Quit the job after mortgage approval

brzone926

Original Deleted

Westminster

If it were me, I would try to un-do your resignation.

The consequences could be severe if the mortgage company were to discover a material change in the facts between application and completion (this could happen after exchange at which point you would be in severe financial difficulties if you couldn't raise another mortgage).

For all you know, the mortgage company will contact your employer right before completion (or check the realtime HMRC PAYE records).

Annisele

Could you get a mortgage based on your husband's income alone? (I don't mean could you afford to pay the mortgage based on his income - I mean would a lender give you one).

If he easily earns enough on his own, and you're happy that your existing lender will lend enough even without your income, then just tell the lender you've stopped work.

If you've any doubt about whether the lender would lend on just your husband's income, then in your shoes I'd be trying to withdraw my resignation. You *might* be lucky and the lender wouldn't check - but you might be unlucky and have your mortgage pulled between exchange and completion.

ACG

Even cancelling your resignation, you would still need to disclose any material changes you expect to happen in the future.

So unless your husbands income covers the mortgage on his own your going to have problems... assuming you are 100% honest with the lender.

haras_nosirrah

Withdraw your notice

If the build is delayed and your offer runs out you will have to submit updated payslips and bank statements to get the offer extended. At this point you would have exchanged and if you cannot product payslips and your husbands income is not sufficient on his own your offer will not be extended and you will lose your deposit

You are playing with fire

andyfromotley

I would have hung on until after completion to be honest. Given the fairly lengthy time between offer and completion its not beyond the realms of possibility that they would do some more checks prior to completion, although i think its unlikely.

But you are where you are, just try to undo your resignation for a few months, if not keep schtum and your fingers crossed.

brzone926

Thanks a lot everyone.

Firstly I will try to withdraw my notice. It will be very awkward after doing some handover to other people :S If it is really not happening - will again ask for unpaid leave for two months to keep my position secured anyhow. Difficult to face but house is in first priority. Hopefully again this isn't becoming a problem of not getting paid for a while?

Westminster

Another idea would be to go back to your lenders online affordability calculator with a 0 income for you and see what that turns up.

If the calculator still comes up with a figure equal or greater than your current mortgage offer then I suspect it won't be a factor and you can just 'fess' up at this stage.

Did you use a broker or go direct to the lender?

Jon_B_2

I think you have been rather foolish to be quite honest, but we are not here to judge. You've managed the commute for "years" apparently, yet can't manage another 4 months?!


If you've already started conducting handovers at your current employment, you better hope you are truly indispensable for your employer to accept your retraction of notice.


You could well afford the mortgage on only your husbands income, but you haven't given us any specific details to go on, so it is hard to say.

Opinion

brzone926 wrote: »

Just wished the lender doesn't check after the approval.

Yeah, damn them for checking the facts. Wasn't really the smartest thing to do, was it?

Thrugelmir

Consider alternative ways of retaining your job. Flexible working hours, perhaps staying local to your job 2 nights a week. Which will save you time and be far less stressful.