Changing jobs before completion

xciarax1

Hi,
I am in a bit of a sticky situation right now and am looking for some kind of advice if possible.

So we have exchanged contracts on a new build with completion to be around October or November latest.

I have potentially been offered a new job (no official offer has been given yet) and I am wondering if it is possible if I am offered the new job to take it before completion.

The new job is such a great opportunity for me in the same field and a slightly higher salary. My current job is not doing too well right now so I am hoping if I get the offer I could potentially start this new job straight away.

Has anyone ever have experience dealing with this situation and what was the outcome. I don't have want to lie to the bank and not tell them and would rather be honest but I am wondering what is at risk right now.

The bank is NatWest if that helps...

Some advice would be so grateful right now as I am losing so much sleep over this.
:eek:

need_an_answer

I guess every situation is different and each application is ultimately assessed on its own merits.

My OH changed jobs in the middle of a mortgage application last year before exchange and well before the monies were released.

The crux of our application remaining the same was that he didn't take a break between the 2 jobs...essentially he left one job on a Friday and started the new one on the following Monday. We were led to believe if there were to have been a break in employment whereby he took time off between the 2 jobs it would not have counted as continual employment.
It was 2 separate companies and the mortgage provider we were using was RBS but I would suggest you do phone your provider and raise the question if you feel that you are likely to change jobs soon.

pinkteapot

Agree it'll vary by lender. HSBC for example absolutely will not lend to anyone on a probation period, so I imagine if we changed jobs and were on probation again they would no longer count the relevant salary for our application...

sal_III

As with any change in circumstance you are obliged to inform the lender. Whether they will uphold the offer or not, only they can tell you.

Just call them and explain the situation that you have a job offer for a higher salary and if they will keep the offer on the table if you go for it.

Unless they come back confirming the offer is on the table with the new job I wouldn't go for it. Even if that the "opportunity of a life time". After exchange your are obligated to buy the property, if the mortgage offer falls through and you can't secure new mortgage offer it could ruin you financially.

Your view that you can leave your current job without notice sounds a bit optimistic, most employers will ask for 1-3m notice and most new employers are prepared to wait for such periods.

need_an_answer

I perhaps should have said in our case there was no probationary period required with the new job...thanks for the reminder on that Pink....

OP it clearly shows that you will need to look very carefully at any new job offer before accepting it to see the type of offer conditions not just that its a salary increase.

muhandis

From Natwest's website -

.....must have had six months' continuous employment in the UK. We class it as continuous where there is no break of more than 3 weeks between employments. The client would need to be in their current position for at least one month and have one month’s payslip showing their new income.

To state the obvious, if you are using a broker you should definitely ask them. Published criteria is often not black and white, a broker will know how things work in practice.

xciarax1 wrote: »

The bank is NatWest if that helps...

xciarax1

Thank you so much for your replies.

I have called our mortgage advisor and he is going to try speak with natwest and see under their terms if they will agree to keep the offer.
Like I mentioned, I haven't got the job yet but I just want to check all the facts regarding this in case I do get the offer.

I really don't want to risk losing what could be our dream house and all of our life savings we have put in for the deposit. If NatWest says no way, I will see if the new company will wait a bit longer for me so that I can complete and then move jobs.

I have looked at the NatWest terms and they do state just that you need six months of continuous employed so my hope was I could start the new job beginning of september with no break in employment and show them the first month's payslip before we are due to complete. But yet again I do not know if they will agree to this :-(

muhandis

From the limited information in the thread, if your broker is half-decent, he should know how to make this work.

Good luck!