have i messed up our mortgage??

jayjay2017

Hi, So the story is that we have been approved and received our loan offer from kbc everything good contracts will be exchanged soon house is sale agreed and 5k deposit paid. the issue is that i have accepted a new job now and have literally just handed in my notice and im due to start the new job in a month or so the position is slightly less salary but the reason for the move was my job wasn't very secure in my current employer
has anyone been in this position? im sick to my stomach i could have messed up me and my partners new home as theres a 6 month probation in the new job
should i just try to resind my resignation and explain the issue to my newer employer? and apologise etc

tedpan

If the mortgage is approved, you shouldn't have to share your work details again.

Cazale

Once we got mortgage approval our salary was never mentioned again.

Aravo

If your mortgage approved don't fret. They won't ask again. You have handed over loads of pay slips, bank outgoings. This shows that your a earner and if you were paying rent, esb etc that you can pay bills and maybe you had a car loan and payed that off. The fact that you switched jobs is part of life. Say nothing.

westsider

The only caution I would express is that if there's any delay with closing the sale of your house you could be asked for docs again. We've bought a new build which has been delayed and have had to resubmit everything again. Hope it all works out for you though.

liam7831

If you had to renew your approval if sale going through is slow(which seems to be the norm) then it may be an issue

Aravo

Submitting docs shows your ability to pay your bills as they arise. It's an indicator that you would be able to pay your mortgage. I know people on short term rolling contracts (2 mths). No issues there.

LiamoSail

Aravo wrote: »

Submitting docs shows your ability to pay your bills as they arise. It's an indicator that you would be able to pay your mortgage. I know people on short term rolling contracts (2 mths). No issues there.

Where are they getting their mortgage? 2007?

liam7831

Aravo wrote:

Submitting docs shows your ability to pay your bills as they arise. It's an indicator that you would be able to pay your mortgage. I know people on short term rolling contracts (2 mths). No issues there.

2 months lmao

Pseudorandom

jayjay2017 wrote: »

Hi, So the story is that we have been approved and received our loan offer from kbc everything good contracts will be exchanged soon house is sale agreed and 5k deposit paid. the issue is that i have accepted a new job now and have literally just handed in my notice and im due to start the new job in a month or so the position is slightly less salary but the reason for the move was my job wasn't very secure in my current employer
has anyone been in this position? im sick to my stomach i could have messed up me and my partners new home as theres a 6 month probation in the new job
should i just try to resind my resignation and explain the issue to my newer employer? and apologise etc

We had something very similar happen to us, we just kept the heads down and didn't mention it. If contracts aren't signed yet it might be worth getting a cheque issue clause inserted which means that if for some reason the bank doesn't allow you to draw down you won't lose your deposit.

jayjay2017

Pseudorandom wrote: »

We had something very similar happen to us, we just kept the heads down and didn't mention it. If contracts aren't signed yet it might be worth getting a cheque issue clause inserted which means that if for some reason the bank doesn't allow you to draw down you won't lose your deposit.

Yes we are getting that put in thanks very much for the reply guys ill be worried untill we draw down and our approval was only given two weeks ago so we should be all upto date for financials fingers crossed ðŸ˜

Pseudorandom

jayjay2017 wrote: »

Yes we are getting that put in thanks very much for the reply guys ill be worried untill we draw down and our approval was only given two weeks ago so we should be all upto date for financials fingers crossed ðŸ˜

Chances are you'll be grand so. We were bricking it as well but no questions were asked after the approval really because we were still in the 6 months approval timeline. If you got your approval only 2 weeks ago I'd say it's very unlikely they'll question it.

Aravo

liam7831 wrote:

2 months lmao

Sorry I should have been clearer. I know of contractors working in businesses who are on 2mth rolling contracts with their jobs. They have got their mortgages. I would not worry about it. The banks look at: in X period of time, OP has been employed and showed an ability to manage their finances. I believe a big red flag for a bank is if your account outgoings show an account with a betting company. They have you and maybe you OH well checked. Best of luck with it.

spaceHopper

Ask you solicitor have they seen this before and what happened. People take out mortgage and then later change jobs, banks know this it's part of normal life. Chances are you will be fine. And it's not all your responsibility, your OH knew you were going to change jobs and didn't speak up till after.

Interested Observer

My partner is on 1yr rolling contracts, it's basically impossible for her to get a permanent contract at the moment. The banks still seem happy enough to deal with us.

ShowMeTheCash

If I remember correctly.

The mortgage depending on lender usually has a time limit once approved.
I think it is 3 months.

After three months the bank may have to submit the loan request again.

Is there a chance you will not close the deal?

ShowMeTheCash

Interested Observer wrote: »

My partner is on 1yr rolling contracts, it's basically impossible for her to get a permanent contract at the moment. The banks still seem happy enough to deal with us.

OP said he is going to be earning less money, that could effect the loan if the OP has looking to borrow at the top of what he can get from the bank.

sbsquarepants

I had to resubmit everything because approval expired in the middle of the buying process, luckily nothing had changed so it was just a formality really - but in your case it could pose a problem. I'd be hurrying along if I was you!

q85dw7osi4lebg

Got approved in March, got a new job in April, received the loan offer in May, and closed this week. It was risky but I wasn't asked fore further documents, however I was told more documents would be needed if we needed an extension to our loan offer, which we nearly did!

BrokenArrows

You will be fine as long as you dont need another approval for more money or you dont apply before the approval expires.

I changed jobs too but didnt required another approval.

jon1981

You'll be grand. I was in your shoes OP. Once the mortgage is approved and all the paperwork is completed (i.e. employer checks, salary certs, bank statements...etc.) they won't revisit.

Ardent

We were approved with KBC in September and didn't draw down until the following July. In the meantime, I had changed job and we were worried sick they would pull the mortgage if they found out. You just don't know. We needed to get the loan offer for our house extended a couple of times through our broker. KBC eventually put in a hard stop for the end of July, after which we would need a fresh application.

It was a close run thing, and quite stressful, but we got there in the end.

You'll be fine. Just make sure to include a provision protecting you in the event your funds fall through for any reason.

Best of luck!

Eire Go Brach

You should be grand. Is it 6 month approval?

Bit more pressure to find a place. Resubmitting you might get less.

Say nothing to the bank. Don’t be stressed it’s not as if they have been transparent or loyal to there customers 😜

calgary bound

I am in a similar position. Remaining employed by the public service but albeit in a different company, my salary is increasing though and my contract extended by 18 months (was due to expire in March of next year and bank approved us 3 weeks ago). Just sent off all of the things required to go to full offer so crossing our fingers all goes okay. Vendor won't allow a clause regarding loan funds so solicitors have agreed that contracts will not be exchanged and binding until the day before closing to protect us. I am sure you will be fine OP, it's a risk often worth taking.

jayjay2017

Thanks everyone for your replay yes we only got loan offer not up untill may solicitor said we should have everything done in 2 or 3 month looks all good but i wont be happy untill we are making repayments yano 😠****ting a brick tbh

ShowMeTheCash

jayjay2017 wrote: »

Thanks everyone for your replay yes we only got loan offer not up untill may solicitor said we should have everything done in 2 or 3 month looks all good but i wont be happy untill we are making repayments yano 😠****ting a brick tbh

When you say the loan offer, do you mean the bank has approved the loan and you have until May to close?

Has the house owner agreed the price?
I mean is the deal done, you are now just at the stage your Solicitor is now doing their due diligence etc?

kravmaga

jayjay2017 wrote: »

Hi, So the story is that we have been approved and received our loan offer from kbc everything good contracts will be exchanged soon house is sale agreed and 5k deposit paid. the issue is that i have accepted a new job now and have literally just handed in my notice and im due to start the new job in a month or so the position is slightly less salary but the reason for the move was my job wasn't very secure in my current employer
has anyone been in this position? im sick to my stomach i could have messed up me and my partners new home as theres a 6 month probation in the new job
should i just try to resind my resignation and explain the issue to my newer employer? and apologise etc

You don't need to say anything to a new employer or to KBC, you have been approved and usually the offer is valid for 6 months.

Im with Ulster Bank and had something similar happen, i.e. changed jobs.
That was back in 2004, there were no issues.

Just make sure you can pay the the mortgage every month on time.

jayjay2017

ShowMeTheCash wrote: »

When you say the loan offer, do you mean the bank has approved the loan and you have until May to close?

Has the house owner agreed the price?
I mean is the deal done, you are now just at the stage your Solicitor is now doing their due diligence etc?

Yes loan offer and we have untill may to close we are sale agreed and deposit paid etc

Jake2

I know its really stressful, same thing happened to me. I was about to close sale literally that week. So I accepted a new job ( hadnt changed previously and was in job i hated for previous 2 years just so I could get the bloody approval) Anyway took the new job, house fell through :eek: so I was left with 2 months on my approval and then in new job which was less pay but actually the amount I borrowed was well within my new payscale- still I'm on 1 year probation...never been so stressed out, asked them for an extension which they gave me and said they give up to 9 months without looking for more documentation ( good to know if you end up in same scenario). Anyway it all ended fine- I found a new house so quick and pushed so hard to get keys as quick as possible. I was in new house within 8 weeks....But I was sick with anxiety waiting for them to ask for something else.

Got mortgage advisors opinion on it and she told me to go for it and dont tell bank actually said I would be mad to tell them. Also I wouldnt tell your solicitor - mine told me he is also working for the banks best interest or something so I dunno maybe they would be obliged to inform the bank? maybe im not sure but I certainly wouldnt risk it.

Good luck with it, id risk it all again if I had to

ShowMeTheCash

jayjay2017 wrote: »

Yes loan offer and we have untill may to close we are sale agreed and deposit paid etc

Well deposit you mean is with the bank, deposits never get paid to the house owner.
Bank will transfer money I think to the sellers Solicitor usually upon full payment the keys are handed from one Solicitor to the next or you can sign for them at the sellers Solicitor.

But May, should be plenty of time as long as there is no weirdness with the house i.e. Planning issues or debts with the seller etc....