anyone asked for more documents AFTER mortgage offer and before completion?

AH1509

Hi all,


I absolutely LOVE this site, find such invaluable impartial advice.


just wondered if anyone can advise?


I have finally found the house which I have an appointment for Thursday to put the full application in.
I have previously been offered X amount based on my current income, which is what I need for this house purchase if not less.


However I am moving out of area and changing jobs due to my house sale and i am aware my financial situation will change before I complete on new house.


My question is what income shall I use for my mortage application? I have CTC and CM that I also use, CM will remain the same, but the CTC will go down as my income will go up, so in theory I will earn the same monthly, if not more, but do not want to give the banks any reason to withdraw my offer if i show different wage slips etc, especially as the EA has mentioned a month before exchange and complete.



Do banks ask for upto date bank statments/payslips before a long exchange/completion?


I am not doing anything dodgy, I am as honest as they come (I think!) but I do not want to wait another 3 months with my new jobs wageslips to apply, when I can borrow more than I need on my lower income right now, if that makes sense? 45% of the house purchase will be done with proceeds of sale from my sold home.

FYI I have already been offered the full amount needed on a previous mortgage application based ion my current financial position.



Any advice is much appreciated.


TIA

kingstreet

You can't apply for a mortgage using current employment if that employment is ending.

You have an obligation to the lender to disclose all material changes known to you.

G_M

When you make your fomal application, for this property (not just a nortgage in principle), you will have to declare your current income, job etc .


And you will have a duty to later inform them of any material changes that take place ie a job loss or change.


And yes, banks do ask further questions sometimes and/or do further checks.

davidmcn

AH1509 wrote: »

I am not doing anything dodgy, I am as honest as they come (I think!) but I do not want to wait another 3 months with my new jobs wageslips to apply, when I can borrow more than I need on my lower income right now, if that makes sense?

No, it doesn't make sense - why would your current income be of relevance to the lender if it's going to end before your mortgage starts?

AH1509

davidmcn wrote: »

No, it doesn't make sense - why would your current income be of relevance to the lender if it's going to end before your mortgage starts?

As there is no break in employment and the pay grade is the same just transfering to another place of work in a sense under a different borough. Wage slips will be continous and from what i understsnd the under writers always consider the lowest shown income as opposed to the largest if not showing 3 months income at the higher/newer salary.
So as I do not want to borrow a huge amount, my larger, newer income is irrelevant as I am not using that amount to borrow rather a lesser amount. The issue is the actual change of job not break in income.

kingstreet

Are you remaining with the same employer?

We would term this a transfer, rather than a job change, and it makes previous posts redundant.

AH1509

kingstreet wrote: »

Are you remaining with the same employer?

We would term this a transfer, rather than a job change, and it makes previous posts redundant.

Not a direct transfer. I am a teacher so I am changing boroughs but the contract is permanent (no probation period as I am not a NQT) and the start date in in succession of my finish date on my last job so there is not break in pay or wage slips.

As mentioned before the new pay slips will show more money but I dont need to borrow against a higher amount. I dont change jobs until end of Easter holidays so its almost a month and a bit before this change occurs.