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Mortgage Approval Again

  • 20-03-2019 12:26pm
    #1
    maggie09
    Registered Users, Registered Users 2 Posts: 3 ✭


    HI All

    I am looking for advice...or maybe reassurance!

    So we saw a new build we loved last year-so went and got mortgage approval. We were both in permanent jobs at the time. We got the mortgage approval for the year and the loan offer and were delighted and have paid our deposit and everything

    The house is not ready until early May this year. In the meantime we got a call from our bank few weeks ago saying our loan offer has ran out and we need to reapply-we did not know this at all. We thought once we had the mortgage approved that we had it for 12 months. And the reason it is an issue now is we have both moved jobs in the meantime. I am in another permanent job which is a step up in the career ladder for me, but my husband has moved to contract. Now I am on 12K more than when we applied, and my husband is on 2k more. Basically his company were relocating his job to another country so he either took the job or left. So obviously he left. There is no break in his employment and he got the new job pretty much straight away, but it is a 1 year contract that finishes up in July-he is hoping that he will be kept on for another year, and his boss wants that to happen too, but he won't know this for another few months for sure so he cannot get this in writing that they will renew for another year-he works in IT so is employable in that sense

    We have continued to save and pay rent every month for the house for the past year. We have put through our AIP again, but we won't know the outcome until early next week-and to be honest I am terrified that they turn us down.

    I suppose Im writing this to get advice from others, if anyone else has gone through something similar? And if we are refused-we plan on going to a mortgage broker, but is there a chance we could now lose this house??

    Any help much appreciated!


Comments

  • #2
    Creamy Goodness
    Registered Users, Registered Users 2 Posts: 26,584 ✭✭✭✭Creamy Goodness


    AIP lasts 12 months, loan offer are subject to 6 months, both documents would have clearly stated that.

    Talk to your solicitor/read the contract to see if there's a subject to loan offer clause in your contract.

    The only reason I see you not getting approved again is being on probation for moving jobs, banks don't really like to see that.


  • #3
    maggie09
    Registered Users, Registered Users 2 Posts: 3 ✭maggie09


    Thanks for that Creamy Goodness-my probation is up so I no longer have one and as my husband is contract he didn't get one-just one week notice to leave the job


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