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Mortgage Appproval deadline

  • 09-04-2009 5:18pm
    #1
    Soontobewed
    Closed Accounts Posts: 15 ✭


    Hi All2 Quick questions(back ground first)My fiancee and I got Mortgage approval in principal (ie we were told that we had been approved by 3 banks for a mortgage , the mortgage on offer being the same amount ) in Jan 2009. The mortgage we were offered is slightly in excess of what we need. They would not "give us" the mortgage until my Fiancee was made permanent which will be in May, next month(touch wood!!). Since then I have had a cut in my salary. The cut in my salary will not affect our ability to repay the mortgage as are confident we can buy our house for less than what the mortgage value is. However I dont want the mortgage level being reduced . My questions are 1/ -how soon after mortgage approval does the bank start to check if the same criteria still apply (ie salary).2/ should I tell my mortgage broker(who I know well as he also deals with the company I work for) that my salary has been reduced ?thanksSTBW


Comments

  • #2
    Soontobewed
    Closed Accounts Posts: 15 ✭Soontobewed


    Hi All2 Quick questions(back ground first)My fiancee and I got Mortgage approval in principal (ie we were told that we had been approved by 3 banks for a mortgage , the mortgage on offer being the same amount ) in Jan 2009. The mortgage we were offered is slightly in excess of what we need. They would not "give us" the mortgage until my Fiancee was made permanent which will be in May, next month(touch wood!!). Since then I have had a cut in my salary. The cut in my salary will not affect our ability to repay the mortgage as are confident we can buy our house for less than what the mortgage value is. However I dont want the mortgage level being reduced . My questions are 1/ -how soon after mortgage approval does the bank start to check if the same criteria still apply (ie salary).2/ should I tell my broker(who I know well as he also deals with the company I work for) that my salary has been reduced ?thanksSTBW


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