Getting a new job during approval stage

ranne

Hi there 
due to COVID I’m not entirely sure that my position is safe at work and I’m in the middle of buying a new house! I have an interview for a job and have to work four weeks notice. We are buying under the help to buy and recieved our ATP a couple of weeks ago and we’re told there’s now a 42 day window for us to exchange contracts. We are still waiting for the bank to properly offer us the mortgage as they wanted to do a valuation of the house first, and as my partners self employed they have new COVID assessments they do etc. 

I don’t want to be in a situation where I loose my job and have nothing else to go to as the build isn’t complete until December so I’m concerned I’ll be left without employment and the lenders will pull out. If I change jobs now in this stage - will that be OK? It may even be a job that pays more as well but I wouldn’t be starting it until after that 42 day window. 

Thanks!

cooltt

ranne said:

Hi there 
due to COVID I’m not entirely sure that my position is safe at work and I’m in the middle of buying a new house! I have an interview for a job and have to work four weeks notice. We are buying under the help to buy and recieved our ATP a couple of weeks ago and we’re told there’s now a 42 day window for us to exchange contracts. We are still waiting for the bank to properly offer us the mortgage as they wanted to do a valuation of the house first, and as my partners self employed they have new COVID assessments they do etc. 

I don’t want to be in a situation where I loose my job and have nothing else to go to as the build isn’t complete until December so I’m concerned I’ll be left without employment and the lenders will pull out. If I change jobs now in this stage - will that be OK? It may even be a job that pays more as well but I wouldn’t be starting it until after that 42 day window. 

Thanks!

Most jobs have a probation period 3-6 months, lenders require job security, they won't lend on someone in a probation period.

ZeeOwen1

Above is incorrect. My husband started a new job 2 weeks ago on a 3 month probationary period and we were approved for a mortgage on Saturday.

[Deleted User]

The short answer is maybe.

Lenders look at overall affordability and the likelyhood that you will be able to repay. If you were a single applicant then being in a new job on probation would be a high risk compared to a couple where one of them has been at their job a whole and the other is within probationary period, the amount you borrow, LTV, and monthly repayment are all factors ... It's all about risk.

That being said there will be a large number of people who are currently in long term stable employment who could be without an income next month, so job security is pretty poor worldwide right now, new job or not.

If your mortgage offer is already made and you leave your job then you will need to tell your lender about your change in circumstances. If you leave the day after completion ... Too late 🤪

Daniboy1

ZeeOwen1 said:

Above is incorrect. My husband started a new job 2 weeks ago on a 3 month probationary period and we were approved for a mortgage on Saturday.

I recall in the other forum u said your husband had moved from within the same line of work to the new job. So maybe from going in from one to another isn't so bad as someone whose full on gone into a new field of work.