Question about mortgage sanction and change in circumstance

When we applied for a mortgage this summer, I was pregnant with our first child. When we got to the question about dependents, I answered "Not yet". We received an offer of mortgage and have six months to draw down on it.

We'd hoped to get the house sale closed before I go on maternity leave, but that is looking unlikely. Our mortgage is with our main bank, so they have real-time information on our accounts.

My maternity benefit is for full pay for 6 months. I am taking an additional 3 months of unpaid leave. My paychecks over the 9 months will be smaller than my usual paychecks, by a factor of about 1/3.

My questions are:
1.) Do I have a responsibility to inform the bank of this change in circumstances?
2.) Since the bank can cancel our mortgage sanction if our financial circumstances materially change, what is the likelihood of this happening?

We can afford the mortgage on my reduced salary. (But, to complicate matters, my husband is self-employed, so I fear that any decrease to my regular paycheck could threaten the mortgage agreement.)

Thanks in advance for assistance. This is giving me sleepless nights these days. :/

Better sleepless nights now before you draw down rather than after!

With changed circumstances you need to be sure you can afford the mortgage. A material change should be told to the bank. They can also ask for proof of earnings right up until the cheque is drawn down.

Re. no. 2 .... it all depends on how drastic the change is.

I think you should talk to the bank. You say that you can affor the mortgage on your reduced salary .... bring the proof and you'll have no problem.

Remember .... there are some tough times/budgets ahead so you need to factor all that in too.