Mortgage Letter Of Offer & New Job...??

gavcee85

Hi All,

I have received a letter of offer from the bank for my mortgage, however I am also changing jobs. Its a job for the same money but its a day-job as opposed to a shift job which I am working now. Do I need to inform the bank of this change of employment, and if so how will it affect my mortgage offer? Any help and advice is appreciated! :T

tink_1983

have you talked to your mortgage broker? will you change jobs before completion?

gavcee85

Yes, I most likely will be.

tink_1983

You would need to wait for one of the mortgage advisors on here to comment, but from the research i have done it has all said not to do anything between offer & completion to jeaposide your offer, dont know how they would find out about a change of job, but if they did they might pull offer?
Are you with a broker that you can ask?

tink_1983

Sorry for incorrect spelling!

gavcee85

I am going through the Ulster bank. I don't want to pass up this job opportunity but at the same time i don't want to affect the mortgage offer. I suppose I could run it past the bank first before changing jobs.

tink_1983

I suppose the concern would be that you will be subject to a probation period and may lose your job? Whereas you are likely longterm employee in your current role?

gavcee85

yeah i have been in my current role for over two years. I will need to go back to the bank before i make any decisions and see what options I have....

kingstreet

You have a duty to disclose any change in your circumstances from the point you apply up to completion. The lender has the right to re-assess its lending decision and it may decide to reduce the amount it wishes to lend, or withdraw any mortgage offer altogether.

Some lenders may require an applicant to be in a job for at least three months before it will consider a mortgage application. Others may wish to see any probationary period completed.

I have no knowledge of Ulster Bank's policy.