Remortgage approved and job hunt

davenottingham

Hi
I have just had a re-mortgage deal approved by a new lender and this deal due to start when my existing deal ends in June 2012
I am also job hunting, and in full time employment.
If I do change jobs between now and the start of my new mortgage deal in June, do I have to declare this as I would be on a probationary period?
Thanks
Dave

kingstreet

Indeed you do. Any change in your circumstances has to be reported to the lender.

I suggest you put off any new employment until after the mortgage completes.

davenottingham

Many thanks kingstreet

Senior_Paper_Monitor

The danger here is a late (potentially just prior completion) emloyer check - uinlikely but certainly not impossible.

The wording in an offer is usually very clear - you must inform us of any change to your circumstances etc.

You don't won't to give in notice, let alone actually change jobs, until after the mortgage completes.

davenottingham

On my remortgage application forms I was asked to state a term over how long I want to pay back the new remortgage deal.
I stated a term my existing lender told me when I completed the remortgage forms about 2 months ago.
Does the new lender abide by what term I stated on my application form, or is the term (like the debt) adjusted to more accurately suit the start date of the new remortagage deal (in a further 2 months time)?

gingeralan

davenottingham wrote: »

On my remortgage application forms I was asked to state a term over how long I want to pay back the new remortgage deal.
I stated a term my existing lender told me when I completed the remortgage forms about 2 months ago.
Does the new lender abide by what term I stated on my application form, or is the term (like the debt) adjusted to more accurately suit the start date of the new remortagage deal (in a further 2 months time)?

Probably best to ring them and check. Hard to say for certain as I think a lot of the time it depends on the admin clerk inputting your data.

The_J

The term you chose starts when the mortgage completes.

davenottingham

I gave the new lender a ring.
What they do is use the Term you have stated on your application forms. So if you want your new remortgage Term to run continuously on from your existing mortgage Term, to start in say 4 months time, I would reduce the Term you state on your forms to incorporate these months. It appears it wont be calculated accurately for you on Completion (like the debt).