Changing jobs after mortgage offer

heyho12

Hi all,


So, I have been provided a mortgage promise/AIP for the required amount for a flat in another city. This is based on current earnings and the location was not a problem based on the presumption that I could do a Mon-Thurs week staying at partner's house local to my employer and Fri-Sun in the flat.


I understand that I have a duty to disclose any material changes to my income etc.


I have been given an employment offer for a new job in the locality of the flat with a slightly lower salary starting late September, which I have accepted and will honour unless a better offer comes along in the meantime.


If I tell the mortgage lender that I may be moving to a new job in September on a lower salary they will withdraw the offer and I will not be able to get on the housing ladder for a few years.


It is my understanding that I am behaving above board by not informing the mortgage lender of this offer provided that I am still in my current employment and have not given in my notice by the time the purchase is completed and the mortgage funds transfer.


This is with the view that this career move is not 'definite' nor occurring before completion. This is what my mortgage broker has said but I want to avoid either of us getting in any trouble if this is not the case.


I am slightly worried that this is a grey area, and would be grateful for any advice.


Thanks

prudential

You don't have a mortgage offer, you have an AIP. The AIP is a rough indication how much they are willing to give you based on your current situation. The fact that you have the AIP doesn't necessarily mean you will be approved for a mortgage of the same amount.

You don't have to tell the lender who gave you the AIP anything until you actually apply for a full mortgage offer - when you will have to give them the salary at that time, and inform them of upcoming job changes, if any.

If I were you I would call the broker and ask any concerns you may have re: this move.

prudential

PS. If you apply for a full mortgage offer based on your current employment and salary, but have already signed another job offer with a lower salary - and fail to inform the lender when you apply - it's called mortgage fraud. I don't think it's a grey area at all... but then I'm not a mortgage specialist.

heyho12

thanks for the response. I indeed only have a promise at this stage, which the adviser has provided based on my payslips and soft credit check. I intended my thread question to be based on the presumption that next week I went ahead and booked in the survey and got a mortgage offer. During the stages of mortgage application-completion would it be okay to keep quiet about a 'potential' career move that might happen 2-3 months after completion?

prudential

You've already accepted the job offer, you said. I would inform the lender if I were you, otherwise I believe you'd be committing fraud...

You have a broker - do you trust him/her with whatever their answer is to your question? If not, change brokers...

SharkBite

Isn't it usual for lenders to ask if you predict a change in circumstance that could affect your ability to meet your mortgage payments?

You need to be honest, I wouldn't like to comment on what would happen if you were found out.