Resigning between exchange and completion

HKS1

Hi all.

We have had an offer accepted on a house and should exchange tomorrow (fingers crossed)

The issue is that it has taken longer than we expected to get to this point.

My wife currently has two jobs which she is struggling to maintain.

The principle job pays more, however the second job is her passion and is more of an evening hobby which she is lucky enough to get paid for. After we started the process of applying for our mortgage it became apparent that she could quit her main job and has an offer of a full time role at the secondary job (rather than just evenings at the moment).

Because of the way in which our mortgage provider calculates affordability I think that the calculation should be more or less unchanged. At present they only count half of the income from her second job. If she lost her primary income but the secondary income was both increased and recognised in full the affordability calculation should be broadly unchanged.

She won't have any probation period.

She is now coming under extreme pressure in her primary job and wants to quit ASAP. If she does this between exchange an completion is this going to cause us a problem? Do we need to tell the Bank? Will they ever find out if we don't?

Thanks in advance and sorry that this is a bit of a ramble - I'm really quite stressed.

We hope to exchange tomorrow with completion roughly 3 weeks later (unfortunately our chain can't complete earlier).

HKS1

[Deleted User]

How long is her notice period? Ending her employment before completion might not even be an option.

princeofpounds

Just don't do it. It's only three weeks. Why give yourself even the potential of having a mortgage offer withdrawn or modified between exchange and completion?

She can even go on sick leave for a part of it if necessary.

HKS1

Her notice period is a month.

I also suspect that when she resigns they may not enforce her notice period as she is working on a big project which has only just started.

She is taking a week or so's holiday but is REALLY stressed out to the point that I am worried about her health.

My gut says that she doesn't have long to hang on in there, however does the solicitor/mortgage provider check employment again before completion? They already have 3 months payslips for all jobs (mine and her 2).

Thanks all.

HKS1

I should also say that although she would still be employed - if a last minute employment check was done before completion - presumably her employer saying that she was working her notice would be an issue.

Can the mortgage offer be withdrawn between exchange and completion?

It seems very harsh if so given the financial penalties if you are then unable to complete.

princeofpounds

My gut says that she doesn't have long to hang on in there, however does the solicitor/mortgage provider check employment again before completion? They already have 3 months payslips for all jobs (mine and her 2).

You will be required to inform them of any changes. They may well not check again, but they can.

One week of holiday, one week of sick leave split into 2 segments to avoid the probable need for a doctor's note for 3+ consecutive days off.

Or if you think this is having an effect on her health a doctor may well sign her off for a period.

princeofpounds

Can the mortgage offer be withdrawn between exchange and completion?

It seems very harsh if so given the financial penalties if you are then unable to complete.

The short version is yes, it can.

ConfusedofYorkshire

I doubt they'd check but it seems a bit risky. They've never called my employer- just asked for payslips

FTB129

Don't risk it if its only a few weeks.

I had another credit check between exchange and completion from Halifax (on my expeiran file) so who knows what else they might have checked.

getmore4less

Can she push back at work in the main job, it's not going to be career limiting if the plan is to leave.

No extra hours, become very busy with the house move, need more holiday time to pack etc.

HKS1

Thanks everyone.

I think she's just going to need to tough it out as it is just too risky. This is going to mean that she has to stop caring how well she does her job - which she will find very very difficult.

I'll have a chat with her tonight about the potential for calling in sick.

If we don't exchange tomorrow all hell is going to break loose.

Thanks for all you help, it is very much appreciated.