Will changing jobs complicate mortgage offer?

DRP

We are selling our house and buying a new property. We have a mortgage (~16 years left) with some equity and the LTV on the new house will be about 49% (135k deposit). We are staying with the same lender and ported mortgage will be ~75% of the total loan required.

We have an AIP and I am just about to proceed with the second stage of the mortgage application (where i presume they contact my employer etc) but I have also just given 2 months notice on my current job. There will be reduction in wages as I am re-training, but online calculators tell the new wage is just about enough for the loan.

Qs/

1. Does changing jobs during the process complicate matters (6 months probation etc)?
2. Do i even need to tell the lender? In all likelihood the mortgage will be in place before I move job.

Any comments, shared experiences would be appreciated.

xyellowx

1 yes
2 yes or its fraud

dawyldthing

I still got my mortgage when I was in probation, this was with the halifax, so it might be possible. Does depend what there calculators say though if they think you can afford it based on your incomings and outgoings

amnblog

How tricky this will be will depend on the lender involved and the actual figures.

Let_Us_See

Check the relevant application form to see how the employment questions are phrased. If they don't ask, then it is not compulsory to volunteer information.

Goldiegirl

dawyldthing wrote: »

I still got my mortgage when I was in probation, this was with the halifax, so it might be possible. Does depend what there calculators say though if they think you can afford it based on your incomings and outgoings

Did they know about the probationary period? They never used to lend while someone was still in their probationary period, unless the employer confirmed in writing that the employee had definately passed the probationary period

Thrugelmir

Let_Us_See wrote: »

If they don't ask, then it is not compulsory to volunteer information.

Foolish to make a false declaration. The ongoing consequences if detected simply aren't worth the risk. The whole basis of financial transactions is based on trust.

DRP

xyellowx wrote: »

1 yes
2 yes or its fraud

Why is it fraud?

At the time of application my job is as described ... 2 months later I have a different job.

At the moment I intend to go through the process with them and I will give the information if they ask.

DRP

dawyldthing wrote: »

I still got my mortgage when I was in probation, this was with the halifax, so it might be possible. Does depend what there calculators say though if they think you can afford it based on your incomings and outgoings

Yes there will be 6 months probation. The calculators tell me I can afford the loan.

holly_hobby

Apparently Halifax now advise to key it as probationary, but if the applicants satisfactorily pass the credit score on DIP/full app, the app will proceed as normal. (surprised me, as generally on probationary periods, unless in a similar/promoted position in the same industry, lenders generally won't entertain until the PP has sucessfully expired).

H x

Yorkie1

DRP wrote: »

Why is it fraud?

At the time of application my job is as described ... 2 months later I have a different job.

At the moment I intend to go through the process with them and I will give the information if they ask.

Financial applications are based on the utmost good faith. You promise in the application to provide any relevant changes in circumstances. This change in circumstances happens before the lender makes its final decision to grant the loan.