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Mortgage while on probation

  • 31-08-2017 10:18pm
    #1
    SarahPL
    Registered Users, Registered Users 2 Posts: 29 ✭


    Hi,

    My partner and I are hoping to apply for a mortgage in the coming weeks. We have been made made permanent recently after having worked as contractors in our respective companies for the last 1-1.5 years. Because we were made permanent, it is company policy to do a 6 month probation period, although it is just a formality.

    We are both working in large reliable companies and have well paid jobs, good education (I have a PhD, he has a masters), and have been regularly saving for the past year or two.

    Would the fact that we are on probation come against us if we were to apply to BOI or may it not be an issue taking everything else into account?

    Thanks!


Comments

  • #2
    Bank of Ireland: Darren
    Closed Accounts Posts: 991 ✭✭✭Bank of Ireland: Darren


    SarahPL wrote: »
    Hi,

    My partner and I are hoping to apply for a mortgage in the coming weeks. We have been made made permanent recently after having worked as contractors in our respective companies for the last 1-1.5 years. Because we were made permanent, it is company policy to do a 6 month probation period, although it is just a formality.

    We are both working in large reliable companies and have well paid jobs, good education (I have a PhD, he has a masters), and have been regularly saving for the past year or two.

    Would the fact that we are on probation come against us if we were to apply to BOI or may it not be an issue taking everything else into account?

    Thanks!

    Hi Sarah,

    Thanks for getting in contact with us here on Boards.

    Both of you would need to be out of the probation period before you could take out a mortgage. You can apply for a mortgage if you both have 3 months or less left in your probation periods but you would need to be out of the probation period before you could draw down the mortgage payment and you would need confirmation from your employers first of all that you had three months or less left on your probation when applying for the mortgage and then that the probation was over before the amount could be drawn down.

    Thanks again for your message and I've also given a link here that can be used to get more information on our mortgage offers and also arrange a call back from one of our mortgage specialists if you would like to discuss this in further details with them.

    Darren.


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