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Mortgage approval - deadline?

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  • 09-04-2009 6:22pm
    #1
    Soontobewed
    Closed Accounts Posts: 15 ✭


    Hi All

    2 Quick questions(back ground first)

    My fiancee and I got Mortgage approval in principal (ie we were told that we had been approved by 3 banks for a mortgage , the mortgage on offer being the same amount ) in Jan 2009.

    The mortgage we were offered is slightly in excess of what we need. They would not "give us" the mortgage until my Fiancee was made permanent which will be in May, next month(touch wood!!).

    Since then I have had a cut in my salary. The cut in my salary will not affect our ability to repay the mortgage as are confident we can buy our house for less than what the mortgage value is.

    However I dont want the mortgage level being reduced . My questions are 1/ -how soon after mortgage approval does the bank start to check if the same criteria still apply (ie salary).

    2/ should I tell my broker(who I know well as he also deals with the company I work for) that my salary has been reduced ?thanksSTBW


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    #2
    miju
    Banned (with Prison Access) Posts: 8,486 ✭✭✭miju


    obvious question is have you submitted all the relevant documents to your broker yet?


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    #3
    Soontobewed
    Closed Accounts Posts: 15 ✭Soontobewed


    yes, all documents were given to mortgage broker at the time(jan) . they were looked at , approved and mortgage level approved at that time for a certain level , only condition was that we could not "draw down" etc on it until the fiancee was made permanent. Documents given at that time were 100% correct .

    we estimate the mortgage repayments (based on price of house we estimate we can buy) will be less that what we currently pay in rent.

    So , is there a set time limit for which the mortgage is available or will the bank , 3/4 months after they approved us, look to recheck the conditions once the fiancee is made permanent?


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