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Handing in notice before Mortgage completion..

Hello!
Me and my husband have just had our official mortgage offer and are looking to complete for our house in January.
The mortgage offer is based on both of our full time salaries, but the plan has been for me to quit my job and focus on having IVF as soon as possible.
Now we have secured the deal I was hoping to hand my notice in after exchange in the next few weeks. 
I am desperate to start the process of IVF as you can imagine but am now worrying if I give my notice in too soon will it jeopardise the mortgage? Will they even know? I will have to work a months notice.. Would appreciate your thoughts on this :)   
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Comments

  • owenjt
    owenjt Posts: 109 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    My understanding is that if you resigned from your job before exchange then you must notify your mortgage provider. Once you've exchanged and the house is legally yours, you can resign and they don't need to know.
  • Marvel1
    Marvel1 Posts: 7,428 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    owenjt said:
    My understanding is that if you resigned from your job before exchange then you must notify your mortgage provider. Once you've exchanged and the house is legally yours, you can resign and they don't need to know.
    The mortgage is not released on exchange.
  • 980233
    980233 Posts: 197 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    owenjt said:
    My understanding is that if you resigned from your job before exchange then you must notify your mortgage provider. Once you've exchanged and the house is legally yours, you can resign and they don't need to know.
    Completed.
  • owenjt said:
    My understanding is that if you resigned from your job before exchange then you must notify your mortgage provider. Once you've exchanged and the house is legally yours, you can resign and they don't need to know.
    That may or may not be the case, would depend on exact terms of THAT mortgage product from THAT lender.

    Understand should read completed
  • If the bank are lending based on your salary then surely you'd need to inform them of your intentions to resign. 
  • andy444
    andy444 Posts: 190 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    edited 25 November 2021 at 2:05PM
    You have an Agreement in Principle. That is different to a full mortgage being released at completion. The AIP provided was under the belief that there will be two incomes at the time of completion. It's up to you whether you think anyone will find out but to leave your job before the mortgage commences would make your mortgage claim fraudulent.

  • lookstraightahead
    lookstraightahead Posts: 5,558 Forumite
    Sixth Anniversary 1,000 Posts Name Dropper Combo Breaker
    edited 25 November 2021 at 2:17PM
    andy444 said:
    You have an Agreement in Principle. That is different to a full mortgage being released at completion. The AIP provided was under the belief that there will be two incomes at the time of completion. It's up to you whether you think anyone will find out but to leave your job before the mortgage commences would make your mortgage claim fraudulent.

    Agree with this.

    You've also not secured a deal, and also what if this current buy falls through? 


  • LLL144
    LLL144 Posts: 10 Forumite
    First Post
    andy444 said:
    You have an Agreement in Principle. That is different to a full mortgage being released at completion. The AIP provided was under the belief that there will be two incomes at the time of completion. It's up to you whether you think anyone will find out but to leave your job before the mortgage commences would make your mortgage claim fraudulent.

    We have an official offer but I understand the money wont be released until completion. I would not of course want to commit a fraudulent act but technically I would still be working there as I would be working my notice?
    Do I need to inform the lender after completion about my change of circumstances although we will have no problem making the repayments? 
  • After completion no. Wait until then.
    Debt free Feb 2021 🎉
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