Worries about final mortgage aproval

P

pauraick

Guest
Hi,
1. My final mortgage application (I have already been pre-approved) went in yesterday and i was told this morning that I have to take four weeks unpaid leave from work. Can the bank find out about this as its only temperary??

2.Would the bank have already done a credit check on me in order to pre approve me. The reason I ask is that i have a small amount on my credit card (1000 or so) and I was wondering would this effect my application??
 
pauraick said:
Hi,
1. My final mortgage application (I have already been pre-approved) went in yesterday and i was told this morning that I have to take four weeks unpaid leave from work. Can the bank find out about this as its only temperary??

2.Would the bank have already done a credit check on me in order to pre approve me. The reason I ask is that i have a small amount on my credit card (1000 or so) and I was wondering would this effect my application??
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1. If you have finished getting all salary certs etc you need from work I dont see how the bank will find out , I got final loan approval in December , the last letters I had to get from work was for my Approval in Principle in September. But you may need to ask yourself will this happen again and if so would you be able to pay the mortgage .

2. Did you declare the credit card debt on your application ? I think it does show up on ICB check ... I declared my debt on my application and I cant draw down until I clear it ... it didnt effect getting final approval though...
 
Thanks ranter 27,
yea everything is sorted from work hard to explain but i dont have to worry about that.
i didnt declare it unfortunatly so i just have to wait and see!!! fingers crossed!!!
 
Just checked ICB.ie and you can apply to check your own rating , it costs 6 euro .
But dont worry if the bank have a problem with your rating they will ring you pronto ! I'm just not sure at what stage they actually do the check , if its immediately prior to your drawing down , any problems could delay your sale
 
pauraick said:
2.Would the bank have already done a credit check on me in order to pre approve me. The reason I ask is that i have a small amount on my credit card (1000 or so) and I was wondering would this effect my application??
Click to expand...

you only have to pay about 5% off a credit card balance a month so your 1000 balance is only 20 quid a month off your repayment capacity

it would be pretty silly of you not to declare it though, if the mortgage company asks you about any other debts in your name
 
Renter27 said:
2. Did you declare the credit card debt on your application ? I think it does show up on ICB check ... I declared my debt on my application and I cant draw down until I clear it ... it didnt effect getting final approval though...
Click to expand...

As a matter of course, Credit Cards don't show up on ICB reports. However, if you miss payments etc.. then it's possible they might show up.
 
I would be worried about your work situation. Are you likely to go on other unpaid leave? Is the job precarious? Why do you have credit card debt? Do you not have savings towards the purchase of a house and could you not use this to pay down the credit card?
 
pauraick said:
Hi,
1. My final mortgage application (I have already been pre-approved) went in yesterday and i was told this morning that I have to take four weeks unpaid leave from work. Can the bank find out about this as its only temperary??
Click to expand...

Prior to issuing a loan offer the lender is entitled to contact your place of work to confirm details stated on salary certificate namely income, permanency of employment, security of employment and any other factors that may affect the repayment of your mortgage.

In the "good old days" this was only done by a few lenders on a random number of applications, presumably they all do it now.


www.moneybackmortgages.ie
 
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