Mortgage approval in principle but husband may change jobs.

Hi All,

We received mortgage approval in principle a few weeks back based on my husband's current salary. There is now a possibility of him moving jobs (to a completely different company) and his salary would increase also. We're just wondering if anybody knows if you change jobs after you get AIP does it nullify the original AIP or does it matter at all?

Many thanks.

It does matter in so far as when you actually want to apply for the mortgage his new job will have to be permanent and probation period completed if there is one. The AIP based on the old job is only an indication of what you can borrow based on present situation but doesn't mean much otherwise.

As indicated above, any probationary period associated with the new job may lead to the back withdrawing the loan offer.
I was in a similar situation myself. Took the new job and didn't tell the bank about it. They somehow found out anyway so I had a lot of explaining to do one Friday afternoon when they rang me and quizzed me over it.
In the end I successfully argued that the new position was even more secure than the previous one as the new company were more established, but it was a close call.

Thanks so much for the replies guys. Exactly what we didn't want to hear unfortunately but good to know at this stage Anyway!