Bank rechecking application info six months after mortgage offer if haven't closed?

My partner and I (both FTBs) are in the process of getting approval on a 100% mortgage with PTSB. We've got an eye on a new phase of a really great development which has just been released. The EA thinks the houses will be ready around Christmas . I don't really care when they're ready as it will give us more time to prepare for the move and save etc etc and we're in no great rush to actually move in.

However...

I'm concerned that the mortgage offer we get now, based on our current earnings, will lapse in six months, which will be before the house is ready. If the bank ask to see current payslips etc at that stage, it's going to cause problems as I will be doing a 9 month post-graduate course from October to May and may not be earning very much during that time.

Do mortgage providers always check the current employment status and payslips of applicants, when over 6 months have passed between the initial mortgage offer and completion?

Yes; most loan offers expire after 6 months and need to be updated with fresh payslips and bank statements. If your circumstances at that time mean that you will no longer qualify for the amount you need you could end up losing your deposit. Is there any way you could delay closing until you are back at your current earnings?

Sarah

www.rea.ie

Thanks for that Sarah. I thought that might be the case. Once I finish up my current job, I won't be back earning full-time again til June 06. And I won't be on a career break or anything so that isn't guaranteed, just assumed.

Looks like buying off-plans isn't going to work for us. Back to the drawing board.

Or maybe we could re-apply for the same mortgage in August (when we are still earning what we currently earn) so that that loan offer would extend well into next year.

Is that feasible? Or am I just reaching?

check with the bank on how long the offer is good for, mine recently expired, but only after more than 1 year passed (TSB).

Thank you yankillk. I won't abandon hope just yet so! Will look into it.

yankinlk said:

check with the bank on how long the offer is good for, mine recently expired, but only after more than 1 year passed (TSB).

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Mine is also with Permanent TSB and it doesnt' say anywhere on the approval letter when it would expire. I got my approval in March, and house to be ready, June/July, so all should be ok then?

Mine was with BOI and the loan offer was valid for a year

What happens in the situation that part of the money has been drawn down for a stage payment and then the actual closing is much further down the road - will the lender check details again at this point (of closing) ? For investment properties would they want to re-check income etc?

Ha bank of Ireland told us they had to renew the offer letter due to a time lapse, when we got the new one they had given us the new interest rates. Our fixed had gone up one per cent, squeezing an extra 200 a month outta us!!