Changing job before Mortgage completes

ac085

We are in the middle of the rollercoaster journey of buying our first house.

We have agreed a price, had it accepted, had a survey and have our mortgage offer.

We are now just waiting for the solicitors to talk to each other and do the formal paperwork so the monies can be released by the Building society and the purchase completes.

However, there is a small curveball. My husband is looking for a new job. There is no risk to his current job, much the opposite in fact. We just feel that it is time to move on from the company and aspire to bigger and better things.
The jobs that he is looking all have higher wages - the increase is anywhere between 5-10k depending on the job.
We weren't close to affordability (106k mortage on roughly 160k max offered).

Would we need to tell the building society if he started a new job before the funds are released?

Mortgage is based on 85% LTV, we are taking 106k mortgage compared to the max affordability of 160k. We have been in continuous employment in the same sector for 4-5 years.

rebeccatom

A person in a new job is seen as a bigger risk to the mortgage companies, regardless of a wage increase. They would want to know if the details you submitted when applying for the mortgage change before you have completed. (Obviously it is up to you if you tell them or not).

If you think that you will complete and move into the house soon, then it would probably be better if he could hold off until after completion.

HENRY78

Don't bother telling them sounds like you are very close to completion. They wont check if you have a mortgage offer anyway.


If you tell them some idiot on 20k a year who works for the lender will cause a lot of aggravation for no reason.

WellKnownSid

HENRY78 wrote: »

If you tell them some idiot on 20k a year who works for the lender will cause a lot of aggravation for no reason.

About 15 years ago, I had a pay rise which meant going from 40k to 55k at the same company, in between mortgage application and approval. Through a real spanner in the works... Mortgage company wouldn't believe it...

Profoundry

We are in a similar position. We have a mortgage offer approved. We are about to exchange on a new build that has a completion date of May 2016. My partner who is on the application is looking at a job offer that pays more but is in a completely different career. Would this cause a mortgage offer to be revoked?