Mortgage approval in principle and job probation

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pamurph

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Hi all,
Wondering if anyone has any advice. We are sale agreed on a house purchase, hoping, if no problems, to complete by mid December.
In the meantime my wife has been offered a new job (different employer). It is a dream job for her but we are now really stressed as, of course, the job would have a probation period which would impact our approval in principle.
The new job would be full time, permanent and, as she is currently part time, would represent a 10k per year pay increase.
We dont want to lose the house purchase due to the job probation period, but also would like to take the new job (I know, we want to have our cake and eat it!!).
The new home is the priority, but does anyone in the AAM community know of it is possible to retain approval in principle and change jobs? How would we argue it with the bank?
Thanks in advance!
 
Hi Pamurph. I did this recently with Ulster Bank. I actually changed from a permanent job to a contract role and Ulster Bank honoured my existing aip(until it expired). I suspect if your AIP lapses then it would harder to get another aip while one of you are in your first 6 month probation. I suppose talk to your lender first to see what they can do ?
 
Thanks both for the replies, I really appreciate it. We have both been so stressed about it over the weekend that we have hardly slept.
We have the approval in principle at the moment and were going to look for the full offer letter this week.
When I mentioned the potential new job to our broker, we were advised not to change as we haven't a hope of being able to draw down if my wife is on probation. And if we apply again would have to wait till after probation (and of course in that time we would lose the house)
Apparently, the banks are now looking for your most recent pay slip just before drawing down the money, so would see if she is in a different job. Hence thinking we would not take the new job, which is gutting!
Having said that, after seeing your replies, we are going to push the broker to see if it is possible. Fingers crossed!
Thanks again!
 
pamurph said:
Thanks both for the replies, I really appreciate it. We have both been so stressed about it over the weekend that we have hardly slept.
We have the approval in principle at the moment and were going to look for the full offer letter this week.
When I mentioned the potential new job to our broker, we were advised not to change as we haven't a hope of being able to draw down if my wife is on probation. And if we apply again would have to wait till after probation (and of course in that time we would lose the house)
Apparently, the banks are now looking for your most recent pay slip just before drawing down the money, so would see if she is in a different job. Hence thinking we would not take the new job, which is gutting!
Having said that, after seeing your replies, we are going to push the broker to see if it is possible. Fingers crossed!
Thanks again!
Click to expand...

Sorry, should have said that the banks looking for pay slips is to check someone is not on the pandemic unemployment payment or the wage subsidy. But they would spot the different employer!
 
Good Morning,

I was wondering if there was a solution to this situation. My partner and I are in the same shoes right now.

Thank you who will advise
 
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