Impact of changing job on Mortgage issuance

stevie_indie_g

Hi,

There is a possibility that my wife's company might lay her off in the coming months. We are due to get our house keys in the first quarter of 2024. We are contemplating Looking for a new job and switching before incase she is being let go(nothing is certain about the layoffs) in order to get a head start on the probation period.

Does anyone know what are the implications in terms of loan issuance. We are with Avant at the moment.

TIA

Mr lebowski

I've been told by the bank if you are on probation there is no chance of getting a mortgage under any circumstances. I looked into it and was sure I would find a way around it but couldn't even by ringing specialist companies. If you have already been approved I'm not sure if that is different but I was told the underwriters could request an updated payslip at any time and then the approval would be in big trouble. I am not sure how accurate that is but just what I was told around 1 year ago.

Glaceon

I was in a similar situation with AIB. Was head-hunted and offered a significant pay increase but the bank still said no. I had to stay where I was until drawdown.

3DataModem

Depending on the bank, you could just not tell them.

I was with Ulster Bank (not my main current account bank at the time) and actually changed job during the application process (I was increasing borrowings and moving house). I just didn't tell them (as I knew it would not get approved as new job was a startup).

Got approval, drew down 6m later, moved in. They never asked for payslips or anything else. Happy days.

I'm not advising this, as it is breaking the terms of your application and mortgage, just relaying my own experience from 2018.

Akrasia

And now that 6million euro house is worth 650k

(just kidding)

lbunnae

https://www.boards.ie/discussion/comment/121284878#Comment_121284878

Since covid banks tend to ask for an updated payslip before drawdown. I wouldnt recommend this to anybody anymore

lbunnae

https://www.boards.ie/discussion/2058319620/impact-of-changing-job-on-mortgage-issuance

You cant really get a mortgage on probation , much better off trying to get the keys as fast as possible tbh. You should be okay because even if she gets laid off i assume that will take a bit of time and she will keep getting payslips?

stevie_indie_g

Yes she would. There's been no formal notification about the layoffs. So how long would we ideally have if they were going to layoff? We just need to buy sometime until the first quarter