Accepting new job offer prior to completion, but not quit current job until after completion

randellios

I'm in a situation where we complete in 2 weeks. I've been offered a new job, better salary, same domain etc. My plan is to accept this offer, and only quit my current job After completion, giving me then a months notice and time before the new one is due to start.

So although I would have accepted the offer now & signed contract, I won't be quitting my current job until the mortgage has been completed in a couple of weeks. My question is does anyone think this would be a "Material change in circumstances" or any kind of fraud if I didn't inform the lender of accepting the offer?

diystarter7

Consult the lender for real-time, up-to-date, accurate info is what I would do. It will give you a piece of mind and then you can decide.

Is there any life insurance etc with the mortgage plan?

As I complete this post, my definite votes goes to , tell them and if they say no worries/etc, get it in writing/email.  Even if they say it makes a difference in may work in your favour or only slightly alter the price/etc but I'd 100% tell them

simon_or

One could argue it both ways - not material as it's permanent to permanent, higher salary, etc.

However it could also be classed material depending on the specific bank policy as they might need at least one payslip from the new job or have other similar criteria which means that the new job (which will be the one paying the monthly mortgage bill) doesn't meet it yet.

I know what I'd do - option 1.

diystarter7

simon_or said:

One could argue it both ways - not material as it's permanent to permanent, higher salary, etc.

However it could also be classed material depending on the specific bank policy as they might need at least one payslip from the new job or have other similar criteria which means that the new job (which will be the one paying the monthly mortgage bill) doesn't meet it yet.

I know what I'd do - option 1.

I looked up google to educate myself  and the clea advice is that you must tell the lender. It's for reasons I stated earlier in my post, a risker job etc. With anything like this or any insurance, we always update them and ask them to confirm or take their name and place/location of work

Scorpio33

By all means inform the mortgage company, but I doubt it will change anything.

When I was re-mortgaging (4 years ago) due to divorce, I was unemployed (following redundancy) and the bank gave me the mortgage on the job offer letter. The take was that if its the same kind of job in the same industry for the same (or more) money, then there is minimal risk.

simon_or

diystarter7 said:

simon_or said:

One could argue it both ways - not material as it's permanent to permanent, higher salary, etc.

However it could also be classed material depending on the specific bank policy as they might need at least one payslip from the new job or have other similar criteria which means that the new job (which will be the one paying the monthly mortgage bill) doesn't meet it yet.

I know what I'd do - option 1.

I looked up google to educate myself  and the clea advice is that you must tell the lender. It's for reasons I stated earlier in my post, a risker job etc. With anything like this or any insurance, we always update them and ask them to confirm or take their name and place/location of work

I just gave my opinion and what I would most probably do in that situation, the OP will do as they think appropriate. I personally don't see it the same way as facts on an insurance policy.

diystarter7

simon_or said:

diystarter7 said:

simon_or said:

One could argue it both ways - not material as it's permanent to permanent, higher salary, etc.

However it could also be classed material depending on the specific bank policy as they might need at least one payslip from the new job or have other similar criteria which means that the new job (which will be the one paying the monthly mortgage bill) doesn't meet it yet.

I know what I'd do - option 1.

I looked up google to educate myself  and the clea advice is that you must tell the lender. It's for reasons I stated earlier in my post, a risker job etc. With anything like this or any insurance, we always update them and ask them to confirm or take their name and place/location of work

I just gave my opinion and what I would most probably do in that situation, the OP will do as they think appropriate. I personally don't see it the same way as facts on an insurance policy.

Thank you. As per my previous posts, a change of job can mean a change of risk. It won't cost anything to inform the lender for a piece of mind and if it does, then the borrower will have to address that and int may or may not work in their favour.

As it is a piece of mind, does not hurt to advise them is what I'd do and recommend all of my family/friends/co-workers do.

Take care.

silvercar

It isn’t a material change until you quit your current job. Just because you intend to do so doesn’t mean you have done so.