Mortgage agreed then change job?

nubz

As the title states, if the mortgage is agreed, is it ok to look for a new job? what are the possibilities that the mortgage lender would retract the offer? I heard that usually they don't care once they have agreed... how true is that?

Is it ok to find a new job, so long as you find one before the first repayment is due?

Yorkie1

If you have an impending job change, you are under a duty to disclose it to the lender. It could impact their decision whether to lend at all.

It is generally suggested on here that you should avoid accepting any job changes until after you have completed.

Thrugelmir

Prior to completion of the mortgage, The onus is on you to advise the lender of a change in circumstances. Read the declaration you sign at the bottom of the application form.

nubz

thanks... my main concern is that the current company may start getting rid of staff, so trying to seek a new job before this might happen to me - and getting the mortgage secured is a priority too.

Yorkie1

If you are put under formal redundancy risk, you will have to declare this to the lender too.

Is now really a good idea to be thinking about committing yourself to a mortgage, if your employment future is as risky as you appear to describe?