Changing jobs in the middle of getting my first mortgage?

valten

Hi guys,

Right I’ve currently got a mortgage application going through. The agreement in principle is all done and my credit check is clean.

I’ve also just been invited to attend a job interview next week. Money wise it’s an improvement of several thousand pounds a year over my current job and would be a very good career move for me.

However I’m worried what a change in job may have on my application. Affordability won’t be an issue as I am borrowing less than 3x my current salary and this new job would give me a very nice increase on that, but I would be entering a probationary period which I know can be frowned upon by lenders. Also my application is based on payslips from my current job.

Of course this is still all theory as I haven’t even gone to the interview yet but what affect might it have if I got the job?

firstaspect

Could you perhaps get the start date of the new job (should you get it) to be after you've completed on your house purchase? Would make things easier all round. Otherwise you would be obliged to tell the mortgage lender who may or may not change their mind on if they wish to lend.

valten

Not sure but I doubt it, from what I have been told by the recruitment guy this is a very urgent post and they would want the successful application to start as soon as possible.

I'll attend the interview and examine my options should I be offered the job. No point worrying about it before I've even got it!

nancyo

As long as it is another permanent contract there shouldnt be a problem

herbiesjp

It will need to be disclosed as a material change in your application.

Whether or not it affects your application will depend on your lender, and its lending criteria i.e if you would need to complete your probation period (if there is any).

PvyBaldrick

I'm in a similar boat. I'm due to exchange/complete on a mortgage in 2-3 weeks time & have also the opportunity of a new role I really want to go for. The new firm want me to start ASAP.

Hypothetically if I give my notice in today I would (almost certainly but not 100% sure) exchange & complete before I take up the new role.

Any advice on whether I need to tell the lender? (Salary for new role is similar/little bit more)

[My quandary is do I try to delay giving in my notice till after the move, but at the same time risk the new role????]

Senior_Paper_Monitor

.... and if they take an employer's reference (which can happen at any stage in the process) ???

The only sensible (and legal) route is to tell the lender - who may or may not accept it (but frankly few will).