Timescale to close mortgage deal?

J

Janelle77

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hello,
in the middle of buying my first house with partner. Our valuation report should be done in next couple of days, we've received approval in principle have all of our documentation up to date and will be given in to the branch manager to sign off (final approval?)early next week. I assume we get a letter of offer then, does this mean the mortgage is officially offered to us.
The reason I am wondering this is my partner has been offered a new job and would like to go for it, he doesn't want it to affect our mortgage though. Once the loan offer is in place is he more or less free to move jobs(does bank look for anymore info after letter of offer), there might be a week in between when he's off??
Any help/similar experiences would be greatly appreciated...
 
Banks will generally only request uptodate income info if a certain period of time has lapsed (2-3 months+) however, they are free to ask for more information at anytime during the application process, even after the loan offer has issued.

Only sticking point with the banks would be if your partner has taken a drop in salary.

Worth keeping in mind though that some banks may not issue funds until the probation period has been completed.
 
Just another thing to note is that Branch Managers no longer have the power to grant loans/mortgages. Add decisions are taken by the head office.

Towger
 
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