Contracts exchanged but new job offer

whysoserious13

Exchanged contracts on First time purchase on 27th Feb and have today received an offer for a new job. The completion date is set for 19th of this month and i am due to start new job on 23rd on this month.

Do i need to inform lender of change of employment at all? Salary will be higher but obviously dont want mortgage offer retracted for obvious reasons.

Thanks in advance

kingstreet

If this involves a new job with a new employer, you should inform the lender. If you are being promoted internally, you needn't bother.

If the former, you will need to provide full details of the employer, salary, commencement date and probably a copy of your contract. if there is a probationary period, you may find your lender no longer wishes to lend.

Is there any particular reason you thought it a good idea to apply for a new job and to purchase a property at the same time? I would have sought advice about exchanging contracts before doing so, given what you are saying here.

amnblog

Who is your Lender?

whysoserious13

kingstreet wrote: »

If this involves a new job with a new employer, you should inform the lender. If you are being promoted internally, you needn't bother.

If the former, you will need to provide full details of the employer, salary, commencement date and probably a copy of your contract. if there is a probationary period, you may find your lender no longer wishes to lend.

Is there any particular reason you thought it a good idea to apply for a new job and to purchase a property at the same time? I would have sought advice about exchanging contracts before doing so, given what you are saying here.

I have been applying for a new job for a while now and it just so happens that I have been offered one since we have exchanged, certainly wasnt planned this way.

Surely we would lose our deposit and all fees etc if I contacted lender and they then retracted the offer?

I dont know if we can take that risk.

whysoserious13

amnblog wrote: »

Who is your Lender?

Abbey/Santander.

amnblog

Although any probationary period should not be an issue, Santander do not like to release funds before you start your new job.

whysoserious13

amnblog wrote: »

Although any probationary period should not be an issue, Santander do not like to release funds before you start your new job.

I must stress that I have a verbal offer and no contracts have been signed with new employer, also reference checks and CRB checks etc need to be completed.

There may only be a few days before signing a contract and the release of funds from Santander.

Are you saying I should wait before informing lender?

amnblog

I have not, nor can I comment on what you discuss with your lender.


Speak to your broker.

lee111s

Is it possible to start your new job after completion? After all I'd imagine you need to submit a notice of leave for your current role?

Leon_W

A bit of common sense is needed here.


Nothings signed or sealed so if it were me I'd just roll with it. In your shoes I wouldn't want to risk losing my deposit either.

whysoserious13

lee111s wrote: »

Is it possible to start your new job after completion? After all I'd imagine you need to submit a notice of leave for your current role?

Yes, completion set for 19th March

Job start date is 23rd March