Changing jobs when waiting to exchange

septemberbaby

So I am wondering what would happen if i change jobs whilst waiting to exchange....??

So mortgage advisor says it wont have an impact should all go belly up and we have to start from scratch i.e buyer pulls out or vendor or what ever so long as there is no gap in employment.

Before any action is taken? has anyone been in this situation? I trust my mortgage advisor but always good to hear of any similar stories i suppose.

kinger101

At the very least, I think it should be disclosed. Worst case scenario.

(a) you take broker's comments at face value
(b) broker does not notify lender
(c) you exchange contracts
(d) lender does final checks before releasing money. Finds out you have a new employer. Decides not to release loan, or delays until further checks
(e) on completion day, funds are not available. You now have an enormous bill from everyone else up the chain.

*might be better to move question to mortgage forum - which is frequented by brokers.

Thrugelmir

You are duty bound to inform your mortgage lender. Read the declaration you signed when making the mortgage application.

As with any situation like this, everything is alright until it isn't. Risk is all yours.