Quitting job before completion?

graeme120

Hi People i have been wondering does anyone know if it would effect anything if i quit my job before i complete on a house purchase? Is there any final checks an underwriter does before they release the mortgage funds?
I have a mortgage agreement and am waiting until the 27th of Sept to complete

martinsurrey

your mortgage application and offer will state that you MUST inform the lender about any material changes in circumstances before completion.

so quit and dont tell them and its mortgage fraud.

will you get caught? who knows, but if you did the house could be pulled from under you.

McKneff

If you quit your job, how are you going to manage mortgage payments.

Are you still on the sick,?

hamster2013

McKneff wrote: »

If you quit your job, how are you going to manage mortgage payments.

Are you still on the sick,?

i dont think he meant quit his job and sit at home
but most likely change jobs - which means he will be in probation period which would be a 'no no' for any lender

I was in same situation as you and decided to stick it up for another 2 months with my current employer - until the house sale completed.

graeme120

I will be looking for another job but i do have savings which can tie me over until i find a new job if needed, i just don't want them to find out somehow and then pull the plug on the mortgage offer, i think i read somewhere they do employment checks before they release the funds, im not on the sick anymore.

McKneff

So he did actually mean quit his job without finding another before he does.

It could be months before you find another job. Literally, what happens when you run out of money

keith1950

Hi, I have known of a couple of cases where a follow up credit check was done the day before completion and the mortgages withdrawn but I don't know what else they re-check !!

Goldiegirl

Realistically, they'd probably never know if you quit your job..... Once a mortgage is offered, they don't go round ringing employers to find out if the applicant is still working there - they just don't have to time to micro manage offered applications in that way.

BUT, you should tell them of any changes in your circumstances, so the onus is on you to tell them.

If you didn't tell them, and they did happen to find out, that offer could be withdrawn in the blink of an eye, leaving you in a very difficult position if your'd exchanged contracts.

Why not wait until you complete, then you can jack your job in if you like. As long as you make the payments, you are free to do what you want at that stage.

ruggedtoast

Not worth the risk imo.

jk0

graeme120 wrote: »

Hi People i have been wondering does anyone know if it would effect anything if i quit my job before i complete on a house purchase? Is there any final checks an underwriter does before they release the mortgage funds?
I have a mortgage agreement and am waiting until the 27th of Sept to complete

Can you imagine the interview at the benefits office?

'Hello Graeme, I understand you wish us to pay your mortgage interest for a house you bought after quitting your job?'