Job change after C&G/Lloyds mortgage offer

Squiggly_Diddly

Wondering if anyone has any experience of this - I'm an existing mortgage customer (since 2007), applied for mortgage, valuation done & offer received mid-April. However I am now changing job in 3 weeks' time - same profession (social work), same salary, but a lot less travelling, but will have 6 months probation. I obviously need to advise lender of this and am wondering what the likely impact may be, or if I am going to need to seek a new lender.

Since 2007 (when I was a f/t uni student & working p/t) I have graduated & changed job 4 times (all in the same profession and a relocation & return back to home town was the reason for 2 of the changes). All jobs included 6 months probation - I had literally just completed this when making current mortgage application. No shortage of jobs in this profession either! Adviser in branch commented that my credit rating was really good when dip/application submitted (& it should be as I work hard to keep it that way, having experienced bankruptcy 16 yrs ago with/because of exH).

So I guess the question is - does anyone know if it is likely C&G/Lloyds will withdraw the offer?? I am hoping to reach exchange by end of June (short chain & all offers in place) & complete within a week or so of that, so could all coincide with job change.

Any advice much appreciated, thanks.

Squiggly_Diddly

Also I did mention to the adviser back in Feb when first exploring this I was likely to be changing job in the next 3-4 months and she said it would just be based on current job - but I am worrying!!

Thrugelmir

You need to inform the lender.

I assume the advisor thought that the mortgage would be completed before you actually did change jobs.

kingstreet

You simply disclose to the lender the change in circumstances and the lender decides if it still wishes to lend to you.

As a professional I'd expect them to not have too much of an issue, unless you are trying to get an outside criteria amount or a high loan to value.

sulphate

Husband and I just had a mortgage offer from Lloyds and I was still in my 6 month probation period at my job when we applied (although probation ended 2 weeks later). Mortgage advisor said it was a non-issue because they're happy to lend to people in probation periods as long as it's just the standard probation and not a temporary contract/temp to perm agreement. I'm the breadwinner so we definitely would not have been approved if there had been a problem. Tell your advisor, but I'd be surprised if there was a problem.

Squiggly_Diddly

Thanks for the responses. Yes, I think we both imagined it would have completed by then as I was under offer to FTBs & no chain above my purchase (which is empty) until my buyers couldn't get a mortgage! Then got another offer within a week, new buyers using Santander & it all stopped for several weeks!! They offered on 8 May & survey finally taking place this Wednesday.

It's reassuring to hear that hopefully this won't freak the lender out (too much) as I have visions of having to go & source another mortgage, pay for further valuation, etc. I am having just under 80% LTV but could bring that to a smidgen under 75% if I really had to, and according to calculations 4.36 x income...
Will chat to adviser & keep everything crossed.

Squiggly_Diddly

Adviser not in till Friday - Kingstreet (or anyone else!) do you think the ltv/multiple are likely to be a problem as well?
Sulphate - that sounds promising.
It all feels so near yet so far at the moment...