Mortgage / new job and notice period

GraemeK

Hi all,

I am just about to exchange contracts on my house and hopefully complete in a couple of weeks.

However, my working situation is causing an issue. I would like to hand my notice in and leave my job but I don't want to put my mortgage at risk.

I know the obvious answer is to not make any employment changes at this stage and to wait, however, I just wanted to understand where I stand from all angles if I did hand my notice in.

I have a three month notice period so if I did hand my notice in now, by the end of my notice period, i will have moved into my house and started paying the mortgage. Technically I'm still employed by my company during my notice so would I have to let the lender know?

I don't have another job to go to yet, but in my field, I would be able to secure something very easily and quickly. The repayments on the mortgage wouldn't be an issue as I have the funds to pay for a while. Also, with three months to find a new role, I'm confident that I will have new employment by then.

So I guess my question would be, would i need to advise my lender that i have handed my notice in, given that I will still be employed by them for the next three months, will have completed and started repaying before the end of the notice period.

Thank you.

[Deleted User]

Yes, you need to let them know of any material change.

kingstreet

Keep your employment as it is until after completion, or put the purchase/mortgage oh hold until your new employment is confirmed.

A written offer and a confirmed start date are enough for some lenders.