Change of Job- Notify Mortage Lender / Life Insurance?

jamieukonline

Just a quick question.... I assume I need to notify Mortage Lender & Life Insurance Company that I have changed job? It also includes a slight increase of income...


Thanks for all your help

dunstonh

you dont need to notify either of them.

Mortgagehero

You are not obligated to inform either the mortgage lender or life cover company of a change in circumstance as both accepted you on the details disclosed at the times of the applications.

jamieukonline

thanks guys, thats good to know

luckyfool

Jamie,

Assuming that your mortgage and life insurance are both already started, then no, theres no need to inform them. If the mortgage has not completed yet, and likewise for the insurance then check the terms of any offer. Most mortgage lenders require you to notify them of changes of circumstances between offer and completion.

Also, check if your insurance includes anything other than straightforward life cover. e.g. Income protection, waiver of premium etc. These covers can be effected by your type of job and could effect whether you can claim. If your new job is considered more dangerous (e.g. you go from being an office worker to being a Fast Jet Pilot or North Sea Diver) then you might find it more difficult to claim on these other insurances, life cover would definitely not be effected though. If you are worried then speak to your original broker, or if you dont have one, then call the insurance company direct to check.