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Requirements around mortgage approval and employment ending.

  • 21-12-2015 11:40am
    #1
    tombrady21
    Registered Users, Registered Users 2 Posts: 1 ✭


    Hi Guys, looking to pick your brain on this.
    My wife and I are mortgage approved in principle and have a deposit down on a house.
    This was based on 1 salary, my own.
    The seller is due to move out / finalise sale in March.

    My wife has just got a great job. Higher salary than myself and I have found out my own role is due to finish in February. I am lucky to be in demand so do not see an issue taking on another role however I am worried about timing for drawing down the mortgage and signing for the house.

    How big an issue is this for Banks?
    Is it best not to mention the change to them until the dust has settled?
    Should I move to a new job immediately (I think the banks need you to be in your current position for at least 6 months).
    Should I try to stay on the company books in some way for another month or two?

    Any advice grateful.


Comments

  • #2
    Adoolan85
    Registered Users, Registered Users 2 Posts: 100 ✭✭Adoolan85


    If you disclose this information to the bank it is unlikely you will get full mortgage approval.

    Essentially both you and your partner will be in new employment which will significantly raise your risk profile and fall short of their requirements of minimum 6 months full time employment.

    My advice would be keep future plans to yourself, proceed through mortgage process and get full approval using your current situation before February.

    Alternatively you could explain the situation to the bank and hope for the best but likely result will be refusal.


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