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Disadvantages of changing job before Mortgage letter of offer/final approval

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  • 11-08-2021 2:19pm
    #1
    [Deleted User]
    Posts: 0 ✭


    Hello, just looking for some advice. My partner and I have mortgage approval and we are currently in the letter of offer stage and hope to have the letter of offer soon which is then valid for 6 months. Our house is a new build in a new development with an expected completed date of Jan 2022 (could even be December 2021 all going well). My query is if I were to change jobs now could that adversely affect us getting the mortgage letter of offer or final approval etc? I haven't accepted any new job offers but I have been looking around and am eager to change but not if it is going to go against me. My gut tells me to stick out my current job for a few more months just until we can get by the draw down stage etc. Anyone have any experience of this situation?



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    #2
    Diemos
    Registered Users Posts: 1,417 ✭✭✭Diemos


    I was in this situation, I spoke to my broker who said that notifying my bank would mean that I would have to start the process over from my side.

    Friends I spoke to who had been in the same position said as long as I had my approval to kept quiet about the job move then all would work out.

    So that's what I did and I picked up the keys to the house and started the new job a week later.



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    #3
    you2008
    Registered Users Posts: 707 ✭✭✭you2008


    https://www.boards.ie/discussion/comment/117741438#Comment_117741438

    that is correct, the bank dont care what you do once you got your key, but DONT do it before you get your key.



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    #4
    Creamy Goodness
    Registered Users Posts: 26,578 ✭✭✭✭Creamy Goodness


    Generally the bank will want to see you off probation in the new job via a letter from your employer, not going to say whether you should tell them or not but sometimes they may request updated statements and payslips right before drawdown and if they see a new salary going in they'll will be asking questions.



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    #5
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,920 Admin ✭✭✭✭✭Toots


    I'd hold off. I'm hoping to draw down a mortgage later this month and we've been told that when we request the drawdown we have to provide and up-to-date payslip. If you change jobs now it will affect your approval because they want you to be out of your probationary period before you'll get mortgage approval.



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