Job change during mortgage application

katiejc

I'm pretty sure I know the answer to this... good or bad idea? I've just begun the process of buying my first home with my boyfriend, yet an opportunity has come up for me to work in my dream job. Is it worth risking it in the hope they don't care about the job change, or will lenders see it and automatically say no?

kingstreet

It will depend on the lender concerned and if there is a probationary period with which the lender may or may not have an issue.

Rambosmum

It will very much depend on the lender. I did this and only one lender would lend to us.

Is it with the same company? Because that wouldn't be an issue.

katiejc

Rambosmum wrote: »

It will very much depend on the lender. I did this and only one lender would lend to us.

Is it with the same company? Because that wouldn't be an issue.

Nope it's with another company. I'll find out what the probationary period is.

ReadingTim

Check with the lender, but job changes probably will have an impact on their decision, for the following reasons:

- some jobs pay more than others. This will affect affordability, especially if you're taking a pay cut for this dream job

- new jobs often have a probationary period where you can be dismissed with very little notice. No job = no money to pay the mortgage = worried lender

- some jobs are more dangerous than others. An insurance clerk is more likely to live to pay off the mortgage than a bomb disposal expert. Dead borrower = worried lender. There's a guide on this site to tweaking your occupation to get a better deal on car insurance - the same sort of thinking may apply to lending decisions.

Alternatively, hold off on the job change until you've got the mortgage...!

katiejc

ReadingTim wrote: »

Check with the lender, but job changes probably will have an impact on their decision, for the following reasons:

- some jobs pay more than others. This will affect affordability, especially if you're taking a pay cut for this dream job

- new jobs often have a probationary period where you can be dismissed with very little notice. No job = no money to pay the mortgage = worried lender

- some jobs are more dangerous than others. An insurance clerk is more likely to live to pay off the mortgage than a bomb disposal expert. Dead borrower = worried lender. There's a guide on this site to tweaking your occupation to get a better deal on car insurance - the same sort of thinking may apply to lending decisions.

Alternatively, hold off on the job change until you've got the mortgage...!

The job is 5k more than what I currently earn, so no issue there. Plus it's a completely safe job. My only issues would be the probation period and lack of time in the job (I'd be starting in 6 weeks time = not long enough for everything to have cleared).

BlaEm

I changed jobs during my mortgage application - I was with Santander, who actually didn't even ask about / care about probationary periods. They only asked whether it was in the same industry.

I had already had the mortgage agreed before my job change, though - how far along in your purchase are you? I'm not sure whether my initial application would have been affected if at the time I hadn't been at my initial company for a longer time.

katiejc

BlaEm wrote: »

I changed jobs during my mortgage application - I was with Santander, who actually didn't even ask about / care about probationary periods. They only asked whether it was in the same industry.

I had already had the mortgage agreed before my job change, though - how far along in your purchase are you? I'm not sure whether my initial application would have been affected if at the time I hadn't been at my initial company for a longer time.

We haven't started the process yet. We have our meeting tomorrow and plan to begin looking straight after. I won't find out about the job for around 2 weeks, and would start in 6 weeks, so I don't know if I should even mention it yet as I might not get the job. If I do get it and have applied, I'm not sure how it'd change things. If I get it before I've applied, I've probably got no hope.