Change of employer between letter of offer & draw down

saipkb86

I am about to get letter of offer from my bank (AIB), but also had to change job. I will be joining my new employer in September. I was told that the new home that I booked would be handed over in October/November. Will the banks ask for a latest payslip during drawdown? What happens if the banks realize that I change employer. While my salary has increased, will that cause any issue at that stage? Like bank waiting for probation to end etc. I am worried because I got a house after so many attempts but also in a situation that I had to switch job. Appreciate your inputs on this topic.

Tazium

I changed jobs before drawdown too. In my case I was able to negotiate no probation period as I was known to the employer. But, it wasn’t necessary anyway, the lender just wanted to know that I was still employed and didn’t seek newer payslips.

New builds can go way over due date. Be prepared for months long delays that could easily eat up your probation period anyway. Good luck!

saipkb86

Thank you. I have a probation period. If the build goes as schedule, i will be just 2 months into the new job. Hence, worried if a new employer would cause any problem in draw down. If that happens in the worst case, could you tell me what could be my options.

Tazium

You could face a problem in that instance and you should discuss that with your new employer. They may offer an overview of your progress and indicator of your success. A letter, setting out that your current progress is in-line with expectations and you are expected to pass probation.

If you discuss with the lender, they could rescind your mortgage offer on the basis of changed circumstances. You should ideally talk to your solicitor for proper advice here.

saipkb86

Ok. I will probably talk to my solicitor and new employer. If the mortgage offer is withdraw, will I get my deposit from the builder as it will be after signing the contracts