New Job Offer During re-mortgage

scoops82

Hi


Today I have been offered a new job, at a new employer. We haven't discussed salary yet but I obviously wont take a pay cut even though it is better job.


However, we are in the process or re-mortgaging and moving to a new mortgage provider. We are borrowing extra money for work to be done. We have received our mortgage offer and if I was to start the new job it should be after the mortgage has been completed.


Should I mention this to my new mortgage provider, broker or just keep mum?
Thanks
S

Thrugelmir

All depends. At the moment it's speculative not fact.

MortgageMamma

Hello again

I think we have spoken before? Don't give your notice in to your employer until your remortgage has completed, you could cause yourself a lot of hassle. Good luck in new job,

MM

scoops82

Are mortgage providers notified? I don't see how they could know? If I mention it to my broker is he duty bound to tell the provider?

scoops82

MM - yes we have spoken before - the job I am hoping to take is in my current field a sits a promotion and more interesting than what I currently do.Iif this doesn't work out then I will re-visit the mortgage advisor route.

MortgageMamma

Hi Scoops

I thought it was you! The mortgage provider will sometimes write to your employer to confirm your employment. One of the questions they will ask is are you under notice of redundancy or serving your notice. There are sometimes also questions like this deep within the terms of a mortgage application form.

With many lenders, you need to be with your employer 6-12 months and be out of any probationary period to be considered for a mortgage. They can ask this any point up until completion and often do some pre-completion checks. So it would be better to hold fire with giving in your notice until you are through with the remortgage.

scoops82

The new provider is nationwide - do you know if they do this?

MortgageMamma

I couldn't say for sure, they will make the usual checks when the application comes in, I don't know what pre completion checks they do - where are you in the process?

scoops82

We had received a written offer but I have reduced the term so I'm now waiting for a revised offer to be posted but I have received a text to say the new offer is on its way. The mortgage ends on 30th June and were hoping the new one will start 1 July - if I take the new job I will probably start in the first week of July.

MortgageMamma

So you still have two weeks prior to handing in your notice?

scoops82

yes I probably won't hand my notice in at work until Monday at the earliest - maybe next Friday and by then our new offer from nationwide should have arrived although already agreed.


Should I inform my broker?


If I do does he have to report it to the provider?


Thanks
S