J
jonny
Guest
I am currently working overseas and due to circumstances outside my control (unrelated to my performance in any way) I may lose my job in a few months, however this is likely to be at very short notice. If this happens I will take a few weeks to wrap up my affairs here and then return to Ireland.
I am purchasing a new house off plans with completion expected in late September/October (at present it is on schedule though of course that could change).
I am currently approved for a mortgage but the letter of offer was only to the end of the month (I applied 5 1/2 months ago and got a 6 month validity which the broker told me was standard practice even though my expected completion was further away than that at the time)
It is possible that losing my job may overlap with the drawdown of the mortgage or that I will only recently have found a new job. I don’t anticipate it will take long to get a job (I am a qualified accountant) in the current Irish job market its just that the timing could be bad.
How are the bank likely to look at
1) Being temporarily unemployed
2) Recently started in a new job (and possibly still on a standard probation)
3) Contracting initially in a short term role while I look around for something more permanent
Would it help to renew the mortgage approval now for another 6 months while I still have my job? I believe however this is not binding on the bank, especially if my circumstances change, is that correct? Will the bank still require proof of employment again and/or payslips, statements etc. when I come to drawdown the mortgage?
I have some savings over and above the deposit, mostly intended for the fit out but I could postpone some of the rooms and just do the basics to free up some cash, would it help in either the case of being temporarily unemployed or in a contract situation to say to the bank here is the first 6 months mortgage repayments, I can pay them up now in case it takes a little while to get a job?Given the current state of the Irish job market I don’t anticipate it would take any where near that long.
Jon