Handing in notice before Mortgage completion..

lookstraightahead

bazzyb said:

LLL144 said:

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.

I would not of course want to commit a fraudulent act 

Most mortgage applications ask if you are aware of any forthcoming changes to circumstances.  If you've said no to this then this would technically be fraud even if you wait until after completing to hand your notice in.

That puts paid to almost everyone with a mortgage then theoretically. New cars. New jobs. Starting a family etc, starting your own business.

Not disagreeing with what you're saying, but no one buys a new house without knowing they're going to change their life in some way. 

Op still needs to do the right thing. 

pinkteapot

LLL144 said:

babyblade41 said:

Just to put my two penneth , I think it is quite likely you could be caught out certainly before completion as it is fraudulent and then you would be hard pressed to get a mortgage anywhere 

I'm not sure why you can't stay in your current job whilst going through IVF then you will get maternity leave and could go back to work , I'm not sure leaving and losing an income for how ever long seems a bit odd

Might seem odd to you as you don't know the whole picture!
I have a long commute to work and am always exhausted from it so want to give IVF the best chance in working by resting my body and setting up my own business from home. If we weren't sure about what we are doing we wouldn't be doing it!
More wondering about the mortgage side of things to be honest

I have previously had a job with a long commute (3 hours travel a day), and while in a later, local job, had IVF. Only people who have had, or know someone who's had, IVF have any idea of the insane toll it takes. It's a really gruelling physical and mental process that takes months (unless you do short protocol). I only managed to stay at work thanks to a very understanding boss and my performance definitely suffered. There is absolutely no way I'd have been able to do it in my long-commute job. That's not to say people don't - and they're heroes. 

You know your life, your body and your finances so do what's right for you. And very best of luck with the IVF. 

As for the original question, I have to agree with the others that you definitely shouldn't resign until you've completed on the house. You almost certainly have a term in your mortgage offer that obliges you to tell the lender about changes to circumstances prior to completion. I know that might mean postponing treatment for a couple of months, but I just don't think it's worth risking the mortgage falling through - especially if the offer was pulled after exchange which would be catastrophic. 

pinkteapot

bazzyb said:

LLL144 said:

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.

I would not of course want to commit a fraudulent act 

Most mortgage applications ask if you are aware of any forthcoming changes to circumstances.  If you've said no to this then this would technically be fraud even if you wait until after completing to hand your notice in.

I really think this is a non-issue. Mortgage lenders don't look at your circumstances again once you've completed. All they care about then is that you pay. If OP is confident she's got enough cash to pay the mortgage, she can hand in her notice after completion.

davilown

Why resign? Why not wait till you’ve taken advantage of maternity leave, go back to work for the qualifying period then quit?
that why the IVF would cost quite as much as it will do if you’re not working.

propertyhunter

I think the OP has thought about all of these practicalities about staying in work or not, and going through IVF and working at the same time, and she knows it's not a possibility for her in her life. We've answered the question she's asked of us (resign after completion) - I don't think we're adding value now to point out the pros of working while undergoing IVF because we have no idea of the toll her current circumstances are taking on her life. 

Thrugelmir

pinkteapot said:

bazzyb said:

LLL144 said:

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.

I would not of course want to commit a fraudulent act 

Most mortgage applications ask if you are aware of any forthcoming changes to circumstances.  If you've said no to this then this would technically be fraud even if you wait until after completing to hand your notice in.

I really think this is a non-issue. Mortgage lenders don't look at your circumstances again once you've completed. All they care about then is that you pay. If OP is confident she's got enough cash to pay the mortgage, she can hand in her notice after completion.

There's a saying. When somebody else loses their job it's a recession. When you lose your job it's a depression. Risk exists every day for all of us in our lives in one form or another. People have to assess for themselves whether it's worth taking. As for those who do suffer misfortune the consequences are severely damaging and potentially long lasting. 

PS. Lenders will care if it's apparent that they were deceived at a later date if the wheels fall of so to speak. When it comes to money no one plays games. Hence my reference to National Hunter. 

nimbo

It may delay the ivf process by a few months but the t&cs for my mortgage specifically  states it I lose my job after the offer before completion I should tell them. If I quit I’d take it to men I needed to tell them that too. The list was examples not exhaustive. 

I appreciate you can her the biological clock ticking - but do you honestly want to move in the initial stages of ivf - all those extra hormones and added stress? Not being funny I’ve moved when due on my period and nearly murdered someone. Leaving it to a time when you would no longer be at risk of having th offer withdrawn and then losing the deposit seems a sensible plan. 

Good luck with the new business. 

davilown

propertyhunter said:

I think the OP has thought about all of these practicalities about staying in work or not, and going through IVF and working at the same time, and she knows it's not a possibility for her in her life. We've answered the question she's asked of us (resign after completion) - I don't think we're adding value now to point out the pros of working while undergoing IVF because we have no idea of the toll her current circumstances are taking on her life. 

Why not? The op may not have thought about it that way - just another option for them to follow.

It’s certainly not a criticism, just pointing out other options that will allow them to purchase the property without falling foul of the lender, and allow them potential extra funding if 2nd or 3rd treatments are required.

Reginald74

I would just add that 'starting a little business' as an easier alternative to working for someone else might seem like a good idea, but it certainly is not.  Many businesses fail in their first year and those that don't inevitably have people working all the hours God sends behind them. 

It's hard to make money, especially good money, or everyone would be doing it.  Sit a do a back-of-envelope business plan showing outgoings, incomings and sensible timings and you will quickly see what I mean.

Moving house + IVF + new business = disaster (not easier life).

If you chuck in the stress of a lender investigation and possible financial blacklisting...

LLL144

pinkteapot said:

LLL144 said:

babyblade41 said:

Just to put my two penneth , I think it is quite likely you could be caught out certainly before completion as it is fraudulent and then you would be hard pressed to get a mortgage anywhere 

I'm not sure why you can't stay in your current job whilst going through IVF then you will get maternity leave and could go back to work , I'm not sure leaving and losing an income for how ever long seems a bit odd

Might seem odd to you as you don't know the whole picture!
I have a long commute to work and am always exhausted from it so want to give IVF the best chance in working by resting my body and setting up my own business from home. If we weren't sure about what we are doing we wouldn't be doing it!
More wondering about the mortgage side of things to be honest

I have previously had a job with a long commute (3 hours travel a day), and while in a later, local job, had IVF. Only people who have had, or know someone who's had, IVF have any idea of the insane toll it takes. It's a really gruelling physical and mental process that takes months (unless you do short protocol). I only managed to stay at work thanks to a very understanding boss and my performance definitely suffered. There is absolutely no way I'd have been able to do it in my long-commute job. That's not to say people don't - and they're heroes. 

You know your life, your body and your finances so do what's right for you. And very best of luck with the IVF. 

As for the original question, I have to agree with the others that you definitely shouldn't resign until you've completed on the house. You almost certainly have a term in your mortgage offer that obliges you to tell the lender about changes to circumstances prior to completion. I know that might mean postponing treatment for a couple of months, but I just don't think it's worth risking the mortgage falling through - especially if the offer was pulled after exchange which would be catastrophic. 

Thank you we feel we are making the right decision for us and after more thought we will wait until after completion.
Thank you also for sharing your story.