Circumstances change before draw down

J

Jimm123

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Hi we have our mortgage approved. Have loan offer. When we applied we did not have dependent. But we just had baby. Was wondering if we should inform our bank? I am afraid that it might delay the process as I already have put a deposit on property.
 
I'd be saying naaaaaaaaaaaawthing.

Only... make sure you factor in associated costs and be sure you can afford the repayments etc. and the costs associatd with you new baby.

And ... congratulations! :)
 
It does not say anything about circumstance changes in loan offer. We won’t even have to go to bank to sign anything. We will be signing the contract with solicitor. Is it legally correct though ? Can bank do something in future if they find out. And the mortgage approval we got was on my income. My wife was not working. So it is not that we have less income now. I still have same income and can well afford the payments.
 
Jimm there is no need to say anything. Between children's allowance and carers allowance you will have additional income in excess of the €250 p/m that most banks reduce your disposable income by per child when stress testing your repayment capacity anyway.
 
This happened to us.

We even brought our daughter with us (who was something like six days old) in for a meeting with the mortgage adviser and he didn't mention it.
 
Well the only risk was that they would look for up to date payslips before drawdown for your wife and that would show reduced or no income on maternity leave. As that's not an issue if it was your income only then I wouldn't worry about it for one minute.
 
Hi @Monbretia my wife was not working and bank knows that so it will be my payslips only if they ask. I only got loan approval this month so I think won’t ask for payslips again anyways.
 
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