Change of Job before Exchange and Completion.

Dhruv21

I have already hold a mortgage offer and am close to getting the exchange and completion date assigned on the property in case. However, I was recently fired from my job this week with a weeks notice in lieu. And have already found another job but this is a change of career job. I am going to be earning roughly the same as my previous job. I was wondering what this will do to my mortgage offer. If I were to stay quiet about this and not tell the lender will they do some form of employment check before completion? 

lonibra

If you told the bank they will reassess as per their criteria and affordability. And then decline, reduce offered amount or leave as it is.

MWT

Sorry to hear of the job loss, but good that you have found somewhere else so quickly.

If you are using a broker discuss this with them to get their take on the likely reaction to the change...

I expect you realize that you are under a general obligation to inform your lender of any material change to your circumstances and losing the job you used as the basis for your application and changing to another industry would usually qualify as 'material'...

You said you would be earning 'roughly the same'.. does that translate to less than before?

... and are the earnings all basic pay or have you had to include some amount of overtime, or bonus etc. to get to roughly the same level?

Could it be suggested that your new job is in a more stable industry? ... say moving from hospitality to office admin for example...

Do you have a probationary period and could you reasonably claim that although this is a change of career that your previous experience is directly relevant...?

Dhruv21

Sorry should have clarified the new job is around £500 less p/a. However, we are under the limit of lending criteria since we were only on 4.3x limit so I see no reason for this to be declined. I also have no probationary period since this new job is at a firm where I have built a close relationship with the directions of the company through my husband being the accounts manager. I am 2 weeks away from completion I do not want this to be further delayed since we have been delayed by a month from our previous chosen completion date.