Prepared for Mortgage Drawdown?

Elegant

New Member
Messages
3
Am hoping someone will be able to help me. I am very anxious about my situation as i was approved a mortgage from the CU but the property purchase process is taking ages and the approval was for 90 days. This time has passed. The CU say they can extend it no problem and there should be no need for me to submit any more paperwork unless theres any major change. My income has gone down a bit but it's the same job, and same company. I am nervous they will ask for payslips before drawdown . Anyone know what process is in my situation? Thank you.
 

Brendan Burgess

Founder
Messages
38,898
Have you signed the mortgage contract yet?

If not, then you need to make sure that your solicitor is aware of the potential problem. They might be able to amend the contract accordingly.

The last thing you want to do is to have a legally binding contract and not be able to fulfill it.

By the way, what interest rate are you paying on the loan and how long is it for?

Did you seek approval from mortgage lenders?

Brendan
 

Elegant

New Member
Messages
3
Thank you Brendan. My situation is not straightforward. I am purchasing a county council property. It is the county council who is creating the delays. So far I am told everything is in order with the council but they need to sign off on one or two things first. I was told it should be done by Christmas, but not the case. I am so concerned i will lose my approval. I am in dilemma as to whether i should change to higher paying job or stay put till process is complete. Thanks for your advice.
 

Elnino

Registered User
Messages
34
Be careful of unintended consequences because if you change jobs you will probably be on probation for at least 6 months and some lenders will not give you a mortgage until your probation period has ended.
 

Elegant

New Member
Messages
3
Be careful of unintended consequences because if you change jobs you will probably be on probation for at least 6 months and some lenders will not give you a mortgage until your probation period has ended.
Thanks Elnino, yeah, I'm going to stay put for now. Finally just got word friday evening, that the sale process has moved on, and vendor is now finally engaging with my solicitor. Painful process.
 
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