Changing job after mortgage approval

dslator

We've just had our mortgage offer through the post.

Is it ok to get a new job before exchange of contracts ?

And i f so do I have to tell my lender ?

poppysarah

What does the small print say on your mortgage documents?

Tr1pp

This "offer" is it an offer in principal? or is this a deffinate thing and your due to exchange soon?

If its an offer in principal, when you come to apply for the proper thing it will be a problem, and might prevent you getting a mortgage. If its the latter then contracts have been signed and are ready for the money to be transferred then you should be ok....in theory...as mentioned there may be fine print but how will the banks know about your job.

Yorkie1

The lender can audit the mortgage offer at any point up till completion. Also, I'd have thought it was a disclosable matter for the lender - it impacts on their risk, not least because there's usually a probationary period after starting a new job so there is less job security for that period.

dslator

We have a definite mortgage offer.

Even if I did get this new job I have to work 3 months notice which should take me well over completion date which we hope is the end of October.

kingstreet

Yorkie is correct. There is a duty of disclosure of any and all changes in relevant information between application and completion.

I would delay any change of job until completion takes place or you have a possible withdrawal of mortgage offer to deal with.

ruggedtoast

dslator wrote: »

We have a definite mortgage offer.

Even if I did get this new job I have to work 3 months notice which should take me well over completion date which we hope is the end of October.

If they do another employment status check then your company will have to tell them that you are working your notice and will no longer be employed by them.

Is that likely to happen, probably not. Do you really want to be worrying about it though?

The reason that you're asking here, not asking your lender is because you know it may well be an issue. We cant give you any reassurance that they wont check, or that it wont matter if they do. The probability is that its unlikely.

However, them finding out from a third party that you are changing jobs is going to look ten thousand times worse than them finding out from you.

On a practical matter if you do decide, based on your own understanding of the terms and conditions of the mortgage offer, to go ahead without telling; them I would strongly recommend you exchange and complete on the same day.

You'll need to think of some convincing reason why you want to do this; if your solicitor thinks you are witholding information from the lender they will have to tell them.

dslator

Just rang my lender posing as a new borrower. They told me that if I got a new job before exchange of contracts I would have to inform them and work any probationary period before exchange could take place. So either I need my new job to have no probationary period (or a very short one) or delay handing in my notice until I have exchanged contracts.