Mortgage advice

ManUnited123

So me and the spouse have a mortgage approval already from AIB and it is sufficient to cover us for the property we are looking to purchase. However, my wife currently has a job outside of Dublin (she took this up when everyone was working remotely last year). Now she's being asked to come back into the office later this year so she started looking for a new job in Dublin.

She finally got a job now in Dublin however it's a 12 month fixed contract. She's still employed by the company (i.e. she's not a contractor) but the employment contract is for 12 months. There is good chance that it will be converted to a permeant contract after the end of 12 months but for now, it's a 12 month contract.

So i have a few questions:
1. Since she's changing jobs now I assume our approval with AIB is now expired and I can't draw down based on that approval?

2. If we reapply for the mortgage, can we get an approval for the same amount (given that my wife is now on a 12 month Fixed term contract)

3. Most mortgages have a condition that the probation period needs to be completed, my wife's probation period will be 6 months and most likely we will draw down the mortgage after her probation period but is there a way that this condition can be waived (or relaxed to maybe 3 months?)


I know it's not the ideal situation to change jobs just when you've found the house but we weren't sure we'd get the house given the high demand these days!

C14N

I'd probably call your contact in the bank to ask them about it. They might need to go through the approvals process again, but at the same time even if they do, they might decide that the job she's in is sound enough to give you the same approval anyway. My guess is that they'd rather work with you on it to sort something out than take it all away.

ec18

is it an option to buy the house and then move jobs?

ManUnited123

ec18 wrote: »

is it an option to buy the house and then move jobs?

It's a new build so it will only be available to move in in October this year so that's not an option unfortunately.

ec18

ManUnited123 wrote: »

It's a new build so it will only be available to move in in October this year so that's not an option unfortunately.

you might end up missing out then unfortunately. The bank will look at your wifes position as being fixed term and on probation so may reduce the offer. Best is to talk to AIB though.

ManUnited123

I had a chat with a mortgage broker and he said that banks do make exceptions in some cases and seemed pretty confident that he will be able to work it out. He mentioned there's a valid reason for a change of job, there's continuity in job etc. so the banks will take that into account as well.

So, fingers crossed!