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.

Amst

You are obligated to tell the mortgage lender of any change in circumstances - particularly those which affect your financial position as this impacts the affordability of the mortgage offer.

Without knowing individual circumstances about how affordable your mortgage was, and whether you are having a pay increase or decrease etc. it's hard to say what impact this would have for you personally.

The broker is likely saying it will all be ok because they know it would add a delay to the process in declaring it as it would be likely to be referred to an underwriter to check the terms of the offer are unchanged. They are being naive if they believe the lender would not want to know this information.

Some lenders (including the one I work for) would require someone to have been in their current job for at least 1 month, along with other criteria, for it to fit inside the lending policy. Exceptions can always be made but technically if you change jobs prior to completion you could fall outside the lenders risk appetite and have the offer withdrawn.

Until you complete anything can happen.

septemberbaby

Amst wrote: »

You are obligated to tell the mortgage lender of any change in circumstances - particularly those which affect your financial position as this impacts the affordability of the mortgage offer.

Without knowing individual circumstances about how affordable your mortgage was, and whether you are having a pay increase or decrease etc. it's hard to say what impact this would have for you personally.

The broker is likely saying it will all be ok because they know it would add a delay to the process in declaring it as it would be likely to be referred to an underwriter to check the terms of the offer are unchanged. They are being naive if they believe the lender would not want to know this information.

Some lenders (including the one I work for) would require someone to have been in their current job for at least 1 month, along with other criteria, for it to fit inside the lending policy. Exceptions can always be made but technically if you change jobs prior to completion you could fall outside the lenders risk appetite and have the offer withdrawn.

Until you complete anything can happen.

Thank you for this information, it makes sense. the salary is the same - my MA is saying so long as no gap in employment it is fine and wont impact but i get what you are saying. i would have a notice period to work also so it would be a while away until i get a new payslip...