Quitting my job AND remortgaging - advice needed!

7sefton

Hi!

I'm in a bit of a situation regarding getting a remortgage, and hope someone with a bit of expert knowledge can help me sequence my next moves:

I have a good credit file and am on a 60% LTV.

However, I hate my job and want to move asap (to a job that pays broadly the same amount - certainly more than comfortable for a remortgage on my current flat). But I am on a three month notice period.

My fixed rate mortgage deal with TSB expires on 31 December this year. After then it shoots up to the SVR, so I want to renew to another low rate deal (not necessarily fixed) for 2 years.

My questions are:
- Do lenders check with your employer that you haven't resigned after doing a mortgage application?

- Might TSB allow me to renew to a new deal with them a few months early (a bit like mobile phone companies let you upgrade when you're within 3 months of your contract ending)?

- How long will I have to be in a new job for a mortgage lender to accept me?

Thanks!

LRmortgage

1. They are unlikely to check but there will be a clause in your offer that you MUST tell them of any material change in your circumstances.

2. They might, some Lenders do, ask them.

3. There are Lenders who are happy to do it with just an offer letter / contract and a near start date, others will want a minimum 1 - 6 months pay slips to verify depending on the Lender.

Get a broker on the case, this should be manageable.

ACG

You can usually switch products with your current lender without any further underwriting - assuming nothing changes (ie term/loan amount).

As LR above says, there are lenders who will accept you with just a job offer letter or as little as one payslip. The main thing is to try and not have more than a 1 or 2 week gap between jobs otherwise that could affect things slightly.

In the real world, a company can get rid of you within 2 years for more or less any reason (there are a few things which are protected against - race, sexuality etc).

Typhoon2000

If your just want a new deal with your existing lender, you are not remortgaging but switching products. No new application needed. You can do this online yourself with a few clicks ( whenever they get their website fully working again)