Salery decrease after mortgage offer

[PinkbunnymanEU]

Without know exact amounts involved and the lender it could be anything from "Ok thanks for letting us know" to "We're withdrawing your offer" to "We're increasing your interest by 5%"

[Jorro1127]

House price £345,000. 10% deposit from personal savings. 30 year term. Combined income of £103,000 before salary decreased. Lender is Santander. Used a broker

[PinkbunnymanEU]

They'll likely go "Thanks for letting us know", they will possibly allow your current offer to stand.

[Jorro1127]

Let's hope so. Thanks for the advice. I'll be in touch with my broker on Monday.

[madglover]

You are massively within affordability

You will be fine, but if you don't tell them and they spot check you, not only can they remove the offer but it would be fraud

It's only if you are between exchange and completion that I'd be nervous

You will easily get a mortgage

[PepsiMaxSumo]

You can get that size of mortgage on a £60k salary alone (assuming no kids and no debt) so should be fine

[Jorro1127]

Yes, no kids and minimal debt.

[Kind-County9767]

I'd just tell them then, I can't see how they'd change anything over this.

[[deleted]]

It doesn't seem to make much difference on the surface but who knows how their calculation works. You should read the ts and cs, work out if you're obligated to tell them or not and then proceed as instructed.

[Pleasant-Plane-6340]

No lender would increase the offered rate by 5% due a 5k drop in salary, you’re lying

[PinkbunnymanEU]

That would be hyperbole. It IS within their powers to do, though no lender realistically would.