Should i inform mortgage lender of my new job since the offer but before completion?

mrm_4

We are currently purchasing a new house, and everything is ready for completion (mortgage offer received, exchanged contracts etc.) but we are just waiting for the builders to finish the house so that we can complete (in approx. 5-6 weeks time).

Since exchanging contracts though i have been offered a new job, which is in the same line of work but with a higher salary. I have accepted this offer, and handed my notice in at my current job which requires me to work 3 months notice.

The question is do i inform the mortgage company that i am changing jobs, or do i just not say anything as i will still be working my notice at my current job on the day of completion?

I am assuming the bank will have already verified employment, salary etc. with my current employer as they have sent us the mortgage offer. But will they contact my employer again before completion?

MortgagePerson

mrm

I would do nothing Lender has obviously taken proof of your income You are going to have a better paid job, so the lender would still lend If you inform the lender of your new position, they "might" want to write to your new employer which could delay completion It would be a different situation if at this stage of the mortgage process an applicant lost his/her job, or income was reduced

Gazumped_2

How did you get on with this in the end?

I am in a similar position, where I may be offered a job before I complete.

I have been advised by my Financial Advisor, who set up the mortgage, that if I changed jobs before completion I would have to notify the lender who may re-credit score me, which would delay matters and may even be rejected.

He is obviously going to be biased, as he will just been keen on my completing to ensure he receives his commission.

Is it the case that as long as I do not start a new job until after the completion date I will be ok?

Do you have to notify a lender of a new job once you have completed and started repaying?

Thanks.

Thrugelmir

Gazumped wrote: »

I have been advised by my Financial Advisor, who set up the mortgage, that if I changed jobs before completion I would have to notify the lender who may re-credit score me, which would delay matters and may even be rejected.

He is obviously going to be biased, as he will just been keen on my completing to ensure he receives his commission.

Why is your FA's advice biased? Seems as if he's given you the facts. Certainly in the knowledge that he may potentially lose his commission.

Gazumped_2

By biased I mean, he will say do not take the job and just make sure the mortgage goes though.

He gains from me completing not from me getting a new job. So he is not going to advise me to take a job which would jeapodise his commision, that is what meant.

beecher2

Gazumped wrote: »

By biased I mean, he will say do not take the job and just make sure the mortgage goes though.

He gains from me completing not from me getting a new job. So he is not going to advise me to take a job which would jeapodise his commision, that is what meant.

That's just silly - he's advising you on what to do if you want to buy the property. Obviously he's going to assume that you want to go ahead with the purchase, and if you do go ahead with the change of job before completion then this will cause problems.

JA1000

At the point of signing the offer the information was correct - just leave it and carry on.

Gazumped_2

This isn't the point. I completely agree with his answer.

The question I am asking, is do I wait until I am in the house before I move jobs?

beecher2

Gazumped wrote: »

This isn't the point. I completely agree with his answer.

The question I am asking, is do I wait until I am in the house before I move jobs?

You've handed your notice in so you need to tell your potential lender this. See what they say.

Gazumped_2

Sorry I am not the OP.

I am only at the interview stage.

beecher2

Gazumped wrote: »

Sorry I am not the OP.

I am only at the interview stage.

Sorry, missed that. If and when you hand your notice in, you'll need to inform your lender if you haven't completed.