First Time Buyer - Mortgage query

vasu_35

As joint application, myself and my partner are going to apply for mortgage as first time buyers in June. We will be going with HSBC mostly.

This week my partner got better job with better pay offer compare to current job. But, she will not start until first week of July.

My questions...

Will this have any impact when applying for mortgage application in JUNE?

We are planning to to use current job payslips and apply for Job? Will this be OK? Its only switch over.

Do we need to tell HSBC regarding the job change of my partners? in July? I guess by that time Mortgage will be all done..

Please advise.

Thanks
Vasu

betmunch

if its a promotion within the same company.

If its a new job at a different company I expect they will decline.

And yes, you do have to tell them as they will ask if you know of any future changes to your income or expenditure.

vasu_35

Thank you Betmunch for answering my questions.

Based on your experience, what is your suggestions?? avoiding to decline.

betmunch

Sadly I have no experience of HSBC. Everything I read states that they are picky in the extreme so I would expect a job change to cause them an issue.

There are lenders that will allow for change of job up to three months in future of the application if you have the job offer letter/contract. I would use one of those rather than risk having a declined case.

jamesd

HSBC are very selective. However, you have a duty to inform them of all material facts and this is a material fact.

Critical information would be that this is a voluntary change of job by her, not her being pushed by her current employer. It's also of interest to them that you are choosing to provide rather than conceal the information.

If you're planning to apply in June with a new job starting in July you need to know that it is normal for lenders to do extra checks like asking for a more recent bank statement between exchange and completion or after an offer of a mortgage is made. Not certain, just common. More so if it takes a few months between mortgage offer and completion. A check of that sort would show the changed employer via the different payee into her bank account.

amnblog

Why June? Are you not looking now?

Get to HSBC early to give yourself sufficient time for plan B when they turn you down?

vasu_35

Thanks Amnblog.

I am waiting for gifted money to get transferred in MAY from my FIL.

Do you all suggest me to speak with Mortgage advisor in HSBC and explain the situation. We haven't made any application yet.

HSBC might give us some help around this?

Just offer accepted. But, seller will move out in SEPT 2015 and they are waiting for new built to complete.

Thrugelmir

vasu_35 wrote: »

Based on your experience, what is your suggestions?? avoiding to decline.

Simple honesty. Lying is paramount to fraud, and will cause any relationship to break down due to a lack of trust. Trust is paramount in financial relationships.

Thrugelmir

vasu_35 wrote: »

Just offer accepted. But, seller will move out in SEPT 2015 and they are waiting for new built to complete.

Good possibility that the new build will be finished later.

jamesd

With September completion you're not going to be able to dodge telling HSBC. That's so long after your planned application that they are pretty much certain to want more recent bank statements before they hand over the money.