Do I have to notify lender about job change before completion?

holly_hobby

Oh, I don't want to worry you, I just want to make sure that there won't be any nasty surprises before you complete.

What worried me was the statement ...

"job change will not affect my application because by the time I start my new job I will have the formal morgage offer "

Yes .. but you won't have completed, and a mortgage offer can be withdrawn at any time pre completion.

The above statement when you really discect it, is not that your change of job and probationary period is acceptable to the UWs, moreover as you'll already have your mge offer (which don't forget is based on your current role), when you take up your new position she is saying the change doesn't matter ....... BUT we know it does. An if the UWs do perform any ad hoc status checks (which can be at any time before completion) and discover your material change ..... I worry what their response will be. Unless you know the clerk did make full file notes re the purpose of your call, and her response, and also has uw experience/authority to essentially advise you that there would be not issue .. as she appears to have done.

As I say left hand/right hand ... and "recorded" calls aren't always "recorded" which you discover when you ask them to listen back, or provide you with a copy or transcript ... !!

Thats my main concern for you, I want the info you've been given to be accurate, you want it to be, we all want you to sail though completion and enjoy your new home without any hiccups .. thats all...

Hope this helps

Holly

missingsummer

Holly, I really appreciate your advice and concerns for me. I called the bank again this morning and this time the person I spoke to has referred my case to underwriters. He said it may be ok or may not..I am expecting to hear from them on Friday.

holly_hobby

You now see what I meant .... !!!

If the UW gives the Ok, then you know you have nothing further to concern yourself about, and you should sail through to completion (mge wise), and as long as there is no other material changes of course !

Hope you can understand why I had the concerns I did, re the call centre adviser you spoke to originally.

As I say, as this is a same or similar role and employment sector, it shouldn't be a huge issue for the UW (indeed if they appear to be a bit twitchy in their response, make sure you emphasise that the employment change, is a mere continuation of role, with the benefit of a higher salary.

Fingers, toes and eyes crossed for Friday .. !!

Don't forget to let us know how you got on ...

Holly x

missingsummer

It seems the bank is happy to lend me after all:)

I spoke to 2 different people on Wednesday and Thursday when I called. The first person I spoke to said that the offer is on its way pending the valuation survey result. When I specifically asked about my job change, she said that the only thing that was holding up my application was the valuation (there was a mix up with the property address which delayed the process even further). I noted her name just in case.

I wasn't convinced so I called again on Thursday and a different person told me that my job change is recorded on their system and put me on hold to check whether a decision has been made on that. She said that the underwriter has approved it (can't remember the exact wording) and he will take a look at the valuation on Friday and if that is ok I should receive a mortgage offer shortly. Again I noted her name.

So I think I am going to be ok! But in the meantime I found a really good broker so I'll keep in touch with him in case things go wrong again (hope not!)

holly_hobby

Thats great news ..... I didn't think it would be a huge issue, and glad to see that the UWs being aware of the change, have formally signed this aspect off too - and you can now rest easy that there won't be any last minute uw issues rearing their head over your job change.

So, that leaves me just to say, good luck for your mge offer ... and to enjoy your new home for many happy yrs !!

Holly xx

FAQ_2

Hi Guys,

MissingSummer apologies to jumping into your thread but I am almost in the similar situation and hope you guys can help & advise. I have got mortgage application approved and soon will be exchanging the contract and i will join my new job before the completion.

After reading this post i called my lender and spoke to two different persons. The first person advised me that they need the new employment contract, but later i called again and other person put me on hold and confirmed with UW that they have no objection and need nothing from me. I also noted the agent's and UW's names. Also, i called back again to double check that the notes have been updated.

Any ideas if i should ask them to provide me something in writing? I am bit concerned and do not want to lose my deposit and get penalties after exchanging the contract.

I highly appreciate your help and advise.

Regards,
FAQ

holly_hobby

If you have checked the UW notes have been updated, and you have the names of both the Agt and UW who signed this off, then I think you're ok to relax - but if you would feel more comfortable in having a hardcopy of their agreement, no harm in asking.

Hope this helps

Holly

* PS - well done on remembering to obtain the names of the Agt, and signing UW - and also ensuring your case notes have been updated, reflecting the notification and their agreeance that the change has no impact on the terms of offer issued *

Conrad

Well any change is supposed to re - trigger the credit scoring, and being new into a job can result in a lot of points being deducted.

Just don't exchange contracts only to then find the offer is withdrawn just prior to completion.

Speaking with my mortgage adviser hat off, some people would simply never mention change of job to a lender but then they run the risk someone from the lender may call the 'old' employer.

Others come clean and make sure they have in wriitng this will have no impact.

holly_hobby

A re-score, may be applied, if the lender actually credit scores in the first place.

If the applicant is remaining permanent employed in the same field, and/or position, there normally isn't an issue ... the issue comes where it is a complete change of career, employment contract, or reduction in salary.

Obviously one would never encourage anyone to withhold material changes, as they run the risk of an ad hoc status check - and withdrawal of offer, due to non-disclosure.

In this case OP, you have been advised that the UW is both aware of and has signed off the material change, to which you have had it confirmed that the UW notes and app have been updated to reflect the change and UW confirmation that the offer remains open.

As such, I wouldn't expect the lender to witdraw the offer pre completion.

Hope this helps

Holly