Drawdown PTSB 2021

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PeakyBlinder

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Hi

My partner and I are in a bit of a conundrum, we were approved for a mortgage early this year & at the time my partner was working for council as a part time firefighter and is also self employed, he left the fire as it was not working with the business. In the meantime we found a house (not on the market) and have gone sale agreed today we signed our letter of offer but our solicitor advised on drawdown we will be asked for bank statements and payslips again. TSB did not give me that impression when I gave all the up to date documents in October, i was told once valuation and insurances are in order we would be good to go.

We are hoping to close the sale before Christmas we are unsure whether to come clean and hope when they run the numbers we will get the mortgage but then thinking they may not ask either so just take the chance. I have never been asked for them before so I'm not sure if this is just a safety clause for them.

Is there anyone here that has recently drawndown a mortgage with PTSB that can advise if PTSB actually ask for these.
Any advice welcome...
 
It would be normal for lenders to ask for recent (typically, the last month's) payslips at drawdown time to confirm nothing had changed since the loan approval was issued. If that can't be supplied, you'd be asking them to reconsider the loan approval in view of circumstances excluding an income previously relied upon to get loan approval.
I would say PTSB, like other lenders, go through a checklist of supporting documentation to cover themselves in terms of their loan underwriting and payslips would be part of this list. Do you think you would make the income level for the previously-approved loan amount now that the firefighter role is gone?
 
Thanks Rob! I'm losing sleep over this!
We are not sure how self employed are calculated, he was part time self employed the previous two years so the books are low but this year he has a turnover of 35k I have earnings of 55k, the house is 315 k, the mortgage required is 215k and we have a deposit of 100k. A broker has told us we would get it without the fire earnings but we didn't want to hold up the sale reapplying so we thought this might be quicker if we weren't asked of course! We might just have to come clean we obviously don't want to sign contracts and hand over a 10% deposit if there is any risk of losing it...
 
PeakyBlinder said:
We might just have to come clean we obviously don't want to sign contracts and hand over a 10% deposit if there is any risk of losing it...
Click to expand...
Just on this bit, check that your solicitor has included a standard "subject to mortgage" clause in the contract, and confirm with them what would happen of your mortgage gets refused after you sign.
At least you can start sleeping again then!
 
Thanks Red Onion, will do that for sure.
We spoke to the bank they advised its ok the self employment income covered us anyway.
 
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