Starting a New job during mortgage application

2020firsttimebuyer2020

hi, looking for some advice please. 

We are first time buyers and have had our help to buy mortgage offer secured with barclays and our solicitors are beginning to draw up the contract for exchanging contracts. The property is a new build and will be ready to move in by april.  Everything has been plain sailing up until now.  

I have been headhunted by a different company, offering me 20k (im on £19,500 at the moment) and they have offered me the role. It is an administrator role within a utilities company, i am currently employed as an administrator for a storage company. It would be a really good opportunity for me and I would really like to accept the job offer. 

My concern is, would this have a negative impact on our mortgage offer if i was to accept and start the new job before exchange of contracts/completion? E.g, would the lender withdraw their offer and then we would have to start the application process from scratch? I would be able to provide a copy of the offer letter stating the salary and hours etc, but i wouldn’t have any wage slips from them as of yet

The other option is to try and delay starting the new job until after we have completed. As they headhunted me they may he happy to wait if I explain my current situation. 

The house is our main priority and we don’t want anything that could negatively impact our chances on having it. 

[Deleted User]

Who is your lender?

I have someone in my case list at moment that has changed jobs twice in his house buying process. 

It's made loads more work for me but it isn't affecting his ability to buy the house

2020firsttimebuyer2020

Deleted_User said:

Who is your lender? 

Barclays

2020firsttimebuyer2020

Deleted_User said:

Who is your lender?

I have someone in my case list at moment that has changed jobs twice in his house buying process. 

It's made loads more work for me but it isn't affecting his ability to buy the house

Barclays

2020firsttimebuyer2020

Our lender is Barclays

[Deleted User]

They need 3 months in current job on application but would probably make an underwriting exception if it's similar work. 
Even if they don't then plenty lenders will work on a job offer with a start date.

No harm in having your broker ask on a non case specific basis, wouldn't cause issues with your current application then.

If it's the dream job then delay exchange and move to a new lender perhaps.  I've just had to move to a new lender for this exact reason and got a new offer in 2 days.  Solicitor downloaded from portal, client signed deed and returned and we are back where we were with just a 5 day delay

2020firsttimebuyer2020

Deleted_User said:

They need 3 months in current job on application but would probably make an underwriting exception if it's similar work. 
Even if they don't then plenty lenders will work on a job offer with a start date.

No harm in having your broker ask on a non case specific basis, wouldn't cause issues with your current application then.

If it's the dream job then delay exchange and move to a new lender perhaps.  I've just had to move to a new lender for this exact reason and got a new offer in 2 days.  Solicitor downloaded from portal, client signed deed and returned and we are back where we were with just a 5 day delay

Thank you, im on probation in my current job as i was made redundant in november, so not sure if this would be alarming to the lender if i was to move jobs again within the space of a few months. 

Carl2510

Just think is it worth moving jobs just for that extra 500 a year, money isn’t always everything, I went from a 20K job to a 27k and hated it went back after 5 months. 

2020firsttimebuyer2020

Carl2510 said:

Just think is it worth moving jobs just for that extra 500 a year, money isn’t always everything, I went from a 20K job to a 27k and hated it went back after 5 months. 

Totally get what you’re saying. The new job is something I really want to get into and has a lot of progression. I guess the only thing I can do is ask the question with our mortgage broker and see what their advice is. 

At the end of the day our house is our main priority, we have already put so much money into it. 

[Deleted User]

Like I said, I've got a client on his 3rd job in 3 months and in probation.  The lender I moved him to is completely aware that sometimes opportunities come up that are too good to turn down.