Mortgage approved but moving city

H

Hypervalve

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My wife and I are mortgage approved first time buyers and planning on moving from Cork to Galway.

We were approved on the basis of our current permanent jobs and income in Cork. I have agreed working remotely with my employer, but this isn't an option for my wife.

We have just put a (refundable) booking deposit on a new build in Galway, which is scheduled to be completed in October.

My wife has lined up some opportunities, and we are fairly positive about her prospects, so we are planning on moving immediately and renting in the mean time as our current accommodation has some serious issues and is not suitable for our small family.

However we are worried when it comes to executing the mortgage at down payment stage that the bank may not approve due to changed circumstances. Repayments on my wage alone wouldn't be a concern, it would be tight but doable until my wife finds something.

Obviously we could explain all this to the bank, but not sure what kind of view they would take.

I'd appreciate any insight if anyone has had similar experience, this is new territory for us!
 
To take her income into account they will want her to have finished any probationary period in her new employment which is likely to be 6 or 12 months, some lenders I believe also want you to be in any new job for 12 months probation or not.

The bank will most likely look for up to date payslips before drawdown and in fact I presume you don't have a full loan offer as that would be based on a specific property, more of an 'approval in principle' maybe? Once you apply for the full mortgage approval they will obviously see that the property is elsewhere which is going to make them question the employment situation.

Ideally if you can quality for the loan on your own income you should be fine but that will be based on their affordability calculator but I would check sooner rather than later if I was you as you have already put on a deposit.
 
It really depends on you specific circumstances. Does your wife have a professional qualification, and how many years experience in her area?
Also, what are both your salaries, and the amount you want to borrow?
 
Thanks for the answer.

Ok, yes we have approval in principal. So if we apply for the full loan offer on this specific property on the basis of me working from home and my wife commuting are we safe at that point?

I.E. if we get the full approval and my wife leaves her job before we have to make the final 90% payment on completion in October- would that cause problems?
 
All depends, it's a long way between now and October, they could easily ask for up to date payslips before drawdown.

As to her commuting again it depends what way the bank look at that, hard to say as realistically you couldn't commute on a daily basis I presume so would this mean she would have to rent/stay somewhere? My mother commuted for 2 yrs between Kerry and Wicklow which meant leaving Mon morn and back Fri eve with a 4 hr drive but she was a teacher so at least there was good holiday gaps :)
 
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