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Change of Circumstances Before Mortgage Drawdown

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  • 18-07-2014 11:16am
    #1
    sanny82
    Registered Users Posts: 34 ✭


    I am in a similar position.

    We got our mortgage approved and waiting to go sales agreed on a house which belongs to the bank....means the process will take much longer. I have permanent and my husband too.

    Yesterday my situation changed they moving my department to America and the vendor for my company will loose the contract in September. I got offered a new job which is in the same company but different vendor also it is one year fixed even they planning to give me permanent. Does this mean we will loose our mortgage? Should we risk to not tell the bank? How much do they check before they sign the contract?


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    #2
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,905 Admin ✭✭✭✭✭Toots


    OP, I've given you a thread of your own because the other one you posted in was a couple of years old.

    Regarding your situation, you have to tell the bank. They may reassess your application but this doesn't mean you'll lose the mortgage. The mortgage contract is a legal document and it's part of the terms and conditions that you disclose any change in circumstance that occur between the mortgage being approved and being drawn down. Honestly, I have no idea how much checking is done between now and then, however if a document relating to your employment (salary cert, copy of contract etc) got lost and they needed you to get another one you'd be in trouble. There's so much paperwork that goes with a mortgage app, this is a fairly common occurrence. It would look pretty bad at that point if you had to come clean about the job. Tell them, make sure it's all above board and that way you won't be stressing wondering if they'll find out and then pull the plug the day before you're supposed to close.


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    #3
    e30fitz
    Registered Users Posts: 79 ✭✭e30fitz


    how did this turn out?


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