Mortgage drawdown predicament..

circos

Hi Guys,

Im looking for opinions on the situation im in.

First of all. Me and my Girlfriend got mortgage approval. We have put a holding deposit down on a house and have agreed to buy, our solicitor has the rest of our funds for the deposit ready to be transfered and the doctuments ready to be signed. There is small issue with the certficate of compliance which is dragging the situation on a bit, but this isnt what im asking about.

I have a predicament where i could be offered a higher paying job (almost a 50% increase in wage) within the next two weeks. The job is a fixed contract for a year following onto a permanent role (which i have seen applicable for most roles theses days).

My question is will this impact on the drawdown of the mortgage, and should i tell the bank I'm moving jobs? (If i get it of course) I got my mortgage approval with AIB who has been very helpfull through the whole process.

Has anyone had experience in changing jobs after approval of a mortgage but before drawdown?

Thanks for any replies.

3DataModem

circos wrote: »

Hi Guys,

Im looking for opinions on the situation im in.

First of all. Me and my Girlfriend got mortgage approval. We have put a holding deposit down on a house and have agreed to buy, our solicitor has the rest of our funds for the deposit ready to be transfered and the doctuments ready to be signed. There is small issue with the certficate of compliance which is dragging the situation on a bit, but this isnt what im asking about.

I have a predicament where i could be offered a higher paying job (almost a 50% increase in wage) within the next two weeks. The job is a fixed contract for a year following onto a permanent role (which i have seen applicable for most roles theses days).

My question is will this impact on the drawdown of the mortgage, and should i tell the bank I'm moving jobs? (If i get it of course) I got my mortgage approval with AIB who has been very helpfull through the whole process.

Has anyone had experience in changing jobs after approval of a mortgage but before drawdown?

Thanks for any replies.

Technically you are obliged to inform bank, but I didn't when I changed jobs and it made no difference.

skippy2

You say your solicitor has the funds so have you not already drawn it all down. You have been accepted for the loan and granted approval i cant imagine you have to notify the bank every time you change job. I have never seen that written into mortgage documents? Have you read your mortgage documents.

Dont have too much respect for banks they certainly dont deserve it.

chris85

skippy2 wrote: »

You say your solicitor has the funds so have you not already drawn it all down. You have been accepted for the loan and granted approval i cant imagine you have to notify the bank every time you change job. I have never seen that written into mortgage documents? Have you read your mortgage documents.

Dont have too much respect for banks they certainly dont deserve it.

Ok well most contracts state to contact the bank should there be any change in circumstances.

OP, this fixed contract, is it possible it may not be permanent after the year? If there is any possibility of this I would stay clear. Obviously I dont know what area you work in but should the role not become permanent is it easy to gain employment in the area.

I would imagine it would affect the drawdown of the mortgage as the fixed contract would increase their risk. Unless you have in writing that you would 100% be put onto a permanent contract (which I would imagine you wont get otherwise the company would just make you permanent from the start) then the bank would be correct in treating you as a higher risk than you are at the moment.

the_syco

circos wrote: »

i could be offered

Until you have the job, why bother creating hassle?