Our scenario:
Contracts signed including loan offer for joint mortgage with bank A via LTI exemption. New build progressing.
New job contract just signed, higher salary, includes 6 months probation.
Loan offer with bank A needs to be renewed before it expires. We intend giving the last 3 payslips from my old job to bank A to ensure the loan offer isn't pulled.
In parallel we're applying for a mortgage with bank B & C based on my old job's payslips etc, in case bank A request next month's payslip & pull their offer.
Based on my old job's salary we'd need an income exemption with back B & C. We're confident bank B will give this to us, less so with bank C.
We'd ideally like to go with bank C but their exemption rate is slightly higher than their nom LTI exemption rate. Based on my new job's salary we wouldn't need an LTI exemption. Naturally we'd prefer the lower rate.
Questions:
1. Sould we risk advising bank C of my new job during the application process with a view to availing of the lower rate?
Cons: risky, we may then be refused any mortgage from bank C due to probation.
2. If we don't tell any of the banks re my new job (until after drawdown at least) & get approved from bank C based on my old salary then once my probation has ended (+ 6 months? i.e. 12 months after drawdown?) can we switch to bank C's lower non-LTI exemption rate?
Any advice welcome.