Notice period and new mortgage

newbuyer84

Hi all,

I need help!

Me and my partner signed up our mortgage over a week a go and currently going through the process of paper work being processed before valuation etc etc.

However, I have been offered a new job on a permanent basis.

this is £2k less than what I earn now but its closer to home so my travel costs would be minimal.

So, when should I hand my notice in??

One person told me to wait until our mortgage offer comes out and not say anything, another said to forward a letter to the lender if I'm looking to leave my current role before exchange of the house we are buying.

Lender is NatWest by the way.

I cant stay in the job I am currently in as it's a total nightmare and want out, I just didn't expect to get offered a job so quickly!

its my dream job in the same line of work and if I lose it because of waiting around I will be beyond gutted.

any help on what I should do and when and whether it will affect our application would be great.

I want this job badly but the house comes first.

saying that if I stay in this job any longer i'll end up walking out and then I will be stuck!

just to finish my other half can afford the mortgage payment on his salary alone so affordability is not an issue.

please help!

Regards

A very worried first time buyer

betmunch

Sounds like you have made your mind up to quit.


This is a material change and a lender will expect to be notified.


I would get the job offer letter and then inform your broker/the bank.


They may not be able to proceed with the application and you may need to change lender so I would do it as soon as possible so you know where you stand.

sm78_2

Interested to see the response. We are in a similar situation, but we are taking the risk as I need to get out of the place I am.


Good luck!

newbuyer84

Have you already handed in your notice then?

What did your lender say?

Who is your lender if you don't mind me asking?

Thanks

betmunch

sm78 wrote: »

Interested to see the response. We are in a similar situation, but we are taking the risk as I need to get out of the place I am.


Good luck!

Not worried about the lender withdrawing the offer after exchange?

sm78_2

We have pulled out of the property now. Things change so quickly!


We are going to pursue a lender that may provide a mortgage with the new job. Its probably a long shot...but I have to get out of the place Im in. We originally thought the house was more important, but no, family and work life balance means more right now.


If we have no luck, then we will sit tight until I pass the probationary period with the new job.

amnblog

Nat West will not lend during a probationary period if you are in a new role.


If you are moving to a similar role then Nat west can consider subject to the underwriters view of the overall case.


If you do not need the income to support the case (as you say) I can't see it being a problem.


Hopefully you are using a broker than can manage this for you to take the worry away?

newbuyer84

Thank you amnblog.

I am moving from property law to property law but for a different firm.

My partner earns enough all by himself to pay the mortgage, this is why I wanted to know if it would affect us if I left as we can still pay the mortgage and pass the affordability criteria regardless of whether I have a job or not. (obviously I will have a job)

My financial advisor is currently on holiday (hence my posts due to major panic!) so I will need to speak with him next week.

Do you think it best to declare the new job role now why they are still processing the paper work (no val yet) so that they can continue to process the paperwork before they take our val fee from us? If so I can hand my notice in straight away.

I don't want them pulling the mortgage offer (once we have it) because of this after we have shelled out over £200 to them which is none refundable and I tell them too far down the line about the new job.

Thanks in advance

amnblog

It is best to leave it until Monday and speak to your Adviser then.


I can't see it being an issue - but trying to handle it yourself may make it one.

newbuyer84

Ok thank you

I have emailed the company he works for to see if another advisor can come back to me in his absence, but if no one comes back to me then I shall speak with him Monday.

Thank you for setting my mind at rest.

At least I know I can go for this job knowing it may slow things down but not squash everything completely.

Have a great weekend

I don't think my other half would ever forgive me!