Changing jobs while applying for mortgage

audigex

(Note: this is fairly hypothetical - this isn't actually something I'm planning to do, but a conversation today has prompted me to check where things would stand)

I'm currently applying for a mortgage and purchasing a house. The mortgage application asks whether I'm currently in a probation/trial period or similar, and I presume this is typically a blocker on most applications? Particularly new ones.

Now obviously I've answered that as no as I'm in a permanent contract and well out of my probation period.

However, what would happen if I now (after applying) changed jobs? I presume I'd be obliged to declare it to my lender and potentially that would stop the application?

Assuming so, at what stage do you no longer have to declare the change? Would it be at completion? Obviously people change jobs, so at some point in your mortgage-paying life you'll likely end up in a probation period: my assumption has always been that after buying the house, the only real concern is whether you're paying your monthly payments and keeping up home insurance cover.

So yeah, up until what stage are you obliged to inform your lender that you've changed jobs, if you change during the buying process? Would it make a difference if the new employer waived their probation period (or simply didn't have one)?

And finally, would the above apply for remortgages, or just new mortgage applications on purchasing a house?

Again, I know this isn't generally a sensible idea, I'm just asking the question for information purposes.

Let_Us_See

Hypothetically, there are day one (employment) lenders.

Lifes_Grand_Plan

I'm in a similar situation.... i'm job hunting at the moment as we are looking to relocate. If I get a new job then it will be getting close to non-commutable so we would want to move house nearer to our jobs.

So I need a new job before we can move, but when I get a new job I am worried about then not being able to get a mortgage because i'll be in a probation period for 6 months......

I went and saw HSBC (my current lender) and they were very sketchy and said they couldn't say for certain until I actually applied for the mortgage. However I think what they were saying was that because i'm moving within the same industry, that it wouldn't necessarily be a straight "no" just because I was in a probation period......

I sceptical, and this isn't really helping with your question, but might be of interest to you.

audigex

It's not an answer, but it's certainly interesting input: I suppose to an extent it may depend on your track record and whether the "No probation" thing is a rigid policy or merely a guideline

You can't be the first person who's had to consider moving home while moving jobs, my main concern would be that my lender had a specific question regarding it.

As mentioned, it's only an information gathering exercise, but it would be interesting to know if there are any legal obligations. ie if I've put in a completely honest application then circumstances change, would it be fraudulent to not inform them? And at what point is that obligation gone: the mortgage money arriving in my bank, exchange, or completion?

In my own case there's absolutely no chance of problems with repayment unless I couldn't find a minimum wage job within 14 months, but I can see why they'd consider it a major risk with others.