Applying for new job after mortgage approval and exchange of contracts.

steff1991

Hi everyone

I was just wondering what the procedure is when applying for new jobs after been accepted for a mortgage and have exchanged contracts?

Due to my mental health i really want to start looking for a new job if possible. I have two jobs that i believe would be perfect for me but obviously I’m not sure how much an impact this would have on our mortgage?

would i have to re-apply for the mortgage if i get a new job? The mortgage is split between me and my partner. Would i need to inform then straight away if i was lucky enough to get a new job? Could they turn around and take our mortgage away? 

As you can see I’m really new to all of this!

Any help on this would be of great help 

many thanks. 

K_S

@steff1991 Depends on the lender, what kind of income has been used for the application, and the specifics of the job change (in particular the salary).

L_T_88

General advice is not to start a new job or hand your notice in between exchange and completion. When do you expect to complete? There's nothing to stop you from applying for jobs, so long as you do not hand your notice in.

Having said that, I was able to secure a mortgage on the basis on the contract for a new job, but this was a salary increase in an industry I've worked in for 9 years. They then did ask for the first month's payslip once I'd started.

steff1991

Many thanks for the reply!

So we have signed all the contracts with Santander and with our solicitor and sent everything off two months ago. So everything at our end is basically done. Sorry I should have mentioned as well , is that we won’t start repaying the mortgage until October/November time when our house is complete. Does that mean we are have reached completetion? 


sorry for the silly questions 

We were lucky enough to put a large deposit down. Both our salaries are low at around 20.000 per year. So i was hoping to look for a job with a bigger salary as well to help pay the bills etc.  

Many tahnks again 

fiveacre

I would personally avoid making any major changes between exchange and completion. It should be OK if your lender is happy, but it's not the best time to be putting your mortgage offer at any risk. Normally the gap between exchange and completion is quite short anyway - unless you're buying a new build?

user1977

steff1991 said:

So we have signed all the contracts with Santander and with our solicitor and sent everything off two months ago. So everything at our end is basically done. Sorry I should have mentioned as well , is that we won’t start repaying the mortgage until October/November time when our house is complete. Does that mean we are have reached completetion? 

No. Completion is when you pay the price and get your keys. You don't want to do anything before then which might cause your lender to pull the mortgage offer.

fiveacre

Have you actually exchanged then?

steff1991

oh ok thanks for the adivce. so best thing to do is to wait untill i get the keys? then that we be defined as completion? then hopefully i can then start to look for jobs with a larger salary etc?  

the house is a new build, so we have both been waiting almost 6 months now since we first applied. since then ive become quite unwell and have been in and out of support services for my mental health.  Sadly my job is making my mental health worse at the moment so i’m in a akward position.

is it realistic then, after we have moved in and have collected the keys i can then start to look for a new job? i assume obviosuly then i will have to inform the bank of this. 

thanks again for all the help, and sorry for all of the stupid questions

user1977

steff1991 said:

is it realistic then, after we have moved in and have collected the keys i can then start to look for a new job? i assume obviosuly then i will have to inform the bank of this. 

You can do what you like with your employment after completion, you don't need to discuss it with the bank.

steff1991

fiveacre said:

Have you actually exchanged then?

Yeas we’ve exchanged 

fiveacre

Definitely wait until you've completed if at all possible, then you can do what you like without any risk to your mortgage.

If you've been waiting 6 months already, is your mortgage offer going to expire before October?