Joint Mortgage Pre Approval Job Change

[isco]

Hi,

My wife and I got mortgage pre-approval a few months ago and since then she has been offered a management role in a very good company that she is going to take, the job is within the sector she is currently working in, there is also a substantial raise in salary and she has management experience in her current role. I am in a permanent position for over a year in a stable industry and on a relatively good salary and before that I had been in employment in the same sector since university (around 10 years). We also have saved a deposit of around 15% - 20% of what we would propose to spend on a house.

As we don't want to be in the situation to have to withdraw a bid if we find that the bank will not approve the mortgage, we are going to be up front with the bank. We are wondering is it still possible to keep our mortgage pre-approval with this move, the only negative aspect that the bank would see is that she will have a probation period of 6 months? Have others had this same experience also, the other threads I've seen about this have been for people that seemed to be the sole mortgage holder and in that case I can see why it would not be possible to keep the pre-approval (if the bank was informed).

Any recommendations welcome.

 

[cremeegg]

What obligation is there on you to inform the bank? Have you signed anything to the effect that you will keep them informed of any changes to your circumstances.

 

[wbbs]

In answer to the last post the bank will find out anyway when the full application is submitted if it is only pre approval op has now. Pre-approval doesn't mean an awful lot usually, probably best to ask the bank what their policy is on probation periods but I doubt any of them are likely to be too happy with it. Most will want that to be completed, this was even the case years ago not to mind now. Trouble is there are few decision makers in the banks these days and everything is totally governed by head office and policy with no leeway for what you may consider an exceptional case.

 

[isco]

I believe that we would've signed off on having to notify the bank on any change of circumstances that could impact the application, which this realistically would be (regardless of improved salary, position etc). I would need to check the contracts etc. again for the exact wording.

I believe that at pre-approval they would look for all the proof of salary etc. again as wbbs has stated also and that's why we want to be upfront as buying a house is stressful enough without having to worry about the mortgage not coming through at the last moment. If its the case that we may have to wait it out, we'll just have to do it to be honest as the job opportunity is a very good one and as of yet we haven't settled on a house.

I'm just wondering if anyone has seen any different to what I am expecting from the banks (which is a firm no) seeing as this is a joint rather than a sole mortgage?

 

[isco]

From what we've read and also from the help here we decided in the end to talk to our banks Mortgage adviser to settle this once and for all. When we specified this she said that we unfortunately would have to wait until my wifes probation is up before we could get a mortgage sanctioned. Even though this holds up our plans a bit we are not in a rush to buy and we would much rather the peace of mind to know that we wouldn't be in a position where we could be looking to buy the house we want and for it to fall through on something we had known would be an issue. Thanks for the help.

 

[PaddyW]

At least you can approach the mortgage with confidence once probation is up. Also, you'll probably have a larger deposit saved too, so a smaller mortgage.