Contracts exchanged but new job offer

theEnd

zarf2007 wrote: »

seriously, keep quiet. You would definitely lose your deposit and other costs and it is not worth it. they will never know.

This.

As long as you pay the mortgage, they won't know or care.

Thinking about it, I changed jobs a year into my mortgage and haven't told them.

Mr_Goodkat

whysoserious13 wrote: »

Salary difference is +£8000, permanent position but with a 6 month probation period.

What other way could the lender find out? They have confirmed Release of Funds to our solicitors, what else do they do, I dont know?

I wish we had have completed sooner than the 19th now or that I had waited on the job front.

My head is all over the place and will be until we hopefully get the call saying we can get the keys.

If you are not completing until the 19th March I would be very surprised if the lender has released funds to your solicitor already, it seems very early and you will be charged interest from the date that funds are released.


They may never find out you just have to decide if it is worth the risk?


I would speak to the new employer and see if you can delay starting the job with only a weeks notice period you could resign the day after completion on the 20th leave on the 27th and start at the new place on Monday 30th.


Good luck

Mr_Goodkat

theEnd wrote: »

This.

As long as you pay the mortgage, they won't know or care.

Thinking about it, I changed jobs a year into my mortgage and haven't told them.

Before they release the funds they do very much care as their decision to lend has been based on a salary of x where the OP has been employed for Y. Y gives the lender confidence that the OP is in secure employment proved by a decent length of service. The increased salary would be a positive for the lender but the probationary period, the job yet not started and that y = 0 could cause them concerns.


Once you have a mortgage all they care about is that you pay every month and you have no obligation to advise them of a job change during the term of the mortgage. Prior to the mortgage starting though the OP has given a commitment to make them aware of any changes and they do very much care about this.


If told by the OP they could be ok with it and release funds or they could withdraw the mortgage offer. If they find out by other means e.g. the solicitor who the OP has engaged that also represents the lender would be duty bound to inform the lender they would likely take a dimmer view and a withdrawal of the mortgage offer becomes more likely.


It is all about the relative risks of all the options for the OP and for them to make the best decision for them.

surferjo

I've been where you are. I received notice of redundancy right between exchange and completion. I had another job offer two days later so knew we could afford the mortgage. But I also knew that we couldn't afford to lose our deposit etc if the bank withdrew our mortgage offer.
It plagued my conscience so much that I ended up telling the mortgage advisor and they told me not to mention it to anyone else unless I wanted to have my mortgage offer withdrawn, so I didn't and everything worked out fine in the end.
From my experience (four redundancies) I'd say a long term job is just as insecure as a 6 month probation period so why do the banks care so much about it?! But they do...

Thrugelmir

Mr_Goodkat wrote: »

It is all about the relative risks of all the options for the OP and for them to make the best decision for them.

As long as the OP accepts the downside risk. Which is akin to not insuring your house in case of fire in terms of risk. I.E. doesn't happen very often but does happen to someone every day. Then that's the crux of the matter.

Downside is being recorded as having committed application fraud and being registered on the National Hunter database. Which is life changing.

whysoserious13

Quick update.

All went through ok today, we have our new keys.

Next move I will not be looking for a new job however.

amnblog

Can we assume you forgot to tell the Lender?