Changing job whilst waiting for new build to complete

beardman85

Hi everyone,

I'm currently in the process of waiting for my new build house to be completed, we have being given a date of July / August for this and have exchanged contracts and paid 5% of the property price already.

I have also recently being offered a new job, the money is substantially better for a job which is very much along the same lines of what I do currently but should be much more secure. I have a start date of August 1st for this new position. I have asked for a contract of employment etc for the new job and should hopefully get this through in the next couple of days.

Once I get this new contract should I tell my financial advisor and / or mortgage company (Santander) that I have this new position? Or is this just going to open up a massive tin of worms and invalidate our current offer?

beardman85

Can I bump this?

I would love advice from someone!

david1951

Is there a probation period with the new job?

beardman85

I haven't got the contract yet but I believe it will be 3 months.

david1951

Hmm...I don't know then. It might be a criteria for the mortgage that you are on a permanent contract at the date of completion. You could raise this as a 'hypothetical' query with Santander or your solicitor, bearing in mind there is a risk associated with that. Or just delay the start date of your new job.


Is it with a different employer?

beardman85

Yea, its a different employer.

I spoke to my mortgage advisor and he said that they would need sight of some evidence (i.e a contract or offer letter) and that its a permanent position.

He was also a little "what I don't know I can't tell them" so - to me at least - he's hinting that it would be better not to tell them.

Do they do employment checks? If I don't tell them I've changed and they check I assume I'll basically never get a mortgage again?

david1951

They 'reserve the right' to check whatever they like. Doubt it happens that often though... In your case the safest thing to do would be to delay the start of the new job until after completion (can they wait a month?), or try to push the new build to complete in July.

Alternatively, you could see if your new employer is willing to waive the 3-month probation period and confirm that in writing.

Or, try your luck! In this case beware of saying anything to your solicitor as they act for the lender, as well as you and won't be bound by confidentiality.

dc197

They probably want to know about any changes in your circumstances that would materially affect your financial position or ability to repay the loan.
That could, I suppose, mean positive changes as well as negative ones.
They probably want to know.

beardman85

I can't really put back starting any further because I'm already giving them 6 weeks notice. The home builder originally said June / July so I figured an August start date would give me some room, I guess not!

I am going to tell the bank when I finally get the contract through, I couldn't live with the stress of them maybe finding out!

david1951

probably a good idea:

http://www.lawsociety.org.uk/support-services/advice/practice-notes/mortgage-fraud/