Redundacy effecting Mortgage application

Lavdogg · 08-12-2020 12:44PM #1

Hi Guys,

Looking for some advice here.

I was recently made redundant at the end of Nov. My partner and I are buying a house which is due to be completed in May 21'. We are using the HTB scheme and have put a small security deposit down on the property and are currently waiting for the letter of offer from BOI.

Thankfully, i got a good redundancy package from my previous employer and it will mean that i will have addtional savings and shouldn't have to go on any state payments. We have approx 30% of the value of the house on top of the HTB funds.

I am currently interviewing for several roles both permenant and contract aroubd the same salary level I was previously on.

I was wondering does anyone have any advice or suggestions on what the bank may look for when we draw down the mortgage?

Am I right to just jump into the first job i get so I have a 3/4 month build up of payslips?

Any help/advice would he greatly appreicated.

Luluk · 08-12-2020 02:42PM

Lavdogg wrote: »

Hi Guys,

Looking for some advice here.

I was recently made redundant at the end of Nov. My partner and I are buying a house which is due to be completed in May 21'. We are using the HTB scheme and have put a small security deposit down on the property and are currently waiting for the letter of offer from BOI.

Thankfully, i got a good redundancy package from my previous employer and it will mean that i will have addtional savings and shouldn't have to go on any state payments. We have approx 30% of the value of the house on top of the HTB funds.

I am currently interviewing for several roles both permenant and contract aroubd the same salary level I was previously on.

I was wondering does anyone have any advice or suggestions on what the bank may look for when we draw down the mortgage?

Am I right to just jump into the first job i get so I have a 3/4 month build up of payslips?

Any help/advice would he greatly appreicated.

I was furloughed from my job in April, having signed contracts for a new build (off plans) in March. BoI said that once I was permanent in a new job, with at least the same salary there would be no problem. I got a new job in June, was permanent in August. BoI asked me to get a new salary cert filled in by my new employer after that. My mortgage offer expired late August, but BoI arranged a fresh offer for me. I had to supply payslips from the new job. The house was completed around six weeks ago. I drew down the funds yesterday, no problems.

My advice is to get a job with a short probationary period if you can. I was lucky as my new job had only a 3 month probation.

08-12-2020 05:05PM

I'd say once you're through probation in the new job you'll be alright, they insist on that I think.

Redundacy effecting Mortgage application

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