Getting a mortgage while working long notice period

Gcole201

I've handed in my notice at work, which is a year long notice period. My last day is 21 June 2021. My husband and I are looking to buy our first house in the next few months. Do I need to tell mortgage providers that I've handed in my notice at work? I'm probably going to have a salary decrease when I start a new job next year, but obviously it's ages away so there's no way I can get a new job offer before we're buying a house. I'm the main earner so I'm worried if we tell them I'm leaving my job we won't be able to get a mortgage at all. Any advice welcome! 

MWT

It is clearly a significant event and would have to be disclosed, especially if you are the main earner and right now you have no job offer to replace it...

I would suggest you talk to a mortgage advisor as this is not going to be a simple case to make to the lenders and frankly I don't see how any lender is going to proceed if the main earner only has an income secured for the next 10 months...

I am not an advisor though so hopefully one of them can help, but not declaring it would not seem to be an option...

mathdotrandom

I would assume this puts you into the same bracket as people on fixed term contracts - either way I think you definitely would need to disclose it. 

Gcole201

Thanks both - to add more context I'm military so hopefully this is a common issue that most service leavers have, as we all have to give a year's notice and most live in service accommodation prior to leaving. Hopefully a mortgage advisor can help! 

MWT

The military aspect does help make sense of your situation, most of the people I know who were in the same position began sorting out their house and mortgage before the final year though to avoid the possible problem you are facing.

There are some veteran specific 'help to buy' schemes out there (need 6 months service remaining I believe) and mortgage advisors with experience in the unique aspects of home-buying in your circumstances so I'm sure there is a solution out there for you.

Gcole201

Easier said than done being that organised haha! The reason I'm leaving is I had a baby 8 months ago and no longer wish to be in a job with such high demands on my family. So unfortunately would've needed a crystal ball to achieve that! Luckily we have a good deposit and can easily afford the mortgage repayments that we're aiming for, so fingers crossed we can get accepted with our current circumstances.