Mortgage Process and Change of Job

pdarc

Hi:

I have done some reading on this topic but was hoping for some advice on my specific scenario.

I am in the process of moving home with my wife.
We have had an offer accepted on a property and have made an application to a lender. They have agreed in principle and have sent us the mortgage application forms to sign and return which we have done just the other day.

Our credit record is in good shape, we have lines of credit such as a credit card, always paid in full each month, all other commitments (phone, utilities etc) paid on time/no defaults.

No other loans or mortgages.

LTV will be 50%.

The tricky bit is my employment:

I had a job for 6 years, which I left in 2012 to take a few months to enjoy myself and do some freelance work. I then returned to employment in 2013 and have been at my current employment for just under 6 months.
Employment is the same role as before, slightly better pay.

This all seemed to be fine when we called and got our MIP, I am expecting the application will go through ok.

I think I am about to get an offer to work elsewhere to do the same role, the salary will be about the same, but the overall package is better (commission,stock, etc). This new company also fits me better as a person, their culture, vision etc. I would ordinarily be very keen to take the offer.

My wife does not work as she is a student for one more year.

I'm concerned that if I do make the switch, that I will have to tell my lender and they will retract their offer.

We really want this property so I might consider declining the job offer as they won't wait a few months for me.

I guess my question is how a lender would react if I were to accept the role, and notify them that I am handing in my notice at my current employer?

Any advice would be appreciated.

Thanks all.

kingstreet

You'll be re-credit scored and with only a short time in your current job could be badly affected by a change.

The lender will want to know if permanent from day one, or subject to probation. Some will withdraw offer if probation, until confirmed permanent. Some lenders are happy to accept those starting a nee job and will work from an offer and a start date. They also accept probationary periods.

It depends on your lender. I suggest you ask them.