Changing job during the mortgage process?

sarah3585

I applied for a mortgage while at a previous job I am now at a job where we are moving too but I took a slight pay decrease, but I won't have to travel so I will have more money in my pocket. but technically I'm not earning the amount that the mortgage loan was calculated on.

Now we are near completion I have been asked by the solicitor to confirm all details I gave to the lender were correct at the time of applying and now. So now I'm panicking.

I was told by a friend who use to be a telephone mortgage advisor that it's all done on current circumstances, but if that's so why has the solicitor asked if this information is still correct.

Any help would be great. I feel sick thinking I might lose this place and don't want to bring the point up with my lender or solicitor yet.

herbiesjp

You have to notify the lender of any material changes - a job change is important especially if the salary has decreased as well.

What is the purchase? What is the deposit?

What incomes are being taken into account?

joess

We've just completed a new mortgage and it was based on affordability rather than earnings.

Can you not just submit old payslips?

herbiesjp

joess wrote: »

We've just completed a new mortgage and it was based on affordability rather than earnings.

Can you not just submit old payslips?

That's a good idea... NOT!

What if they ask for the latest payslip!
What if they ask for a bank statement to verify the income going into the account!
What if they call the employer!

The OP has to give accurate an up to date information - anything else would be fraud.

sarah3585

I submitted payslips when I was at my old job.

I have my mortgage offer from them.

Property is 116,00 deposit 23,500 lending us 92,500. That was near to the full amount we could borrow. My wage has dropped 1 grand since that offer was made.

herbiesjp

Who is the lender? And what is the actual income figure?

sarah3585

Nationwide.

I earn 17k now was on 18k when the original offer was made to us.

My boyfriends is unchanged at 5k something.

TMSL

They will lend 4.1 times your joint incomes

herbiesjp

Nationwide have that set figure - so no leeway.

Have you taken all income into account?

Make sure you have got BF's accurate income figure otherwise you will be short on the mortgage. Only other option is to increase the deposit slightly, or go for a different lender.

sarah3585

I have just used their calculator and we can now borrow £88,719.

So the mortgage offer is not based on current circumstance of when you applied?

herbiesjp

They are - but if things change, you have to let them know