Hi Guys
Just asking a question on my boyfriends behalf.
He has been working at his old job for 5.5 years and is going to commence a new job in a week on a comfortable salary.
He has saved enough for 15% deposit for his first property.
However, he’s visited some finance brokers and they have said no one will be willing to lend while he is still on probation for the next 3 months.
Is this true? And if so is there anyway around this?
Thanks in advance.
Kit KatHi Kit Kat
Is your boyfriend Mitcheos? Check this thread in any case: https://www.propertyinvesting.com/forum/topic/18280.htmlStarting a new job in a week.so he’s still at the old job, then:
Do u need to tell the lenders that he is moving jobs?
hrm
I have recently just encountered the same thing. I am starting a new job in a bit over a week.
My fiance and I signed a contract on a property just over two weeks ago and when the bank rang to confirm my employment, they found out that I had given my notice and even though I was going to another job, they said no. I even provided the employment contract for new job but they still viewed it as too risky.
I rang around another few banks with the same answer.
In hindsight though, I think that it probably is for the best. When you are on probation you can be fired with no notice. On the off-chance that you did get fired, imagine the trouble you would be in if you had just taken out a mortage!
So I guess its just a matter of waiting for the 3 months to be over…
The one thing I have encountered is that if you change jobs but move within the same industry, the rule of being in the same place of employment for less than 2 years does not necessarily apply. Ie they CAN count it as being continuously employed. For example, I was working as a Project Manager in construction then moved companies but doing the same sort of role so was deemed to be OK. Havn’t bought a house when I was on probation though so not sure about that part.
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