Can I change job as soon as my mortgage has completed?

bigmac74

I want to relocate and change jobs this year.

I was wondering if the following is possible/allowed (as far as the mortgage providers are concerned).

1. Sell current house thereby releasing equity.
2. move into a Rented property in my current location.
3. Buy a property in the new location (would require new mortgage).
4. Complete on new property
5. Resign from current job.
6. Move into new property
7. Get new job.

In this way I avoide having to rent in the new location for 3 months while I am on a probation period in my new job (which might be quite different / less pay than my current job). Would I be in trouble if I resigned from my job shortly after I took out a new mortgage? Even if they didn't like it could they do anything about it once I had completed on the new property? Is this playing the game or a bit too shadey?

Thanks,
bigmac

ritz55

Can't see what the lender can do if you do this. As long as your in a secure long term job when you complete that's fine.

redpete

If it were me I'd want to get the new job sorted out before resigning from the old one but I don't see what the mortgage company could do to penalise you.

If you didn't manage to sort out a new job and missed mortgage payments I wouldn't expect much sympathy from the lender.

bigmac74

Thanks, that's what I thought - thinking about it I guess the lender would not even know unless I told them.

Idealy I definately would secure a new job before giving up the old one. But with everything else to jugle and a 3 month notice period I'm not counting on this. Intead I intend to make sure I have cash for at least 6 months worth of payments.

meaniegreenie

I remortgage in 2003 in may and as soon as mortgage paperwork and all done i quit my job and moved away, mortgage companies are not worried as long as you carry on paying the mortgage