Bank seeking payslips after letting of offer?

Nichololas wrote: »

Hiya. I'm currently mortgage approved and looking at a couple houses. I've also recently been offered a new job that would be a great career move, which although it has a good pay bump I'd be on a temporary contract for a short while - so I don't think I'd be getting a mortgage approved.

If I were to go sale agreed on a house, how late in the game would the bank come looking for any additional documentation? For example, If I could get a letter of loan offer this month, then spend another 2 months closing the sale, could they potentially ask for an updated salary cert or payslip right before releasing the mortgage funds? Obviously the goal would be to get it done before that's ever an issue, but realistically these things can have some unexpected delays, and I'd rather not be caught out at the final hurdle because I've switched jobs and the bank just needs one last payslip, or whatever.

Cheers!

Hello!
We bought our first house earlier this year and we got asked to show updated payslips almost every three weeks. It's due to Covid. Neither of us were effected but they were still looking for confirmation of same. Right up to drawdown stage if I remember correctly.
Could you possibly defer your start date in the new job?
I hope everything works out for you!

Same with PTSB, they wanted most recent payslip before drawdown.

With PTSB we submitted payslips to get AIP, the loan offer came a week later. We prepared to drawdown five weeks later and had to submit up to date payslips along with bank statements and a covid declaration.
Once we had those submitted we had 28 days before they would ask again. It took over two weeks before they released the funds as they kept looking for more info! If you with PTSB you will have 28days after you submit your most up to date payslip before they ask again. That’s my experience anyways. Best of luck!

dotsman wrote: »

Would it not be even worse to have a brand new mortgage around your neck (typically with little to no reserve savings as they have been ploughed into buying the new home) and suddenly find yourself out of work or on reduced pay?

Why would someone want to even consider taking on a mortgage unless they have a somewhat solid/stable job & earnings?

Having a solid/stable job doesn't necessarily mean you automatically turn down a better job offer. Or, in other words, considering a better job offer doesn't necessarily mean your current job and earnings are not stable.

Of course there's a risk involved, but if you are getting a job offer with better pay that would give you a little more comfort and maybe better work/life balance, while allowing you to have a little more money left at the end of the month (especially having to pay a mortgage), isn't that something you would at least consider? What if it's a step forward in your career, that you wouldn't be getting any time soon in your current job? You may not be unhappy at your current job, but that does not mean there aren't better alternatives out there.

The fact that there's a mortgage in the mix only adds weight to the fact that the OP is being offered a higher salary, hence seriously considering it. If the banks didn't require him to have no changes to his payslip, this would probably be a no-brainer. The only situation I would not consider such a thing would be if the salary was lower, for obvious reasons; a higher salary will only help either paying the mortgage faster, saving more, or paying any of the multiple other expenses that come with buying a property...

brisan wrote:

In other threads people were rushing to get a mortgage now because they might lose their job soon I know its crazy but that's people for you

Generally a monthly mortgage repayment costs less than a months rent on an equivalent house so it would make sense to scramble to get a mortgage and have security on a home at a more affordable level. If someone loses their job before drawing down a mortgage they'll be a long time waiting for a bank to lend to them and may be stuck in unsuitable or unaffordable housing in the meantime. In our experience our mortgage on a 3 bed house was just under 1,000 per month, to rent the same standard and size of house is approx 1,800 per month in the same area.