Changing jobs mid-mortgage application

bam33 · 9 May 2018 at 4:36PM

Hi everyone,

My husband and I just had our offer on a flat accepted. We have an agreement in principle through NatWest and are proceeding through our mortgage broker to complete the mortgage application. My husband will be the primary applicant as his salary is higher than mine and he's a British citizen, whereas I'm a resident of the UK (not indefinite leave yet) from the US. NatWest have confirmed that they would (in principle) accept me as a secondary applicant given my circumstances.

I was just offered a new job in my field. The salary is lower than my current salary though not significantly, and there is a 3 month probation period. I've been employed at my current employer for the past 12 months and have provided payslips, P60, and bank statements to my broker for this employer. I'd like to accept the new job, but I'm worried that doing so would cause our application to be declined. I'm going to speak to my broker tomorrow as she'll be completing the application for us then, but thought I'd get your ideas on this and see if anyone else has had a similar experience. As the secondary applicant, would me changing jobs impact our ability to secure a mortgage?

Thank you!

Mortgage_Adviser · 9 May 2018 at 4:56PM

This is never a good idea to change jobs at this time.
I am not saying you will not be getting a mortgage now, but the rate may potentially be worse.
Also the lenders, when deciding if they should grant the mortgage to the applicant weight up the positives agains the negatives.
Going to the new job with the probation is definitely a negative.
You do need to make a decision now if you are going for a new job or not ads your broker will need to know for sure which route/lender to go for based on your decision about the job.

bam33 · 10 May 2018 at 11:44AM

Thanks for your reply. My broker said that as long as the new salary doesn't impact affordability, and as long as I have a signed contract detailing the salary and start date, with payslips and bank statements from the past 6 months to show I've been continuously employed, it shouldn't impact my application, particularly as my husband is the primary applicant. Have I received bad information?

SouthLondonUser · 10 May 2018 at 2:29PM

You are asking a "how long is a piece of string" type of question.

Bank's criteria change all the time - it's impossible to generalise.

A good broker should have a good sense for which banks are more likely to decline your application in your circumstances, and which ones are less likely to do so. But clearly no one can provide any certainty.

amnblog · 10 May 2018 at 9:31PM

bam33 wrote: »

Thanks for your reply. My broker said that as long as the new salary doesn't impact affordability, and as long as I have a signed contract detailing the salary and start date, with payslips and bank statements from the past 6 months to show I've been continuously employed, it shouldn't impact my application, particularly as my husband is the primary applicant. Have I received bad information?

No, you haven’t.

Dugong · 24 November 2018 at 11:29PM

I am the main contact down for a mortgage for my wife and I, we have our mortgage offer, but I will be changing jobs in December, but aren’t scheduled to move in until 10th January. I’ve heard a lot of mixed things on different forums, I have had a brief conversation with my broker, and not too sure what to do,

The new job I am moving to is similar to what I have been doing for current employer for 3 years. I have paid fees to Natwest and solicitors to get to this point, but am very worried it will all collapse because of my new employment, which does have a probation period, but is a higher salary. Just my luck as well I find this out on the weekend when I cannot phone anyone to get an answer... there goes my sleep for the next two nights,

If anyone can help, even if it’s bad news at least I’ll know what to expect come Monday.

Thanks.

Changing jobs mid-mortgage application

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