaluation. It’s also worth noting that underwriters are unlikely to be able to factor variable pay elements—such as bonuses or commission—into your overall income when you’re still in your probation period. This means you might not be able to rely on these variable projections to generate the multiples you need to secure your preferred loan amount until you receive a permanent employment contract.
If you’re still in your probationary period and are looking for a mortgage, we highly recommend working with a specialist broker who will be able to point you in the direction of lenders who are more likely to accept you.
Why use a mortgage broker?
As you can imagine, establishing a strong case with a mortgage lender isn’t easy when you’re a first-time buyer who’s still in their probation period. Luckily, however, the mortgage brokers here at CLS Money can help you collect the correct documentation and improve your chances of a successful application.
As well as having excellent connections with more niche and specialist mortgage providers, we also do everything we can to ensure the process is as smooth and hassle-free as possible for you. We offer free, no-obligation quotes to anyone looking for a mortgage, and we’re available in the evenings and at weekends, so you don’t need to worry about taking time out of work to catch up with our team.
Expert mortgage advice from your specialist broker
We aren't just here for first-time buyers who haven't received their permanent employment contract yet, we're here to provide alternatives to the mainstream lenders for any typical or unusual situation. Whether you've just got a new job and however much your basic salary pays, we're find the right lender for your lending criteria.
Our expert team of mortgage brokers are ready to discuss any mortgage enquiry or question:
How your employment contract can affect your mortgage opportunties
Key worker mortgages
Mortgages for workers at local authority schools
Specialist lenders for every unique situation
Combatting an excessive probation period length
Mortgages for those with a low credit rating
Mortgages for those changing roles with the same employer
Mortgages for public sector workers
All first-time buyer mortgages
Call us now or fill out one of our online forms to get the ball rolling – getting a mortgage never looked so good!