Can I give notice to my Employer?

FirstTimeBuyer2013_2

Hi..Please help..I am looking to buy a property. Got my house offer accepted and lender survey completed. ie., mortgage process in place.
Now starts the story..I read on the internet that lenders would normally look for employment of 1 year or more. I am a permanent employee working with my current employer for 2 years. Now, I got an employment offer which is 15k more.

While my mortgage application is in process, and me on a 3 months employment notice period, Can I give notice to my employer. I have already received my new offer with +15k salary.

If it is risky, when is the best time to give the notice? After getting a mortgage offer?

Thanks,
confused

holly_hobby

You could give notice, but I wouldn't actually leave and start your new job until after you have completed (just in case the lender wants to ride out any probationary period, although some providers if the role is the same industry or a promotion, will be happy to proceed).

Apart from sounding this out with them (and if you want to be on safe side), as this is a material change to the original application and the details upon which the mge offer will have been based, your change in employment should be declared if occuring before completion, which may result in withdrawal of the offer re any probation period as I say .... so I'd be tempted to sit tight if possible.

Hope this helps

Holly x

FirstTimeBuyer2013_2

Many thanks Holly..I am moving into the same position & sector. Only change would be best employer & Salary. However, my current notice period is 3 months. So, cant leave my current employment before 3 months. The offer is only valid for few days & I got to give a notice to my current employer before then.

My only concern is, what if the lender calls my current employer?

Best..

holly_hobby wrote: »

You could give notice, but I wouldn't actually leave and start your new job until after you have completed (just in case the lender wants to ride out any probationary period, although some providers if the role is the same industry or a promotion, will be happy to proceed).

Apart from sounding this out with them (and if you want to be on safe side), as this is a material change to the original application and the details upon which the mge offer will have been based, your change in employment should be declared if occuring before completion, which may result in withdrawal of the offer re any probation period as I say .... so I'd be tempted to sit tight if possible.

Hope this helps

Holly x

holly_hobby

Mge offers are generally valid for 6 mths.

Setting that aside, until you actually leave, your employment circs haven't actually changed, as you could at any point before your scheduled leaving date, withdraw your resignation and remain where you are.

If same sector, but improved salary and position, its likely that the lender would be happy to work with the PP, my comments are based on not knowing whom they are, what your LTV etc, and erring on the side of caution re trying to avoid offer withdrawal.

Hope this helps

Holly

FirstTimeBuyer2013_2

It really helps..Thanks Holly..Makes sense to me..BTW, lending with Halifax on 90% LTV

holly_hobby

Halifax will look at probationary periods, but it will depend on the case as a whole.

As it stands, you aren't in a new job or on a probationary period yet ....

As I say, nothings changed about your employment situation ... just yet .... if of course you did start a new job before you complete, than I have to advise you that this should of course be disclosed.

Hope this helps

Holly

LittleVoice

holly_hobby wrote: »

Mge offers are generally valid for 6 mths.

Setting that aside, until you actually leave, your employment circs haven't actually changed, as you could at any point before your scheduled leaving date, withdraw your resignation and remain where you are.

If same sector, but improved salary and position, its likely that the lender would be happy to work with the PP, my comments are based on not knowing whom they are, what your LTV etc, and erring on the side of caution re trying to avoid offer withdrawal.

Hope this helps

Holly

Rather dangerous to think that one can withdraw a resignation and stay with an employer.

Once delivered, a resignation can only be effectively withdrawn if the employer agrees. If they have advertised for a replacement, and particularly if they have found someone suitable, they may well not want to accept a retraction.

If one could withdraw a resignation and force an employer to accept that withdrawal, notice periods would be pointless. You could give 3 months notice and then retract it half way through month 3 and carry on like that indefinitely!

holly_hobby

Maybe, but thats not to say the employer would refuse to agree to the withdrawal ..... should the situation arise of course.

Holly