Job Change when i have a mortgage in principal

Chevy_Face

Hi - Hopefully someone can shed some light on this.

My Partner and I have found a house we're happy with and want put an offer in . We have a mortgage in principal & both in permanent full time employment.
Last week i accepted a new job - it's in the same field i work in, but better prospects, better security - initial pay is £1000 less per year to start with.

I haven't put my notice in yet - my notice period is 3 months. My issue is, that if mortgage application gets approved before the 3 months notice period is up would i need to tell the lender? Would telling a lender about my situation stop me from getting the mortgage?

Any advice would be much appriciated.

Cheers,
Rik

Yorkie1

A DIP is only an indication of what that lender would lend you.

At the point you have an offer accepted on a house you then apply formally for a mortgage offer. This can either be with the lender you got a DIP from, or another lender.

The change in employer / job / salary is a material change in the information previously provided and you are under an obligation to disclose it so that the lender can review its position. This obligation continues until you have completed.

Chevy_Face

Thanks for the advice. But what i want to know is if we go ahead with the lender with my current DIP, and i take the new job offer - i currently have a 3 month notice period. If the mortgage got completed in that time, then i wouldn't need to mention this? I think i'll have to speak with the lender as it's a bit of a unusual situation, Just the idea of having now lender saying that we now can't be accepted due to me changing jobs and being in a probationary period isn't that great - kind of wanted to avoid that and want to try to get it all sorted in the 3 month notice period i'm in.

Contemptuous

You would need to make the lender aware of the imminent change in circumstances.

Chevy_Face

Thanks for your advise guys - Prob best i'll talk to the lender.

Thrugelmir

Chevy_Face wrote: »

But what i want to know is if we go ahead with the lender with my current DIP,

Have you made a full mortgage application yet.

Chevy_Face

No, haven't made the full application yet. My initial thoughts where to go ahead with the full mortgage application as i haven't put my 3 months notice in yet, and hopefully get everything completed within that 3 month period before my job changes.

.......i think i might be pushing it a bit!

Thrugelmir

Chevy_Face wrote: »

No, haven't made the full application yet. My initial thoughts where to go ahead with the full mortgage application as i haven't put my 3 months notice in yet, and hopefully get everything completed within that 3 month period before my job changes.

.......i think i might be pushing it a bit!

Far simpler to be upfront and honest. Financial relationships are built on trust. Not advisable to find yourself listed on National Hunter.

http://www.nhunter.co.uk/

Yorkie1

At the time you put the full mortgage application in, you will sign a declaration that the information is true to the best of your knowledge and belief, and that there is no relevant information that the lender needs to know.

In the situation you describe, you cannot sign that declaration truthfully. That is fraud.

Chevy_Face

Thought i might be trying my luck too much. I'll speak with the lenders - cheers for the information.

GMS

Which lender are you planning to use? Any probationary period?

Soem lenders would accept a job offer letter, others would want x months in current position and no probation.