Mortgage application - change in circumstances

proformance

Hi,
If an applicant finds now employment (albeit for MORE money) during a mortgage application process (before an OFFICIAL) offer, are we obliged to inform the lender?
Thanks,
Z

davidmcn

If you're going to hand in notice for your existing job before completion, certainly.

hazyjo

The T&Cs will say something about notifying them about material changes in circumstances.

This is a material change. So obviously they need telling.

K_S

proformance said:

Hi,
If an applicant finds now employment (albeit for MORE money) during a mortgage application process (before an OFFICIAL) offer, are we obliged to inform the lender?
Thanks,
Z

@proformance Once you're sure this is going ahead (accepted a new job offer, resigned from current job, etc), at that point you should inform your broker/lender.

Keep in mind that the current lender might have criteria that means they don't lend to employees on probation, or might have minimum period required in a new job, etc.

proformance

K_S said:

proformance said:

Hi,
If an applicant finds now employment (albeit for MORE money) during a mortgage application process (before an OFFICIAL) offer, are we obliged to inform the lender?
Thanks,
Z

@proformance Once you're sure this is going ahead (accepted a new job offer, resigned from current job, etc), at that point you should inform your broker/lender.

Keep in mind that the current lender might have criteria that means they don't lend to employees on probation, or might have minimum period required in a new job, etc.

Do you know if this is quote common? I.e. lenders unwilling to lend to borrowers who are in a probation period?

hazyjo

proformance said:

K_S said:

proformance said:

Hi,
If an applicant finds now employment (albeit for MORE money) during a mortgage application process (before an OFFICIAL) offer, are we obliged to inform the lender?
Thanks,
Z

@proformance Once you're sure this is going ahead (accepted a new job offer, resigned from current job, etc), at that point you should inform your broker/lender.

Keep in mind that the current lender might have criteria that means they don't lend to employees on probation, or might have minimum period required in a new job, etc.

Do you know if this is quote common? I.e. lenders unwilling to lend to borrowers who are in a probation period?

Yes. Speak to an all of market broker. Teachers and other public sector workers are more likely to be able to borrow, as are those moving to similar jobs. If it's something different entirely, that'll probably prove harder.