Mortgage question

Tusky

Quick question for yea.

I'm mortgage approved and bidding on properties. I've just started a new job but the mortgage was approved based on previous job. New job is the same role in a different company with same salary. If I have an offer accepted, will the bank accept a payslip from new job with a letter stating my start date, salary and probation details? Or will I have to get a salary cert from new job?

All help appreciated.

Thanks!

f@steddie

You might have to wait until your probation has been completed being able to draw down the mortgage. You'll probably have to provide all job related documentation again.

GingerLily

You will have to be reassessed - your circumstances have changed.

MaudL

I know from experience that the bank will not give you final mortgage approval until your probation is over and you've provided them with a letter from your employer saying that you're now a permanent employee past probation.

Also, your approval in principle is invalidated by your change in circumstances, so what you need to do now is let the bank know, submit all new docs with regards to salary etc, and they'll give you a new AIP.
Then when you pass probation, get a letter from HR give that to the bank, and they'll get you your full approval then.
That will make the house hunting tricky in terms of timing but it's feasible.
Good luck!

Captain Flaps

As other have said, unfortunately you're now back to square one, with the added caveat of having to wait out the probation. We nearly had the same problem with my partner but fortunately her work agreed to end probation a month early. If you can't arrange something similar I'd hold off on bidding, as you won't be able to apply again until you've cleared that.