Mortgage application and changing jobs
Discussion
We are currently in the midst of a mortgage application on a new property that is not complete yet, due to be finished and us moving in all being well by the end of this year. We have a mortgage agreed in principle and are just going through all the motions now, exchange date is early July.
I don’t want to get into reasons just now, but am I right in thinking that post exchanging contracts would be a safe time to enter a new employment for one of us? Bearing in mind that there will be 5/6 months between exchanging and moving in? Nothing lined up as yet.
Apologies if this is in the wrong section, thought it would make more sense here.
Cheers.
I don’t want to get into reasons just now, but am I right in thinking that post exchanging contracts would be a safe time to enter a new employment for one of us? Bearing in mind that there will be 5/6 months between exchanging and moving in? Nothing lined up as yet.
Apologies if this is in the wrong section, thought it would make more sense here.
Cheers.
Assuming you're a PAYE drone then there is unlikely to be any issue if you change job. You are not actually obliged to tell them if your circumstances have changed but they will ask prior to completion. I also assume your job move is favourable money wise so again no issues there.
Just don't mention it and change job, it really doesn't matter.
Just don't mention it and change job, it really doesn't matter.
Burgmeister said:
Assuming you're a PAYE drone then there is unlikely to be any issue if you change job. You are not actually obliged to tell them if your circumstances have changed but they will ask prior to completion. I also assume your job move is favourable money wise so again no issues there.
Just don't mention it and change job, it really doesn't matter.
Advice based on lots of assumptions............good one!Just don't mention it and change job, it really doesn't matter.
For reference you ARE obliged to inform the lender of any changes to your circumstances, especially a change of job........if it doesn't really matter, inform the lender and let them decide......
Burgmeister said:
Assuming you're a PAYE drone then there is unlikely to be any issue if you change job. You are not actually obliged to tell them if your circumstances have changed but they will ask prior to completion. I also assume your job move is favourable money wise so again no issues there.
Just don't mention it and change job, it really doesn't matter.
I really wouldn't risk doing this. Just don't mention it and change job, it really doesn't matter.
It's very unlikely, but mortgage companies have been known to contact employers the day before completion to check your employment status. Your mortgage offer is based on current circumstances and if these are different on the day of completion, they can pull the plug and your sale falls through.
If you've been offered a job then explain this to the new employer. If they really want you they will wait until you have completed your house purchase.
nitrodave said:
I really wouldn't risk doing this.
It's very unlikely, but mortgage companies have been known to contact employers the day before completion to check your employment status. Your mortgage offer is based on current circumstances and if these are different on the day of completion, they can pull the plug and your sale falls through.
If you've been offered a job then explain this to the new employer. If they really want you they will wait until you have completed your house purchase.
I’m closing on a house next Wednesday and my mortgage company contacted current and former employers today to confirm employment status. It's very unlikely, but mortgage companies have been known to contact employers the day before completion to check your employment status. Your mortgage offer is based on current circumstances and if these are different on the day of completion, they can pull the plug and your sale falls through.
If you've been offered a job then explain this to the new employer. If they really want you they will wait until you have completed your house purchase.
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