Receiving a mortgage offer is a huge milestone. It feels like the hard part is over.
In reality, you are not finished yet.
Every year, borrowers in Ireland lose their mortgage approval after receiving an offer. Not because of market changes or lender policy shifts, but because of avoidable actions taken between offer and drawdown.
Until the day your loan is drawn down and the keys are in your hand, your lender can still reassess your application.
Here are the five most common mistakes we see that put mortgage offers at risk, and how to avoid them.
This is the biggest mistake, and the most common.
Once your mortgage offer is issued, you should not take out any new credit of any kind. This includes:
Car finance or personal loans
Furniture or appliance finance
Buy now pay later services
Credit card balance increases
Lenders can recheck your credit report and bank statements right up to drawdown. New borrowing can trigger a full reassessment of your affordability.
In some cases, the offer is withdrawn entirely.
Rule of thumb: if it creates a monthly repayment, do not do it.
At this stage, your financial conduct needs to be spotless.
One missed or late payment on a credit card, loan, overdraft or utility bill can raise red flags with the lender. Even if the amount is small, it can be enough to delay or derail the drawdown.
Direct debits should be monitored closely. If anything fails, resolve it immediately and keep records.
Consistency matters more now than at any other point in the process.
Many buyers assume that once approval is granted, savings no longer matter. That is not the case.
Lenders assess repayment capacity using your bank statements, often over a six-month period. If updated statements are requested before drawdown, they expect to see:
Ongoing savings
Stable spending patterns
Sensible money management
A sudden stop in saving can prompt further questions, delays or conditions.
Keep saving right through to drawdown, even if the amount is modest.
Changing jobs is considered a material change in circumstances.
Your mortgage offer is based on your current role, income, contract type and probation status. Accepting a new job, even with a higher salary, can invalidate the approval.
This is particularly important if:
You are moving during probation
You are switching employment type
You are self-employed or contracting
If a new opportunity arises, speak to your broker first. In many cases it can be managed, but timing and structure are critical.
Mortgage offers often come with specific conditions that must be met before drawdown. These can include:
Proof of deposit
Gift letters
Updated payslips or accounts
Property or insurance documents
Delays in supplying paperwork, slow responses or incomplete documents can cause serious problems, especially when closing dates are tight.
In worst-case scenarios, the sale can fall through.
Organisation and responsiveness matter just as much as affordability at this stage.
A mortgage offer is not a guarantee. It is a conditional approval that must be protected.
The period between offer and drawdown is where many buyers unknowingly undo months of careful preparation.
If you are unsure whether a decision could affect your mortgage, ask first. A short conversation can prevent a costly mistake.
If you are starting your mortgage journey or waiting on drawdown, we are happy to guide you through what to do and what to avoid.