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Changing Job After Mortgage Approval

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  • 31-10-2018 7:59pm
    #1
    irish_stevo815
    Registered Users Posts: 2,589 ✭✭✭


    Looking for some friendly advice from you guys if anyone has been in a similar situation.

    Myself and partner have just recently been approved for a mortgage so happy days. I was wondering about how long should you wait to change employment once mortgage has been approved?

    I have been in my current job for just over a year but it was always going to be a stop-gap until something else came along. Salary is only average and know I can use my experience to get higher paid jobs.

    Obviously I wasn't actively looking for jobs while applying for a mortgage due to having to be in permanent employment and stuff like that. So just wondering if any one else has changed employment after getting approved and how long did you wait?


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    #2
    jimmycrackcorm
    Registered Users Posts: 14,329 ✭✭✭✭jimmycrackcorm


    Your problem is whether or not you can draw down the mortgage in the intervening period before it might lapse.

    If you have to get a new approval then you'll likely run into issues due to probation period.


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    #3
    irish_stevo815
    Registered Users Posts: 2,589 ✭✭✭irish_stevo815


    jimmycrackcorm wrote: »
    Your problem is whether or not you can draw down the mortgage in the intervening period before it might lapse.

    If you have to get a new approval then you'll likely run into issues due to probation period.

    I don't think I'd be making any changes until mortgage drawdown and buying of House is finalized.

    Obviously if sale falls thru or other issues require us to re apply we wouldn't want to have anything cause an issue.

    Do the bank look for any other pay slips period of employment once mortgage has been approved ??


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    #4
    shakencat
    Registered Users Posts: 2,589 ✭✭✭shakencat


    We bought a house, then my other half left his permanent job to go elsewhere and be happier...

    Basically worked in an awful stressful well paid job to get the house...

    Then left..
    Wasn't planned that way... But it worked!


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    #5
    irish_stevo815
    Registered Users Posts: 2,589 ✭✭✭irish_stevo815


    shakencat wrote: »
    We bought a house, then my other half left his permanent job to go elsewhere and be happier...

    Basically worked in an awful stressful well paid job to get the house...

    Then left..
    Wasn't planned that way... But it worked!

    Yeah I guess it works for some people.

    I don't hate my job but don't love it either.

    Think we'd be happier to wait til we are actually in a new place before making any drastic changes


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    #6
    Cork981
    Registered Users Posts: 744 ✭✭✭Cork981


    Done the same recently, once it’s not a whole new career in a new industry it’s not seen as a bad thing.

    I’ve got as far as a mortgage offer letter but will need to submit proof that I’m out of probation before the loan can be drawn down. We bought off plans so will be waiting about 12 months anyway.

    AIB wouldn’t move to offer letter stage until I was out of probation, other banks had no issue.


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    #7
    Interested Observer
    Registered Users Posts: 13,001 ✭✭✭✭Interested Observer


    irish_stevo815 wrote: »
    Looking for some friendly advice from you guys if anyone has been in a similar situation.

    Myself and partner have just recently been approved for a mortgage so happy days. I was wondering about how long should you wait to change employment once mortgage has been approved?

    I have been in my current job for just over a year but it was always going to be a stop-gap until something else came along. Salary is only average and know I can use my experience to get higher paid jobs.

    Obviously I wasn't actively looking for jobs while applying for a mortgage due to having to be in permanent employment and stuff like that. So just wondering if any one else has changed employment after getting approved and how long did you wait?

    If buying is your priority then it's simple - do no change until you buy your house.

    I'm actually in the same situation. We'd been house-hunting for about 6 months or so, but I got an approach for a much better job than the one I was in so I went through the interview process and got offered the position. Decided to take it but this meant that we can't draw down until I pass probation which is early next year. We've now reached the point where we're bidding for houses again with a view to being able to draw down next year.


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    #8
    3DataModem
    Registered Users Posts: 3,944 ✭✭✭3DataModem


    I changed job the week I got the loan pack (with the approval based on my 'old' job), and closed 5-and-a-half months later just before the loan offer expired.

    My mortgage was with UB, thankfully my current accounts were not. They didn't ask for a fresh payslip or anything, closure went fine.

    I definitely would have had a lot of trouble getting an extension on my approval as my new job pays less and is higher risk (startup).


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    #9
    irish_stevo815
    Registered Users Posts: 2,589 ✭✭✭irish_stevo815


    Cheers for all the advice.

    The house is definitely priority now so will stay where I am until my ass is sitting on the couch in a new place .

    Will keep the job hunting for then


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    #10
    CalisGirl
    Registered Users Posts: 76 ✭✭CalisGirl


    Cork981 wrote: »
    Done the same recently, once it’s not a whole new career in a new industry it’s not seen as a bad thing.

    I’ve got as far as a mortgage offer letter but will need to submit proof that I’m out of probation before the loan can be drawn down. We bought off plans so will be waiting about 12 months anyway.

    AIB wouldn’t move to offer letter stage until I was out of probation, other banks had no issue.

    Other banks had no issue

     Would other banks allow drawdown while still in probation?


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    #11
    jimmycrackcorm
    Registered Users Posts: 14,329 ✭✭✭✭jimmycrackcorm


    CalisGirl wrote: »
    Other banks had no issue

     Would other banks allow drawdown while still in probation?

    It depends on what your job is. I know of a doctor who only got 6-month placement contracts with the HSE and was able to draw down a mortgage, because there is no such thing as an unemployed doctor.


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    #12
    CalisGirl
    Registered Users Posts: 76 ✭✭CalisGirl


    Sounds like it's at the bank's discretion. HSE type jobs are definitely safe bets, especially at the moment! Wonder about software developers?������


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