Will moving jobs affect mortgage application?

UnderTheLilacTree

Hi everyone,


I'd be grateful for some advice about whether a change of job is likely to affect my mortgage application.


I'm applying for a sole mortgage and have a decision in principle so far, and have completed an online mortgage application with HSBC and am waiting for my telephone appointment later this week.


I'm in full time permanent employment as a teacher, and my current salary has given me a decision in principle for an amount larger than I wish to borrow. However I've handed in my letter of resignation to my current employer to take effect from 1st September, when I'll be starting a new job as a teacher in another school (with a small pay rise). I have an offer letter from my new employer but I'm worried the bank may insist on me working for a period of months in my new job before they'll lend to me? In which case, my house purchase could be delayed 'til December!!?


Does anybody know what the lenders' rules tend to be in this area, or what they will ask my current employer when they do an employer check? Will it come up that I've handed in my notice?


Thanks very much.

Yorkie1

It is a material change so you will have to declare it to the lender. Hopefully someone else will be along to provide an opinion about how much of an impact, if any, it might have on HSBC's position.

What % LTV are you applying for?

UnderTheLilacTree

Thanks for the reply - hoping some others might have some further advice please! My LTV is 80%.

ukbrockest

if you want to complete purchase in the next 3 months, personally I would leave things be!

pd53

I'm in a slightly similar position, so help would be appreciated please...

I handed in my notice as I have a new (and better paid) job. I have just applied for a mortgage (through a broker) with my financee, who has a mortgage on the property she is selling (she is just then moving house).

My previous 3 payslips obviously are from my current employer, and my next payslip will also be from the. My fiancee is also in full time employment.
Whilst I am technically a first time buyer, my finacee has a mortgage, and we are applying together.

Can anyone provide some insight as to whether we will be ok.?

Thanks