New job regarding mortgages for new builds

Stitch_15

I've recently been accepted for a mortgage on a new build semi detached house, I believe the mortgage offer is valid for 6 months and was granted at the start of march, with my expected completion date on my new build to be 31st June... my issue is I'm looking change jobs now that Ive been accepted for the mortgage, but I'm worried that there's always the possibility of the house being delayed a few months which I'm sure is not improbable which would then cause me to lose the mortgage offer and having to reapply! And then of course having the issue of just having started a new job which is obviously an issue for lenders?!

Any advice on what I should do would be much appreciated as the job opportunity isn't one I want to miss out on.

Thrugelmir

Stitch_15 wrote: »

Any advice on what I should do would be much appreciated as the job opportunity isn't one I want to miss out on.

Was your decision to look for a new job after applying for a mortgage and receiving an offer. Irrespective of the need to reapply. Under the terms of the application you agreed to inform the lender of any change of circumstances. If you fail to do so you must be prepared to live with the consequences of your actions.

Stitch_15

Firstly thank you for your reply,

Yes it was after the offer was received. Are you saying I should contact the lender to inform them that I'm likely to change job before the mortgage is actually up and running? Thanks

kingstreet

If, before completion, you intend to change jobs you must inform the lender as this a material change which would impact on the decision to lend to you.

The lender should therefore be given the opportunity to investigate the impact on your application and risk profile. The end result may be no change, or the offer may be withdrawn for the time being.

Same as not applying for new credit between application and completion, not changing employment before completion should be viewed the same way, as offering little good and potentially only harm.