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  • FIRST POST
    • Spring89
    • By Spring89 4th Apr 18, 12:01 PM
    • 2Posts
    • 0Thanks
    Spring89
    Handing in notice before exchange and completion
    • #1
    • 4th Apr 18, 12:01 PM
    Handing in notice before exchange and completion 4th Apr 18 at 12:01 PM
    Hi everyone,

    My partner and I are first time buyers and got our mortgage approved 2 weeks ago. I am a teacher and had initially planned to hand in my notice at work at the end of May (notice deadline to be able to leave this academic year at the end of July) and start a new job in August in family support which pays slightly less. If i miss the notice deadline i can next leave my job in December which i really don't want to have to do also as it's very long commute from the new house we are purchasing. I had thought exchange and completion would've happened by then but now I realise it may happen after my deadline. In which case I'm nervous to hand in my notice (to leave in July) at the end of May if mortgage isnt complete - how likely is it for lenders call your employer just before exchange/ completion?
    I'd still be getting paid so can provide pay slips- just aware that youre meant to notify your lender if you hand in your notice.

    Thanks
Page 1
    • Supersy
    • By Supersy 4th Apr 18, 12:45 PM
    • 60 Posts
    • 16 Thanks
    Supersy
    • #2
    • 4th Apr 18, 12:45 PM
    • #2
    • 4th Apr 18, 12:45 PM
    You are breaking the terms of the mortgage offer, you need to tell them also your plans as your affordability may change and alter the offer amount.
    • Ben Woods
    • By Ben Woods 17th Apr 18, 2:51 PM
    • 2 Posts
    • 1 Thanks
    Ben Woods
    • #3
    • 17th Apr 18, 2:51 PM
    • #3
    • 17th Apr 18, 2:51 PM
    Speak to your solicitor to see what would happen next if that's what you did, 9 times out of 10 it's fine as I've done simular before in the past and my solicitor and mortgage advisor were fine with it. But every case is different.
    • sonub4ualt
    • By sonub4ualt 17th Apr 18, 9:06 PM
    • 7 Posts
    • 0 Thanks
    sonub4ualt
    • #4
    • 17th Apr 18, 9:06 PM
    • #4
    • 17th Apr 18, 9:06 PM
    Hi all, im in the same boat as OP. Working for one of the public sector organisations since past 8 years, saved some deposit around 15k. With my current earnings, I was not able to afford the property which we had in our mind. I received an offer from a private with a decent hike about 25% adding another 60-70k towards my eligibility.

    I have resigned from my current organisation and serving notice period, and have my start date agreed with my new employer. Have not had an AIP, but there is a viewing arranged this friday. We quite like the property and want to have it ASAP, as it is in most sought after location.

    Confused whether to initiate this and finish before starting my new employment or wait for some more time.

    PS: My current tenancy ends in July, dont have much time to wait and watch!!!

    Thanks
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