New Job Since Mortgage Offer

h0mebuyer2020

My husband got a new, permanent and better paid job since we got our mortgage offer. Do we need to inform the lender? I called up twice, anonymously and one person said as the change in circumstances were better, that I didn't need to do anything. The other said we just needed to send in a payslip and the contract. I'm just terrified of exchanging next week as planned and then having the offer withdrawn before completion.  Any advice would be appreciated. Many thanks! 

airey

If it was me, I wouldn't bother telling them personally. You've supplied all information required for them to give you the offer/mortgage and this doesn't affect your affordability or credit worthiness. If you're exchanging next week, you don't want to upset the apple cart (not that I think it would), just stay quiet.

Thrugelmir

Onus is on the applicant to notify the lender of any changes after the application has been submitted. In signing the declaration form when applying for the mortgage you agreed to do so. Entirely up to you what course of action you decide to take. As the consequences could potentially be detrimental. Financial relationships are built on trust. No trust no relationship. 

minimike2

You are obliged to under the terms set out by your lender (I know I don't know who the lender is, but it is a standard term).

To not do so is technically fraud.
It is bad advice from airey to just "not bother". 

Chances are the lender will be fine with it, but it should be declared. Like Thrugelmir says, the course of action is up to you.

csgohan4

If the lender asks for payslips and it differs from ones your provided, they may withdraw their offer and put a fraud marker on your file for not disclosing. Then you will have difficulty getting any mortgage in future. Is that worth the risk?

h0mebuyer2020

minimike2 said:

You are obliged to under the terms set out by your lender (I know I don't know who the lender is, but it is a standard term).

To not do so is technically fraud.
It is bad advice from airey to just "not bother". 

Chances are the lender will be fine with it, but it should be declared. Like Thrugelmir says, the course of action is up to you.

We called up the lender and they said that because the mortgage was arranged through a broker, we needed to tell the broker who would then use their "discretion" as to whether to tell the lender. Is that normal? Should we therefore inform our broker? It sounds quite casual! Many thanks! 

[Deleted User]

Most lenders ave very flexible policy on this kind of thing.   I've had lenders agree to job changed post offer even when they usually need 6 months in the same role on application.   If its an increased income in a similar role then it will 99.9% be fine.    If its a brand new career then it might cause a problem

h0mebuyer2020

Deleted_User said:

Most lenders ave very flexible policy on this kind of thing.   I've had lenders agree to job changed post offer even when they usually need 6 months in the same role on application.   If its an increased income in a similar role then it will 99.9% be fine.    If its a brand new career then it might cause a problem

Thank you so much, this is really helpful and I'm feeling a lot better now It's an upwards move in the same industry, permanent contract and more pay, same pay structure (regular salary, not commission-based). We will contact them tomorrow! 

helloburger

 OP did you contact your broker? 

shannon27

Hi - could I please ask the outcome of this and how/if you were affected? Thank you

MovingForwards

shannon27 said:

Hi - could I please ask the outcome of this and how/if you were affected? Thank you

Hasn't been back since June. Perhaps starting your own thread with your circumstances will provide relevant information.