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Changing Job after mortgage provisionally approved

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  • 07-05-2017 9:30pm
    #1
    bbari
    Registered Users Posts: 996 ✭✭✭


    Just wondering if anyone had this experience or can share the information....

    I have the mortgage application provisionally approved. It might take another two to three months for the property purchase process to be completed. If I change the job before withdrawing funds, surely bankers will ask up to date payslips, bank statements etc and they will see that the job is changed recently. is there a chance that the bank refuse to lend as I will be under the probationary period and just after switching the job ?


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    #2
    listermint
    Registered Users Posts: 33,683 ✭✭✭✭listermint


    bbari wrote: »
    Just wondering if anyone had this experience or can share the information....

    I have the mortgage application provisionally approved. It might take another two to three months for the property purchase process to be completed. If I change the job before withdrawing funds, surely bankers will ask up to date payslips, bank statements etc and they will see that the job is changed recently. is there a chance that the bank refuse to lend as I will be under the probationary period and just after switching the job ?

    Yes there is a chance. Especially with changes in payslip.

    If you really want the mortgage why would you not wait till it's done to start a job hunt.


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    #3
    bmwguy
    Closed Accounts Posts: 2,006 ✭✭✭bmwguy


    bbari wrote: »
    Just wondering if anyone had this experience or can share the information....

    I have the mortgage application provisionally approved. It might take another two to three months for the property purchase process to be completed. If I change the job before withdrawing funds, surely bankers will ask up to date payslips, bank statements etc and they will see that the job is changed recently. is there a chance that the bank refuse to lend as I will be under the probationary period and just after switching the job ?

    Yes. Very probable , be careful with what you do. Mortgage approvals last 6 months typically


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    #4
    bbari
    Registered Users Posts: 996 ✭✭✭bbari


    listermint wrote: »
    Yes there is a chance. Especially with changes in payslip.

    If you really want the mortgage why would you not wait till it's done to start a job hunt.

    Even if there's an increase in your salary? I guess the main reason of refusal would be the probationary period. If thats the case then I'll probably wait till I've moved in to the new house.


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    #5
    bbari
    Registered Users Posts: 996 ✭✭✭bbari


    bmwguy wrote: »
    Yes. Very probable , be careful with what you do. Mortgage approvals last 6 months typically

    Thats right, the approval is for 6 months. is there any point asking the bank how'd they see it IF ....


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    #6
    bmwguy
    Closed Accounts Posts: 2,006 ✭✭✭bmwguy


    bbari wrote: »
    Thats right, the approval is for 6 months. is there any point asking the bank how'd they see it IF ....

    I am hesitant to advise here. On one hand, no harm in asking a hypotethical question but on the other hand you might raise somebody's suspicions and they might spring something on you at the end

    Worst thing to do would be switch jobs without talking to bank. I would sit tight in job unless it's a genuine once in a lifetime opportunity which I doubt


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    #7
    listermint
    Registered Users Posts: 33,683 ✭✭✭✭listermint


    bbari wrote: »
    Even if there's an increase in your salary? I guess the main reason of refusal would be the probationary period. If thats the case then I'll probably wait till I've moved in to the new house.

    Anyone can move into a job with an increase in salary that doesn't mean the job is permanent or as reliable as the last job.

    Why take additional chances


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    #8
    bbari
    Registered Users Posts: 996 ✭✭✭bbari


    bmwguy wrote: »
    I am hesitant to advise here. On one hand, no harm in asking a hypotethical question but on the other hand you might raise somebody's suspicions and they might spring something on you at the end

    Worst thing to do would be switch jobs without talking to bank. I would sit tight in job unless it's a genuine once in a lifetime opportunity which I doubt


    Yes, I feel the same as in it might raise suspicions. Its not really a once in a life time opportunity but its as good opportunity. Does it help if there's no probationary period involved ?


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    #9
    appledrop
    Registered Users Posts: 5,797 ✭✭✭appledrop


    Under no circumstances move jobs. If your house purchase is anyway delayed or falls through the likelihood is that you will have to reapply for the mortgage.

    Trust me this happens in a lot more cases than you think + you will be stuck then. Banks hate people moving to new jobs no matter what the salary.


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    #10
    bbari
    Registered Users Posts: 996 ✭✭✭bbari


    appledrop wrote: »
    Under no circumstances move jobs. If your house purchase is anyway delayed or falls through the likelihood is that you will have to reapply for the mortgage.

    Trust me this happens in a lot more cases than you think + you will be stuck then. Banks hate people moving to new jobs no matter what the salary.

    Are you saying there will not be any issue if there is no delay in the purchase process and if don't have to reapply ?


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


    listermint wrote:
    Anyone can move into a job with an increase in salary that doesn't mean the job is permanent or as reliable as the last job.

    There are no such things as permanent jobs unless you work in the public service. Banks know this.

    appledrop wrote:
    Trust me this happens in a lot more cases than you think + you will be stuck then. Banks hate people moving to new jobs no matter what the salary.

    They don't . In IT and other processions they recognize the earning potential. They won't turn away determine who says I left a 35k job because I got another offering 50k.

    Or like the case of one of my relations, a junior doctor who had to change hospitals every six months, absolutely no problem getting a mortgage.


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    #12
    Calhoun
    Registered Users Posts: 7,447 ✭✭✭Calhoun


    OP, no one here can answer for sure, have you got a mortgage advisor? it would be very foolish to make such a rash change without consulting with a professional.

    My own mortgage they were very strict, my wife who is a teacher was out of work at a time and was on job seekers allowance. The mortgage was on my income alone, for some reason they didnt want her on the JSA would have preferred her to be not earning at all rather than be on the dole.


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    #13
    Hani Kosti
    Registered Users Posts: 270 ✭✭Hani Kosti


    In general banks don't like any material change,they view it as a potential risk.
    If you can stay in current job then do.
    Increase in salary is only part of the puzzle, so is stability/size of the company and job security.
    We had to reapply for mortgage due to delay in building our house, I got payrise in the meantime but as we bought couple flights tickets on credit card (tried to save as much to our savings accounts), the bank insisted we decrease the credit card limit. Change in saving/spending patterns and bang!
    Do you mind me asking what job has no probation period???


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    #14
    ILikeBoats
    Registered Users Posts: 2,441 ✭✭✭ILikeBoats


    I accepted a job and asked them to push out the starting date until after I drew down the mortgage so I started about 6 weeks after I really should have.


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    #15
    bbari
    Registered Users Posts: 996 ✭✭✭bbari


    Calhoun wrote: »
    OP, no one here can answer for sure, have you got a mortgage advisor? it would be very foolish to make such a rash change without consulting with a professional.

    I understand that, I didn't apply thru the broker but directly with the bank.
    Hani Kosti wrote: »
    Do you mind me asking what job has no probation period???

    It was hypothetical question that is it the probationary period which is an issue with bank.


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    #16
    lawred2
    Registered Users Posts: 24,288 ✭✭✭✭lawred2


    bbari wrote: »
    Just wondering if anyone had this experience or can share the information....

    I have the mortgage application provisionally approved. It might take another two to three months for the property purchase process to be completed. If I change the job before withdrawing funds, surely bankers will ask up to date payslips, bank statements etc and they will see that the job is changed recently. is there a chance that the bank refuse to lend as I will be under the probationary period and just after switching the job ?

    Yes.


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    #17
    Calhoun
    Registered Users Posts: 7,447 ✭✭✭Calhoun


    bbari wrote: »
    I understand that, I didn't apply thru the broker but directly with the bank.



    It was hypothetical question that is it the probationary period which is an issue with bank.

    Your asking advice on something very serious and life changing for you in an internet forum.

    You may have applied on your own but now is the time to get some professional advice if any.

    You could risk it and it may go either way but why bother?


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    #18
    skallywag
    Registered Users Posts: 2,987 ✭✭✭skallywag


    bbari wrote: »
    It was hypothetical question that is it the probationary period which is an issue with bank.

    I cannot answer this with any sense of certainty, but logic would tell me that the bank could most definitely be concerned. A customer who has been employed for a reasonable amount of time for the one company is surely going to carry substantially less risk than someone who is entering into a new employment environment.


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    #19
    bbari
    Registered Users Posts: 996 ✭✭✭bbari


    Thank you everyone for your suggestions. I have decided to decline the offer and start hunting after the purchase process is completed. Its too big of a risk to take!


This discussion has been closed.
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