Change in circumstance mid mortgage application - should I risk it?

DizBun

Hi guys,

My and my other half are in the process of applying for a mortgage for a new build. We are waiting for the mortgage lender to get back to us and offer us a suitable product on Monday. We should then proceed with the application and they said that they should be able to process the application in 2-3 working days. Properties survey would then follow in the week commencing the 16th of June.

Here comes the tricky bit. The mortgage is applied based on my girlfriend's job and a job that I am going to start in the 30th of June. Now, I have been offered another job that is more lucrative and in an industry that I have always wanted to get in. The catch is that it is only a 4 months contract and I have to let them know if I want the job on Tuesday.:eek:

I know that if I notify my lender my decision to take up this other job, the mortgage application will guaranteed to fail. If we go ahead with the application without telling them about the job change, with a bit of a push, it might be able to process in time before the start of my contract and allow me time to decline the job. However the risk is that if the application overrun and my lender find out that I have backed out of the job, the application will fail and I will lose the admin fee of about £500, which is non-refundable.

My other option is to apply for a new mortgage base on my new four month contract and my girlfriend's job. I have spoken to another mortgage adviser, who is due to notify me tomorrow of any suitable mortgage product. However I am not hopeful about that due to the nature of my short contract.:(

Should I go ahead with the current application and risk having the mortgage lender finding out about my job change:eek:?
Should I cross my fingers and hope that I can get another mortgage?
Or should I back out of the property completely and lose my reservation fee (£500)?

The time is well and truly ticking! Any opinions would be appreciated!!:)

betmunch

You should be be completely honest with your mortgage lender, not informing them of a material change, such as the job you will be doing, will be considered fraud.

Once you have decided you are taking the new job or not you should inform the lender. (or not do anything if your not taking the new job)

Thrugelmir

Four month employment contract isn't the firmest of foundations to finance a 300 month (25 year) mortgage committment.

Personally I would have a long hard think. If the job offer is to good to resist and trial. Then forget the house.

4 months is barely time to settle into any job. What's the contract position after the initial employment period.