Change of job during mortgage application - help!

xxxhedges1

Absolutely, I realise this. I haven't accepted the job, but would like to. If I don't accept the job, I may lose it, but don't want to lose the flat too.

I suppose my question is, how likely is the lender to accept the new job given that it is in the same industry with the same job title, but with a higher salary? I will turn down the job if it's unlikely, but it seems a shame!

holly_hobby

hedges1 wrote: »

I suppose my question is, how likely is the lender to accept the new job given that it is in the same industry with the same job title, but with a higher salary? I will turn down the job if it's unlikely, but it seems a shame!

Finger in the wind time I'm afraid ..

But, I will say that on past experience its not a TOTAL deal breaker (subject to as I say any probationary period etc. etc), BUT Im not the uw assessing your case, and only they can tell you whether they will be happy to proceed (based on the other details of your applicaton), so its to them you must refer - again, try to illustrate to them how the change in employment won't increase their risk exposure which is the key to getting it through ....

Hope this helps

Holly

xxxhedges1

Okay, thanks. I'm guessing in my position you would turn the job down then, as it sounds likely they would retract the offer.

holly_hobby

Not at all, it all depends on what the basics of the job are (eg its not temporary or a contract), basic salary is still sufficient to support mge reqd, any probationary period etc .... and ultimately it depends on the UW.

With the OP, you can see that this was the position he was in, the UW ok'd the change (subject to payslip etc), his issue was that he took a role with a completely different employer instead, but DID not disclose this until essentially he was forced to (through the payslip requirement), quite rightly the lender has viewed this as non-disclosure and decided they don't want to take a chance on other concealled info that may be about .

However, as we stand the job offer is currently only verbal, before we get our knickers in a knot why not ask them to provide a formal written offer, inc full runeration details, any probationary period etc, etc.....

Then you can decide what your options are, if you want to take it and how you want to address the lender ... but as I say, please dont leave your employer and start this new role, and exchange without running it past the lender ... Im not trying to frighten you, but advising this to try and avoid you losing your pennies, heartache and the fallout, if the offer is withdraw following any ad hoc UW checks.

Hope this helps

H x

xxxhedges1

Very helpful, yes thank you. Will wait until the formal offer is made.

holly_hobby

Good luck, come back if you need it x

xxxhedges1

Oh, and Lender is Principality by the way.

newmortgage

Further Update.

I made an appeal against the lenders decision to cancel my mortgage application and to my surprise they have accepted my appeal and reinstated my mortgage application. All I need to do now is send them my payslip for Jan and corresponding bank statement showing salary credit from my new employer. All being okay - they have told me it will go to final offer.

Light at the end of the tunnel...hopefully!

xxxhedges1

That's brilliant news. Good luck and keep us posted, I hope it all goes through for you.