Contract Exchange/Completion - Job Change

vingk

Hi,
I'm newbie to this forum and hopefully my question is addressed as i don't get the clarity from my mortgage broker.\

I'm first time buyer , found a property and it is valued and mortgage has been approved and i have mortgage offer in hand. In week or two , we are planning for exchange of contract and completion in 15 days time.

meanwhile, I got a good offer on contract role , currently in Permanent role. I have decided to accept the offer and my join date will be before Contract Exchange/Completion.

Please advise what are consequences .. of joining in new role/changing job and i'm hoping all goes well with Contract Exchange/Completion. My mortgage advisor advised to stay in current role before accepting the new role until completion. Please help me here.

-Vingk

betmunch

I don't see where the lack of clarity is coming from your advisor, do not hand your notice in until completion has taken place.

Arguably, if you know you will take the role, you should tell then anyway.

If you are going to a temporary contact many lenders will not accept this and will withdraw your offer

pollydollydoodah

It sounds like the mortgage adviser told you the answer...stay in your current role until you have exchanged/completed then there's zero risk regarding the mortgage.

You said you're exchanging/completing in 15 days.... If you change jobs in the next 15 days, you risk losing your mortgage offer.

If you're already in a permanent job-wouldn't you need to give 30 days (at least) notice anyway?

kingstreet

You are required to disclose to the lender any material change in circumstances between application and completion.

Disclosure may mean the withdrawal of your offer, regardless of exchange of contracts having taken place.