Please help.....job offer before completion

InhaleMood

Hi everyone,
I'm going crazy about this and wonder if someone can help.
I am in the middle of selling my flat and buying a house.
The sale has been delayed because no-one can find the building regulations certificate.
The purchase, no idea what the delay is. My solicitor won't give me any answers, just that they are waiting on answers to enquiries.
But, what I am stressing about:
The plan was to commute into london from essex. However, a job just came up and I have been offered it, 10 mins from my home. It is slightly less money, but not have to pay for the commute means I will be better off overall.
But, how will this affect my mortgage?!
I am really worrying, in tears and I just don't know what to do.
Will it mean I lose my mortgage?!

DRP

I changed jobs after my mortgage application and exchange / completion took ages because of a big delay in the valuation and building regs issues like the OP...

I didn;t tell the mortgage company about the job change ... but luckily it seems no additional checks were performed between my offer and the completion date (I had taken a significant pay cut and other circumstances meant i probably wouldn't have been eligible if i'd let them know).


Just anecdotal, but it seems that once the offer is given, no more checks are made...

ethank

DRP: You mortgage offer would have stated that you need to make the lender aware of any significant changes to your income/work. Whilst in your case no checks were made, if the lender were ever to find out, you could be prosecuted for mortgage fraud - sentencing guidelines 21 months to 10 years! Never hide the truth from a lender.

DRP

ethank wrote: »

DRP: You mortgage offer would have stated that you need to make the lender aware of any significant changes to your income/work. Whilst in your case no checks were made, if the lender were ever to find out, you could be prosecuted for mortgage fraud - sentencing guidelines 21 months to 10 years! Never hide the truth from a lender.

Yes i know this. My post was definitely not recommending anyone else to do the same.

I decided to risk it and despite knowing we are perfectly capable of paying the new mortgage, the thought that the lender could check again with my ex-employer definitely led to some nervous moments before completion

The house move should have happened way before the job came up, but the problem was the delay in the valuation which complicated things. The irony is that as soon as you move you can do whatever you want as long as you pay your mortgage (which is what we will continue to do).

ValHaller

tanyasharma wrote: »

I am really worrying, in tears and I just don't know what to do.

It is general best to let the tears flow and not rub your eyes. Use tissues gently.

InhaleMood

Hmm, still not sure what I should do. I guess if I ask my solicitors advice they are obliged to tell me to inform my mortgage company?

Talc1234

tanyasharma wrote: »

Hmm, still not sure what I should do. I guess if I ask my solicitors advice they are obliged to tell me to inform my mortgage company?

They also represent your mortgage company and will be obliged to tell them

InhaleMood

Ok. Well i haven't definitely decided if I'll accept it. If it means I lose my mortgage and house I'm going to have to make a tough decision.
I guess the best step would be to speak to Santander and explain the situation and ask them to run the affordability calculator again?

Grimbal

we're in the process of selling up & buying in a different area. Like you, hubby had initially planned on commuting until after completion, but has had an offer of a job too good to turn down.

We called up our lender (HSBC - notorious for their stringency) & they were fine & said that it wouldn't make a difference to their decision. Perhaps call your lender, find out whether they would need to review their lending decision IF you changed jobs, then you have all the facts to decide on whether you go for the new position or not

InhaleMood

Thanks Grimbal, I think that is the best option!

Errata

Talc1234 wrote: »

They also represent your mortgage company and will be obliged to tell them

Surely that's a conflict of interest? How can a solicitor represent two different clients during a legal process one of them, the purchaser, has instructed them to carry out and will be paying for?