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Mortgage Approval In Principle

  • 24-11-2016 4:54pm
    #1
    lbyrne121
    Registered Users, Registered Users 2 Posts: 206 ✭✭


    Myself and my finance have seen this house that we love and would like to put in an offer asap. The only problem is my fianc has been in continuous employment for 5 years but in July of this year changed jobs and is currently under 6 months probation period. His probation period ends on the 4th of Jan. However we would like to go to broker to get approved in principle. We have everything in order well over the deposit required, good record on repayments and savings history. We would like to get even approved in principal in order to put offer on house but would any lenders even look at us until probation period is over and once it is over how do they view mortgage applications just out of the probation period?

    Thanks


Comments

  • #2
    listermint
    Registered Users, Registered Users 2 Posts: 34,216 ✭✭✭✭listermint


    lbyrne121 wrote: »
    Myself and my finance have seen this house that we love and would like to put in an offer asap. The only problem is my fianc has been in continuous employment for 5 years but in July of this year changed jobs and is currently under 6 months probation period. His probation period ends on the 4th of Jan. However we would like to go to broker to get approved in principle. We have everything in order well over the deposit required, good record on repayments and savings history. We would like to get even approved in principal in order to put offer on house but would any lenders even look at us until probation period is over and once it is over how do they view mortgage applications just out of the probation period?

    Thanks

    Go to a broker and see id suggest


  • #3
    68 lost souls
    Registered Users, Registered Users 2 Posts: 3,999 ✭✭✭68 lost souls


    listermint wrote: »
    Go to a broker and see id suggest

    Broker or bank. Being so close to January they may offer a conditional AIP on the probabrion period being complete or similar


  • #4
    Earleybird
    Registered Users, Registered Users 2 Posts: 271 ✭✭Earleybird


    lbyrne121 wrote: »
    Myself and my finance have seen this house that we love and would like to put in an offer asap. The only problem is my fianc has been in continuous employment for 5 years but in July of this year changed jobs and is currently under 6 months probation period. His probation period ends on the 4th of Jan. However we would like to go to broker to get approved in principle. We have everything in order well over the deposit required, good record on repayments and savings history. We would like to get even approved in principal in order to put offer on house but would any lenders even look at us until probation period is over and once it is over how do they view mortgage applications just out of the probation period?

    Thanks

    Banks are generally quite open minded when it comes to job changes; as long as the move is within the same industry and doesn't look like a step back it wouldn't be viewed negatively. Most banks would provide AIP with a condition that the probation is passed by the time a Loan Offer is required but on occasion some have not written that requirement into the AIP. Shop around, a broker would be useful as well. Good luck.


  • #5
    athtrasna
    Closed Accounts Posts: 13,420 ✭✭✭✭athtrasna


    The saving/applying for a mortgage thread is here

    http://www.boards.ie/vbulletin/showthread.php?t=2057501206

    Mod


  • #6
    MaudL
    Registered Users, Registered Users 2 Posts: 231 ✭✭MaudL


    Earleybird wrote: »
    Banks are generally quite open minded when it comes to job changes; as long as the move is within the same industry and doesn't look like a step back it wouldn't be viewed negatively. Most banks would provide AIP with a condition that the probation is passed by the time a Loan Offer is required but on occasion some have not written that requirement into the AIP. Shop around, a broker would be useful as well. Good luck.

    +1 to that.
    I'm still on probation, same job but different company, and I got AIP with the condition that I will be permanent at drawdown time


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  • #7
    lbyrne121
    Registered Users, Registered Users 2 Posts: 206 ✭✭lbyrne121


    my fiancé was a lecturer at a university in science but is now a life science specialist (sales) with a company is that considered the same field?


  • #8
    listermint
    Registered Users, Registered Users 2 Posts: 34,216 ✭✭✭✭listermint


    lbyrne121 wrote: »
    my fiancé was a lecturer at a university in science but is now a life science specialist (sales) with a company is that considered the same field?

    No, He was a lecturer (public servant) he now works in sales (private industry).

    Not that it matters, only the bank can decide if your eligible. Not the internet.


  • #9
    baldbear
    Registered Users, Registered Users 2 Posts: 5,618 ✭✭✭baldbear


    You are only frustrating yourself by looking at houses when you don't have mortgage in principal.

    Go and get advice from your mortgage advisor. We received mip when my partner was in her probationary period.


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