Changing jobs affect mortgage application?

17May1990

Hello

I'm going through the process of purchasing a property, I've had a mortgage offer that lasts until May.

I'm also thinking of changing jobs (on more money). What are the chances that this could affect my mortgage offer? Also, the chances of the offer being extended if needbe?

Thanks all

Rautavaara

Well, I'm sure they wont mind you earning more money! Although not necessarily, it would at least put you in a better position to pay off your mortgage.

The only thing that might crop up is whether this job has considerable security or not? I'm not sure what employment checks they might do whilst processing the mortgage application, and whether you moving into a new job would mean some sort of re-assessment is necessary. It'd be interesting to know.

shar46y

Would be very interested to know as well. We've applied to "port" our mortgage and are moving city as OH will be taking up a new job. They haven't said it's a problem (yet) but so far the process has taken longer than they initially told us, as they keep asking for additional documents. And with each passing day without a decision I get more and more nervous.

I have scared myself silly reading posts on here saying that lenders won't consider people in new jobs etc - but surely lots of people must move for work reasons?

17May1990

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hazyjo

We've just had our offer extended by 3 months (was a 3 month offer to start with). I don't think they have the same rules for everyone though and it's dealt with on an individual basis. Don't leave it too late as it'll have to be approved by 'higher powers', so you won't get a decision on the day. Took around a week for us to hear, I seem to remember.

No way of knowing if changing jobs will affect your mortgage offer as, again, there are too many factors to take into consideration.

If it's along the same line of work as what you're currently doing, such as teaching or secretarial, that would be less of a risk. If it's contract work, or working alongside a mate, or if you're self employed, obviously that would be more of a risk.

Also might depend on the length of the probationary period, presuming there is one.

Speak with your mortgage provider. Can't really see the point of 'bumping' to hear other people's experiences as it won't give you any more clout when speaking with your mp. Just ask them before you make any decisions. As mentioned, every case if different. Don't think any mp would have standard rules and regs that apply to everyone.

Jx