Soontobewed
Registered User
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- 16
Hi All2 Quick questions(back ground first)My fiancee and I got Mortgage approval in principal (ie we submitted all the relevant forms , certs etc to our brokers and he told us that we had been approved by 3 banks for a mortgage , the mortgage on offer being the same amount ) in late Jan 2009. The mortgage we were offered is slightly in excess of what we need. They would not "give us" the mortgage until my Fiancee was made permanent which will be in May, next month(touch wood!!). Since then I have had a cut in my salary. We have calculated that the cut in my salary will not affect our ability to repay the mortgage as are confident we can buy our house for less than what the mortgage value is. Even if we use the full mortgage on offer we can still afford the repayments.However I dont want the mortgage level being reduced . My questions are 1/ -how soon after mortgage approval does the bank start to check if the same criteria/conditions still apply (ie salary). Or does the bank check at all?2/ should I tell my broker(who I know well as he also deals with the company I work for) that my salary has been reduced ?thanksSTBW