Mortgage offer / hand in notice at work dilemma!

giggsy07

Morning all,

We are in the process of buying our first house as FTB's and we have had our mortgage offer through earlier this week. Likely completion will be near end of Sept on the basis of a preferred date from the seller.

My dilemma is that I have been offered another job at a competitor which I have verbally accepted, however I am wary about handing in my notice (which is 8 weeks anyway and would likely to have to work).

Anybody had a similar issue or know what the best advice is?

P.s. It is a full offer and not just AIP.

Many thanks in advance

harvey115

I would suggest you do the following:

- Get a written offer from your new employer
- Check with your Lender if they are happy with you changing job, tell them that you have the offer letter in your hands
- If lender is happy, write in a notice to your current employer, otherwise ask your new employer to wait for a little while until you get the mortgage.

Make sure that you do not change your job between Mortgage offer and completion. This is to avoid any further underwriting issues. Of course if the underwriter confirms they do not have any objections with your job moves. You should be fine moving any time.

Best of luck

getmore4less

- Get a written unconditional offer from your new employer

giggsy07

I do have a written unconditional offer. Just need to sign and return. I am not concerned about the new job role, more about the issue with timing and ensuring the lender don't retract their offer on the basis of my handing in my notice.

harvey115

Take your offer to the lender and discuss your case with the underwriter.

If the underwriter says no problem go ahead, request for a confirmation in writing if possible.

I do not see the underwriter having any issues with this given that you already hold a new offer and that you are leaving your current employer on your conditions.

holly_hobby

Hi there,

There has been an almost idential thread in recent days, which I've and others have commented on.

Issues with changing jobs between offer and completion, are problematic where the new position is subject to a probationary period, is not in the same line of work and/or a similar position, or there is a drop to basic salary. (ie you go from entirely salaried to an OTE situation - lower basic & commission - even if the OTE of your new role is higher than the salary you're leaving).

If however you are remaining in the same field/position (same or increased salary), no probation period, you should find the UWs are more likely to be happy to amend the application details, but leave the offer in place.

The temptation may be to leave the lender out the loop, however beware that UWs do make ad hoc status checks right upto completion, and if you have changed positions which is subsequently revealled by such a check, the offer will be revoked for non-disclosure.

Ensure once you have submitted the info, and had UW sign off, that you obtain confirmation that your file has been duly updated, and if possible obtain the name of the validating UW - just something for you to refer to if needed at a later stage.

Hope this helps .... good luck with your new job and house move !

Holly x

kaylz39

Hi there,

I would strongly advise you to sit still and draw this out for as long as possible. I was in a very similar position last year and even had my signed contract in my hand but had so many problems. Most positions have a 12 week probationary period in which unfortunately you could be let go at any point.

Our mortgage lender wasn't comfortable with this so we had to pull out.

getmore4less

All new jobs come with a 24 month "probation" period relating to job security.

An employment contract can overides this statutory situation with company disiplinary processes.

Contractual "probations" periods are only neaningfull if there are changes in the T&C at some point.

If mortgage companies are only looking at probation clauses they are looking at the wrong part of the employment contracts, the key is the company disiplinary process that overides the statutory situation that can terminate without reason for 2 years.