Change of job before completion help

Melpayne113

Help!! My husband is due to finish his current job next week and move to a different job. we are hoping to complete the following week, we already have our mortgage offer but should we tell our mortgage company the change in job or wait until after competition? Else we risk losing the sale and purchase. Really not sure what to do.

LittleMax

If similar or increased salary probably not a problem. When we took out our mortgage a few years ago my partner was only a few months into a new job and prior to this had been unemployed. We were worried that they wouldn't count his income but it was not an issue. This was Nationwide. Based on that experience I would tell them.

hazyjo

Melpayne113 wrote: »

Help!! My husband is due to finish his current job next week and move to a different job. we are hoping to complete the following week, we already have our mortgage offer but should we tell our mortgage company the change in job or wait until after competition? Else we risk losing the sale and purchase. Really not sure what to do.

Yes, you need to. Your circumstances have changed. Whether you do or not is up to you - I wouldn't recommend risking it.


This is presuming it's a different company and not just a different role.


When did you offer, and when did he hand his notice in (presuming it's not a redundancy or end of contract, etc)?


Jx

laneycakes

We had a similar situation-my other half went part time just before we were due to exchange/complete (end of March...not happened yet!) and we felt we couldn't not say anything as it was a material change. We told HSBC, they re-evaluated us and we're still happy we could have the mortgage. I'd checked the calculator before hand and was fairly confident we would be OK...but it was still nerve wracking! Our new mortgage offer docs came through within 5 days.

jimbog

Say nothing. I didn't tell mine either when a few years after completion I changed jobs

Melpayne113

He will have changed job before we complete though 😞

ellie27

My husband is a contractor so can work for 9 months then be without work for 4 months etc. He had to put forward his last few years accounts.

When we applied for the mortgage he was in middle of a contract. He finished that one several weeks before we were due to complete. We did not say anything. We knew he would pick up a contract over the coming months and we were financially secure enough to go ahead anyway.

If he will have started his new job around completion then I wouldnt say anything. If he was going from a 50k salary to a 30k salary then that might be something that would need to be thought out in terms of if you will be able to afford the house in the long term.

I would not say anything.... it will only delay things!

Good luck!

Melpayne113

Thank you, my husband is worried that they will carry out further checks on completion and cause them to find out although I have tried to reassure that this will not be the case and the mortgage is still very affordable

hazyjo

It's not really a case of what you think is affordable, it's what risk the bank are prepared to take on their money.

Yes, lenders do choose some purchases for further inspection/audit before lending money. As far as I am aware, it is classed as mortgage fraud. I won't scare you with tales of prison, but strongly suggest you check the small print on your mortgage offer...

Jx

DRP

I changed jobs close to the end of the buying process (after the mortgage offer had been given, but before exchange), without telling the mortgage company.

For us, the risk was acceptable.

hazyjo

DRP wrote: »

I changed jobs close to the end of the buying process (after the mortgage offer had been given, but before exchange), without telling the mortgage company.

For us, the risk was acceptable.

I have driven my car for nearly 30 years without so much as a knock. I still wear my seatbelt and pay for insurance.

For me, the risk is unacceptable. But then I'm a do it by the book kinda gal

Good luck!

Jx