Changing jobs before completion

jennielouises

My husband and I exchanged contracts on a help to buy new build on the 18th August. Unfortunately the building has been delayed and we aren't likely to move in until at least January.

Last month my job role changed. I am still with the same company, earning the same money but they got rid of some staff and rather than being the team leader of the reception team, I am mostly just doing reception.

My question is, would it be a bad thing if I changed jobs before completing?

Also, our mortgage offer expires on the 14th January and we don't know yet if we will be able to complete before then. This means we are likely to be asking for an extension or applying for a new mortgage. Would changing jobs cause problems with this? Even if I was in continuous employment just with another company?

amnblog

Without knowing the case we cannot judge how it would effect your application.

I can tell you that you should make your lender aware of any changes to your employment or income.

kev.s

this happened to me on my 2nd property, i was actually made redundant at the time the application was completed, i never told lender "should have though" but as i'd sold my house i thought i'd wing it, worked out fine, application approved/funds transferred/ new job 2weeks later.... would not advise this though, even if just to avoid the stress.

afly

You'd need to tell the bank of the change and they have every right to remove the offer and re-asses. Seems like a lot of hassle to me

Can you get an extension to the mortgage offer? A friend of mine tried recently and the they flat-out, point blank refused, so check the t&c's on that

Wh05apk

You should advise your lender of any "material change" after application and before completion, provided you are still with the same company, on the same income and your job title has not changed,that should be fine, however if you are changing jobs then your lender should be told, some lender are fine provided affordability still fits and you have a job offer some will require you to have started/have a payslip or even be out of the probationary period, I would be guided by your broker on this, as to the approach the lender will take, then decide whether to delay moving jobs.

With regards the offer date, most lenders will extend for a few weeks where completion has been delayed.