Mortgage advice

Woohoo2013

Hi please can I have you advice.

We have a mortgage offer in place and have exchanged contracts we are due to complete on the 31st may 2013.


Our mortgage is with RBS mortgages.


I now have been offered a new job on Friday and I want to take it but this means I have to hand my notice in with my current employer which got the mortgage approved with.


Does anyone know if the mortgage companies call employers after exchange of contracts or on the day on completion to make sure you are still employed by the company or should I be ok to hand my notice now.


Many thanks

hamster2013

I do not think mortgage companies call employers.
they would have asked you a reference letter from employer before giving the offer - if that stage is all complete, and you are now waiting to complete, there should be not much issues.

however, you are risking 10% of the purchase price if something does go wrong - assess if its worth it.
If you can ask the new employer that you start 3 weeks later - depending on how long your notice period is, could be acceptable

also, have you got the official job offer in your hand or just a phone conversation as of now? that can help you get some time.
finally, ask your seller if you can complete beforehand - maybe offer him £500 cash or some other incentive.... normally completion dates are 31st May or before.... bank would need 5 day notice to release funds.

Goldiegirl

Woohoo2013 wrote: »

I now have been offered a new job on Friday and I want to take it but this means I have to hand my notice in with my current employer which got the mortgage approved with.


Does anyone know if the mortgage companies call employers after exchange of contracts or on the day on completion to make sure you are still employed by the company or should I be ok to hand my notice now.


Many thanks

It is not something that is routinely done. Generally once an offer is made, that's it as far as the lender is concerned.

However, there'd still be a slight risk. For example, if you needed an amended offer, which meant that the application had to be re-underwritten, and as a result of re-underwriting they decided they needed an employers reference.

That's an unlikely scenario, but it's something to bear in mind