Help!! Mortgage approved, but lost job

lovetoshop

Does anyone know what happens if you have been provisonally approved for a mortgage but let go from your job. Can you go ahead with the mortgage if you get a new job within 3 months??

Toots

You'll need to advise your lender straight away that your circumstances have changed. They've offered you approval on the understanding that you were employed and earning 'X' amount. There's a good chance that they might withdraw their offer, but you'll really have to check with them to be sure.

I'll leave this thread open in case someone who works in mortgages can give us a definite answer on this, however anyone who either looks for/gives advice on trying to falsify (or similar) the information on the application will be infracted, as it is against the forum charter.

ferga_com

Toots is absolutely correct - you must inform your lender. If you get a new job with the same money, you can go back and they may reinstate your approval. Bear in mind that most (if not all) lenders will not issue a mortgage cheque until your probation period is finished, although they will usually issue a loan offer with that condition on it.

lovetoshop

Will do
Thanks for that!!

Jet Black

They will have to recalculate approvel based on the change in circumstances. Talk to whoever is dealing with your mortgage. If you get a new job the bank may require you to be past probation period. Some employers will drop the 6 month probation after 2 months if you say its for a mortgage application and give you a letter for this.

Dabko

Just a quick note - "provisonally approved" means nothing with the banks and mortgages these days. They are telling everyone this, however, only aproving a tiny % of the applications.