First Time Buyer - a few questions

R

Rebel11

Guest
I am currently applying for a Mortgage as a First Time Buyer but as yet am unsure as to whether to look for properties in Waterford or Dublin. You see myself and my fiancee work in Dublin but are from Waterford and hope to move back in the near future. (it's gettting impossible to buy in Dublin for FTB's) We will be applying for the Mortgage based on our Dublin salaries etc. My question is if we get approval in principle but decide to move back and buy in Waterford after, will we get the same amount from the lender as our salaries may decrease with the relocation (even if we could still afford the repayments). Is there an obligation on us to inform the lender we are moving jobs once approval has been granted?
Any advice would be much appreciated
 
You would probably be better off awaiting the official loan offer as the approval in principal is not worth the paper its printed on.

To ans your question : There is no obilgation on you to inform the lenders/brokers in relation to the fact you are changing jobs.
 
I have to disagree - moving jobs and possibly reduced salaries will affect your approval in principle. Plus if there is/are probationary periods attached to the new jobs these will have had to expired before the mortgage can be drawn. Lenders aren't daft - they will ask why you are buying in Waterford when you are working in Dublin.....

Sarah

www.rea.ie
 
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