Leaving job while mortage gets finalised

123kid

Hello
I am currently waiting on my mortgage getting finalised, but i am exeriencing a real bad time in work. the only thing holding me back is that i am afraid mortage falling trough if i leave with out getting a new job first.
The thing is i need to leave, would like a few weeks braek and then start hunting for a new job. If i do so will this affect my mortgage?

Thanks

donsaini

of course it'll affect the mortgage offer, if thet find out. you cant expect someone to lend you money if they cant have proof of how you'll pay it back.

on a more serious note, should you be applying for a mortgage while you have no stable job in the near future. how wil you repay the debt?

123kid

But if mortage gets accepted and finalised. i set up all my payments ect and then say in august will i be able to leave work and try and get a new asap?

herbiesjp

But where is the money coming from to pay the mortage? Have you got enough savings set aside? Are you sure you will get a job that quickly?

ronaldmacdonald

why not just get a new job first and then leave? may take longer but better for your situation for sure..

cjanderson

I have also wondered this.

I am remortgaging and after that, i may well resign and take a few months off. I have enough savings to cover 2-3 years worth of mortgage payments.

I shall stay with job until i have mortgage offer all accepted (they are doing HR/salary check now) and then consider what to do.

Can't see why it should matter, as long as you have the cash to pay the mortgage.

meanmachine_2

To be honest, all these lenders care about is getting their money each month.

They only take an interest in you if you stop paying them. And their "interest" wont be off the friendly variety.

The point of a mortgage is that it is a "death contract" - it ties you to the bank probably longer than to your spouse. It's one of the disadvantages of owning property, as opposed to renting.

Provided your details are correct at the time you apply, then you're not doing anything wrong.

People on here have raised objections on a personal basis - quite rightly. I wouldn't be able to sleep at night if I were taking on a large mortgage knowing that I'm about to quit my job.

You owe it to yourself not to take on such a huge burden without being happy and settled in your professional life.

meanmachine_2

cjanderson wrote:

I have also wondered this.

I am remortgaging and after that, i may well resign and take a few months off. I have enough savings to cover 2-3 years worth of mortgage payments.

I shall stay with job until i have mortgage offer all accepted (they are doing HR/salary check now) and then consider what to do.

Can't see why it should matter, as long as you have the cash to pay the mortgage.

That's up to you. And you've probably saved up this money in case you have problems in your job, so use it for that purpose.

Personally, I'd see this contingency fund as a fallback should int rates rise or I'm made redundant. Those I can't plan for.

But it's your life.