Old rules - mortgage approval - husband changed jobs - bank issued "new" approval under new CB rules

[cb330]

Dear Ask About Money users,
I'd be grateful for any feedback:
We put our house up for sale in Dec as we were in negative equity and in mid-February accepted an offer that takes us out of our debt (by a hair): we had mortgage approval granted and paperwork in place with a letter from AIB dated the end of January. The problem is this: my husband accepted a new post in mid Feb - the day the new CB rules and I immediately informed the bank about the new post - the job was to start in early March & had a better salary, and the employer kindly agreed to forgo the probation period as he knew we were in the middle of buying and selling a house. Two weeks of silence and then the news: we got a letter with a new mortgage approval and this put us under the new rules and means that we have 49,000 less to spend now than we originally thought. We have scoured Co Cork and find that we can't find a house which is a trade-up from our current one. I have sent a letter to the bank and contested strongly the "new" mortgage approval (dates weren't changed, so everything was the same except the new deposit rules).
Any advice / feedback? We haven't heard from the bank since I wrote a week ago and I'm wondering is it worth waiting around for a response? If they don't agree to let us proceed under the old rules, we will be forced to withdraw our house from the house sale. Any advice would be very gratefully received.

 

[rob oyle]

Unfortunately a change of job, being a material event in terms of mortgage approval, would result in the mortgage application being reassessed so this is a new mortgage. I don't have any advice as to how to progress, sorry.

 

[cb330]

Dear Rob, that is helpful though not the answer I'd hoped to hear. I argued that the information I provided was additional to the first application and to be honest if they had advised me about the consequences my husband would have stayed with his job which would have enabled us to move to a better home. Looks like we are stuck.

 

[rob oyle]

Each bank is given 15% of their new business to be not limited by the CBI's limits so if you feel you've built a good rapport with the individual you're dealing with, you could ask them if your application could be considered outside of the limits.

I wouldn't expect them to give you a straight answer in terms of what you'd need to do in order to be considered for this though... :-/