Getting mortgage approval while on probation - is this 10000% definitely not possible?

JackieChang · 26-07-2023 5:17pm #1

I recently moved jobs and I am 2 months into a 6 month probation period.

I have monthly savings of at least €1,000 going into a savings account for the last year. I pay €800 a month in rent.

Has anybody here gotten approval while on probation? Should I even bother?

SortingYouOut · 26-07-2023 5:20pm

Not impossible but the only time I've heard the requirement waived was when the employer sent a letter stating they expected successful completion of probabtion. You could get the ball rolling soon and the banks might just set you passing probabtion as a condition for drawdown. Means you can get all the ducks in a row before that time.

kalych · 26-07-2023 5:24pm

Depends on the stage you're at. Closing a house purchase from sale agreed takes at least 2 months (3-4 usually) from sale agreed stage. If you're only bidding on a house that went up recently on the market I wouldn't worry about probation as much if you're confident you'll pass it obviously.

Former Former Former · 26-07-2023 8:05pm

This happened me, I got my employer to waive the rest of my probation period, but the bank (PTSB) were firm that they would not lend if I was on probation.

Former Coach · 26-07-2023 8:20pm

It is possible to get approval in principle while on probation. Full loan offer will usually be conditional on your position having been made permanent. Most loan approvals last for 6 months so definitely a possibility.

tfeldi · 26-07-2023 9:05pm

I got a mortgage from EBS while still in probation. But only for a low loan to value ratio. They also wanted to see my CV to determine if it would be easy for me to find another job if I didn't pass the probation.

6ix · 26-07-2023 10:56pm

It's definitely possible - both my wife and I were within our probation period when applying and I was still in probation at drawdown.

The bank (AIB) waived the requirement once we could show a good track record of working in a similar sector throughout our careers. We had to send in our CVs etc. It would have been a different matter if we changed careers.

Wildly Boaring · 29-07-2023 7:52am

https://www.boards.ie/discussion/comment/120901679#Comment_120901679

Exactly the same. AIB in 2017.

I've not been out of work and work in an industry where people often move.

29-07-2023 8:05am

I got approval and drew down in 2019, while on a 6 month contract. I did have to submit a CV though, like above.

Getting mortgage approval while on probation - is this 10000% definitely not possible?

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