Advising Mortgage Company Of New Job

fleetingmind

So i Have a mortgage offer from HSBC which expires in December. My house move is dragging on and still ongoing.
I've been offered a new job and I've been advised that if I hand my notice in I would need to advise HSBC and they would re-underwrite the mortgage with the possibility of the mortgage being withdrawn.

I obviously don't want the mortgage offer being withdrawn so late in the move esp with the rate I have booked. While I have a lot of equity in my house (Over £370k) and my mortgage will be £140k and I have some money in the bank you just never know what they might do.

Is there any way to check before you decide to change job or is advising them only if I started the job before completion?

I wouldn't start the new job until next year which we would have moved by then.

Thanks

Thrugelmir

Financial relationships rely on trust. Break that bond and the downside is considerable. Not least that you'll be listed here.

https://www.nhunter.co.uk/

Totally your decision as to what you do. Rather like speeding at over a 100mph down the motorway. It's ok until you get caught.

middleclassbutpoor

It's a difficult one and I didn't read the OP as suggesting they were going to lie about where they worked but just that they wanted to know whether there was a way of understanding what the consequences would be before making a decision and at what stage they would need to notify them if they did move roles.

The reality is that if you have a change in financial circumstances the lender will want to review those changes which will result in your application being re-assessed. I'm not sure if you would then have to choose from a different deal if the one you had was no longer available. However the minute you decide to accept that other role, your financial position has changed and you should notify them at the earliest possible moment following this.

If you were to accept the new role, you would more than likely enter a probation period and therefore in the eyes of the lender you become a higher risk.

My approach would be to make a decision on whether the new job outweighs the pain of potentially starting the process again if HSBC won't accept you in the new role - or explain to your potential new employer that you cannot accept until the house move and see if they are prepared to wait.

You could potentially call HSBC and ask them what the consequences would be of moving employer at this stage - being clear that you have not moved roles but for me this is just opening a can of worms for you really... Tough one for you...

muhandis

I would not inform HSBC until I've accepted the new offer, got a joining date, signed the new contract, handed in my notice and have a firm date for my last day at the current employment.

As per their website, HSBC does consider lending to applicants who haven't started a new job yet but require a few extra things (employment contract, etc) so it does seem that they will relook at the application but assuming your pay is steady or has gone up and you're generally in the same line of work, there is no reason to believe that they won't reissue a new offer.

I'm assuming you dealt with HSBC directly? If not, follow your broker's advice.

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Job offers

Where an applicant has yet to commence employment, consideration will be given to:

• Relevant employment track record
• Career gaps/change of career

We will usually ask for P60s, tax returns and an employment contract or letter.

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fleetingmind wrote: »

So i Have a mortgage offer from HSBC which expires in December. My house move is dragging on and still ongoing. I've been offered a new job and I've been advised that if I hand my notice in I would need to advise HSBC and they would re-underwrite the mortgage with the possibility of the mortgage being withdrawn.

I obviously don't want the mortgage offer being withdrawn so late in the move esp with the rate I have booked. While I have a lot of equity in my house (Over £370k) and my mortgage will be £140k and I have some money in the bank you just never know what they might do.

Is there any way to check before you decide to change job or is advising them only if I started the job before completion?

I wouldn't start the new job until next year which we would have moved by then.

Thanks