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Change in Circumstances

Andrejapopic19

We were on the process of buying a new build home and my partner was made redundant from work .She was on continuos employment for 3 years and more. Iam on a public sector job on a permanent contract with around 55 k an year before tax.What are the chances of getting a mortgage re approved.We are expecting a mortgage around 220k .What are the chances of getting it re approved.Even if my partner gets a job she will be on probation.Whats the best advice on this situation.House may take about 2 months for completion.

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poker2k9

If your mortgage approval you have now was jointly assessed, then you need to inform the bank of the change in circumstances or you may have problems when they come to ask additional docs for drawdown.

That said, if your income is 55k a year, you can get the 220k on your own since lending rates are now 4x Income. But you'll prob need to inform them to amend the offer to single applicant, so start that process asap if house is 2 months away. Alternatively, the banks may not care about it since you still have the income for the amount being borrowed if you want to keep her on the mortgage contract.

Arun Thomas

Andrejapopic19

https://www.boards.ie/discussion/comment/120289639#Comment_120289639

I informed the bank. the QFA at the bank doesnot seems like having an interest on this anymore and he was saying its only possible if she gets on another job and complete her probation.

Even I asked for options to do it with the First home scheme and he said it will be treated like another loan and bank wont borrow much.but from my understanding First home scheme was made to bridge the gap .

Is it possible to change the branch in which i was dealing with and move it to a better mortgage broker to get it reassessed

poker2k9

https://www.boards.ie/discussion/comment/120289704#Comment_120289704

Hmm

- What is it you have now? AiP or Offer letter?

- What bank is it?

- Are you applying direct to bank or through broker?

Not sure why the person is saying bank won't borrow much since 4x your income is 220k which is exactly what you are seeking. It may be that you need to reapply as a single applicant amd they can't ammend the existing offer to remove an applicant (but still makes no sense why they need to if you are borrowing against the limit)

You don't have any outstanding loans that may have caused them to offer 220k when you were jointly offered right?

Might be worth ringing again to see if you can explain the situation to someone else including the fact the amount you want to borrow is LTI.

Andrejapopic19

https://www.boards.ie/discussion/comment/120289744#Comment_120289744

Mortgage Offer it was,PTSB,direct

Dont have any Outstanding Loan.But he was on the opinion that it comes under the minimum income limit or something.So was just wondering is it ok to change the branch in which we were dealing things with

Calahonda52

Changing the branch won't matter, branches have no local autonomy.

A new branch might have a different reading of the rules but it all ends up in head office so if the branch rejected it, maybe head off never saw it

Andrejapopic19

https://www.boards.ie/discussion/comment/120289769#Comment_120289769

It was not rejected. Seems like person dealing with this shows less interest.He said he wont reject this,but she needs to get a new job and complete probation then only he can forward .It is the only option he said

poker2k9

I'm guess with your 55k they'll see her as dependant on you until she gets a job. As said above, changing branches may not matter.

I suggest trying to seek advice of a broker and if PTSB won't budge, you may have to look at another lender given the proximity to when house will be ready.

Andrejapopic19

https://www.boards.ie/discussion/comment/120289790#Comment_120289790

Will try that anyways.

herbalplants

Go to a broker. Don't mention your partner? Then house will only be in your name?

Buddy Bubs

Do the banks possibly see this as an additional dependent now? Not only will you have to service mortgage alone you will have to pay for all her individual expenses since she's not working?

I know that's not even remotely true in the real world but underwriters and compliance officers in banks are ruthless at the moment. No competition in banking, no shortage of buyers looking to buy every house available, no interest in putting any sort of human touch to an application

herbalplants

https://www.boards.ie/discussion/comment/120289854#Comment_120289854

Yes she will be seen as a dependent.