Mortgage and leaving job

Peerzy

Hello all,

Contracts exchanged on our house and we are moving on 23rd May.

I have a standard PAYE job (3 days a week) with a modest salary, I am also a director of a company (33% owned) that has been going for just over 2 years now and pays significantly more than my PAYE job via dividends. My wife is currently on maternity leave but is returning shortly to a standard PAYE job.

Our new mortgage is with Nationwide (also our existing provider) and our LTV is around 30% and the amount borrowed was well under the amount they offered.

I have some major projects coming up with the company shortly and need to leave my PAYE job to continue with these.

If I hand my notice in to my PAYE company today my last day will be 31st May (so after the move).

I understand Nationwide may do a final credit check the day before funds are transferred but to my knowledge there would be no way they could know I'm working my notice period?

I obviously want to avoid rocking the boat in anyway and potentially losing the house but if I don't hand my notice in very soon I will likely not be able to deliver on the projects and these are worth considerably more than an entire years PAYE salary.

SouthLondonUser

There is probably some clause in the mortgage contract whereby you must notify the lender if your circumstances change or are likely to change. I'd be very surprised if this weren't the case, but do double check.

You would probably not get caught if you don't let them know, but this doesn't make it kosher. No one can advise you to violate a contractual agreement you have willingly entered into!

silvercar

General advice is that you would need to declare a change of circumstance that occurs before completion.

You could always have a discussion with them about what would happen if you decided to give notice, they may be fine with it.

Peerzy

silvercar wrote: »

You could always have a discussion with them about what would happen if you decided to give notice, they may be fine with it.

I was concerned this might spook them and they would rescind the offer.

I'm leaning more towards the fact I will need to wait until completion day but it's a big frustration.

I'm also speaking with my PAYE company to make them aware I'll be leaving and that I can't formally give notice yet due to the above reasons. I've asked for a shortened notice period but it's a large US company and HR are merely an email address who tend not to deal with specific cases and just push you to an internal article with the basic law and rules so I doubt they'll agree to anything.