Changing jobs?

phil22

Iv had a mortgage offer but not completing untill december? Im after a new job as mine is driving me up the wall but should i wait until iv moved in or could i look now?

ap1985

I am gong to keep an eye on this post as my husband is in the same predicament.

Golddigga

Same problem here. Husband returned from working abroad and yet to start a new job. Need to re-mortgage urgently as payng 5.99% Int Only!!

whatarethescores

I was in the position a couple of years ago of just having moved jobs when buying a house and was lucky that the company I started working for didn't have a probationary period (which was the criteria the lender I started to go with before even thinking changing jobs would have an impact used).

Moving jobs is likely to limit choice of available lenders.

However, this isn't necessarily a simple area as it will depend on probationary periods or not, how long you've been in a new job, (if a joint application) whether you could meet income requirements through just one of the two applicants who hadn't just changed jobs etc. Therefore I'd suggest a broker may be a good idea in these scenarios as they will have more knowledge of who will still be open to the circumstances.

(I'm not a broker nor qualified to provide advice in this area, mearly speaking from my own experience).

phil22

But we have a offer so now theyv checked all that could i move jobs?

Thrugelmir

The onus is on you to notify the lender of any material change in circumstances. This is clearly stated in the declaration on the application form that you signed.

whatarethescores

phil22 wrote: »

But we have a offer so now theyv checked all that could i move jobs?

Okay so while I've not been in that direct position, presumably you have two choices:

1) Tell them you're moving jobs, which will presumably mean they would treat that as a change in the support for the application and look to prove income worthiness, which may include discounting income and accepting / rejecting your application again.

2) Don't tell them, which is probably against the rules of the offer in you should inform them of material changes to your position. Also underwriters may look into a case again if there's significant gap between application and completion of the mortgage.

phil22

Think il have to put up with my job then, once weve moved in do i need to notifiy them?

Thrugelmir

whatarethescores wrote: »

2) Don't tell them, which is probably against the rules of the offer in you should inform them of material changes to your position.

That's considered mortgage fraud. Not a recommended course of action.

This is a typical wording.

All applicants should read this Declaration carefully and sign where indicated on the next page.
I/We declare and understand that:

7. I/We declare that to the best of my/our knowledge and belief the information
given on this form is true in every respect and that any insurance cover will be
based on this information. I/We also declare that if anything on this form was
written by another person he or she acted as my/our agent for this purpose.
I/We declare that I/we shall notify the Lender of any changes to the
information given in support of this application prior to the completion of the
mortgage applied for. If I/we build any extension or carry out improvements to my/our house, I/we will advise that cost to you for insurance purposes.

phil22

Thats fine id never not tell them! Ill wait until after completion before i look