Changing jobs post mortgage offer

7sefton

My partner and I have received our mortgage offer - but I have been offered a new job at a new company. 

The salary for my new position is higher than my current salary (though I’m not intending on increasing the size of our mortgage), and will come with a three month probation period.

I won’t be starting the new job until after our current completion date.  

 Do I need to inform the bank if I accept the role?

MovingForwards

Yes as it's a change of circumstances. Some lenders are a bit funny about new jobs and probation periods.

If you say who the lender is, someone may be able to offer more guidance. Alternatively, have a read through the lending criteria to see what your lenders position is.

Any chance the new employer would wait until after you've completed?

K_S

7sefton said:

My partner and I have received our mortgage offer - but I have been offered a new job at a new company. 

The salary for my new position is higher than my current salary (though I’m not intending on increasing the size of our mortgage), and will come with a three month probation period.

I won’t be starting the new job until after our current completion date.  

 Do I need to inform the bank if I accept the role?

@7sefton It depends as the lender you are with may have criteria that your new job won't meet eg: need to be in the current job for 3+ months, need to have at least one full payslip, etc. Your original application may have factored in variable pay (annual bonus, monthly commission, etc.) which won't necessarily be considered for a fresh job, etc. Generally speaking, probation is an issue only with specialist lenders.

If you have a broker, it may be worth running the hypothetical situation past them to see what the implications are.

7sefton

Thanks both, I’m a direct applicant with Santander (if that helps any specifics).

What would happen if I didn’t tell them? Is this a crazy bad idea?