Mortgage approval and adding to pension.

rmjowen

Hello

I'm in the process of buying my first house, I have had the mortgage approved and all is going well. I received a 10% pay increase recently and the mortgage was assessed based on this value, although I am relatively confident it would have been approved on my salary before the increase.

Now what I didn't take into consideration is that I wanted to start adding to a pension (I foolishly forgot about this). Now the mortgage has been approved, do I need to let them know I will effectively be reducing my salary if I start adding to the pension and go through the entire mortgage assessment again?

Thanks for any comments.

Thrugelmir

Not an issue. Suggest you don't over commit though to the pension. As you should build up a rainy day savings fund to cover unexpected financial outgoings.

The_J

Complete on the mortgage then do your pension.

Follow Thrugelmir's advice re: affordability.

rmjowen

Thanks for the replies. Affordability won't be an issue, so I will wait for all the house buying to go through, then set up the pension.

Thank you!