Job change after mortgage offer and contracts exchange

[norman156]

Evening all,

Have a mild dilemma on my hands. We're currently part-way through getting a mortgage on a new-build property. We've just had our offer, and will be exchanging contracts shortly. After that, we'll be waiting until September/October for when we start paying the mortgage, when the property will be built and finished.

I have however seen a job I'd rather like to go for. If on the off chance I'm successful (a long shot with the sort of job it is, but worth considering), I'd likely be starting the job after we exchange contracts, but before we start paying the mortgage. The question is, would changing jobs at that stage of the mortgage process matter? Is it too late by that point, or would we still be obligated to notify the lender, and potentially derail proceedings?

[norman156]

Sarnie said:

norman156 said:

Evening all,

Have a mild dilemma on my hands. We're currently part-way through getting a mortgage on a new-build property. We've just had our offer, and will be exchanging contracts shortly. After that, we'll be waiting until September/October for when we start paying the mortgage, when the property will be built and finished.

I have however seen a job I'd rather like to go for. If on the off chance I'm successful (a long shot with the sort of job it is, but worth considering), I'd likely be starting the job after we exchange contracts, but before we start paying the mortgage. The question is, would changing jobs at that stage of the mortgage process matter? Is it too late by that point, or would we still be obligated to notify the lender, and potentially derail proceedings?

It would only be an issue if;

A) you were going on to a lower salary
B) the new position had a probationary period
C) you are going from PAYE to being self employed

No mention of salary, but I'd expect it to be a little lower. No mention of a probationary period either. So presumably then, would I be obligated to tell them if I got the job, even if we have exchanged contracts by that point? At what point does it not matter, after we've made the first payment?