New Job Offer - Do I need to disclose

AnxiousAnt

Hello,

We are in the process of purchasing our first home, and have had to leave the area we currently live in due to affordability. I have been offered a new job (similar pay) closer to where we will be moving, although will not be handing in my resignation at my current place of employment or signing my final contract (only conditional offer) prior to completing on our property purchase.

As nothing will be official until AFTER the completion on the property, do I need to disclose this to our lender? My reluctance is that we are close to completion and I will be unlikely to get all the documents I need regarding contract, pay, etc., until after the pre-employment checks are completed, which will happen after our completion date.

Thanks  

MWT

From what you have said, nothing material will have changed at the point when you complete on the purchase, any final decision on the new job offer will only occur after completion, so nothing to tell them.

Maka344

Technically, it is a material change.

MWT

Maka344 said:

Technically, it is a material change.

I'm not sure it really is in this case...

AnxiousAnt said:

"... will not be handing in my resignation at my current place of employment or signing my final contract (only conditional offer) prior to completing on our property purchase."

Similar salary and reduced travelling costs as well so no material impact on affordability either.

Maka344

It's a change to their situation, typically the Bank would want to know - presuming they will be a probation period, some lenders don't lend on probation periods etc. One of the questions on the mortgage application is whether the borrower knows of a change to their situation. 

al3xp

If the change hasn't happened yet and still might not happen, is it a material change?

The OP might decide not to resign the current job and not to take up the new offer.

Don't you only need to say about changes that are definitely happening?

What if the job offer get's withdrawn?

MWT

If they had resigned I would say it was a material change, but right now anything is possible so I wouldn't consider this as a material change, any more that planning to take out new credit for furniture or a new car loan after completion needs to be notified...

user1977

I agree it isn't a material change unless and until they resign - until then they still have the job they disclosed in their application.

AnxiousAnt

Thank you everyone for your views on this! I will definitely be in the same job at the point of completion and may end up remaining following completion. I appreciate your time and input  

Sistergold

Maka344 said:

Technically, it is a material change.

How can it be a material change when it has not been effected yet? You can not tell your to be mortgage provider every time you get a job offer. What if you change your mind about the said employer? 

Well nothing is set yet and so nothing to declare IMO. 

The best was is don’t change anything while processing your mortgage. After that we’ll change jobs if you like. 💁🏽‍♀️