Sale agreed, almost ready to sign contracts, mortgage approved - changing jobs?

alessandrasm

Hey Guys, I'm in the same situation as the one described in this thread. I am currently waiting for my solicitor to finish off researches on the property I'm looking to buy and I am supposed to sign the contracts in the coming days. If all goes well contracts should be exchanged by the end of next week, however my boyfriend is at the final interviewing stage for a role in a new company, slightly less salary but it is a work from home position so it would work out as the same financially speaking. He should know if he gets the job by next week and he should be starting at the end of this month. By then, the contracts should be exchanged and the mortgage issues, however I'm not sure if my bank would make a final check before drawing the mortgage. I'm curious what did you do in the end? If you did not tell your lender, did it work out?

Thanks!

hairyslug

We closed 15 weeks after approval, in between that time I got notice of being made redundant and then losing my job. The bank never followed up looking for up to date information. Maybe best to stay quiet about it.

alessandrasm

Thank you, that's a relief (not about you being redundant of course :P)! My boyfriend is so unhappy at his current job I didn't have the heart to tell him not to go when this opportunity came through. May I just ask you with what bank you applied back then?

hairyslug

No problem, we went with Ulster, we were tied in with them cause we were in a NE mortgage already, once we had got formal approval, they asked for no other info.

athtrasna

Mod note Split into own thread to avoid confusion.

Hollister11

I would say nothing, unless asked.

You are going to be in the same situation financially (more or less), so its not going to affect your ability to pay your mortgage.

markflynn

In the 9 months we went sale agreed to finally closing (due to issues with the sellers) I was offered a new job around 4 months in to the process. As it was up in the air when exactly we would be closing I was unsure whether to tell the bank or not. I decided to disclose it and that I would have a slightly higher salary but would not have the 3 months payslips they require. They let me produce a salary cert from my new employer and a letter stating I was not on any probation period and they accepted that. In the end the sale dragged on several more months and by the time we were closing I would have had the 3 months of payslips but they never did a final check or asked me for any more documents or information. We went with EBS and found they were by far the most lenient/understanding about the situation. So it worked out fine for us to tell the bank even if it didn't drag on but we probably could have said nothing too.

grahamor

markflynn wrote: »

They let me produce a salary cert from my new employer and a letter stating I was not on any probation period and they accepted that.

Yes, i think the probation period in a new job could be seen as a potential concern by the banks.

SarahMollie

I changed jobs whilst I was house hunting. I had to tell BOI because they requested a form from my employer. They said I couldn't draw down until my probation period was through.

You can clearly decided to say nothing unless asked but there is a risk in changing jobs during the process. Sure, some people will have gotten away with it, but there is no way of guaranteeing you will.

alessandrasm

Thank you all!
I am aware it is a risk, I just wanted to ask to someone who experienced the same situation. I am basically already on the final stage, the contracts are ready to be signed (my solicitor is just checking everything is ok) and I've already provided all documents to the bank (loan offer is signed and delivered). Consider the process was very quick as I got approved and received my loan offer less than a month ago. I'd say I'd likely sign and close the deal by the end of next week and my boyfriend should have the final response on the new job beginning of next week. To your knowledge, banks require a final employment check before issuing the mortgage, even if all required documentation was provided less than a month before?
Thanks again!

Henry Ford III

It's an awkward one.

On one side there's the OP excited about getting into your new house.

On the other you've the lender, who possibly wouldn't lend to someone in a new job on probation.

It's contract law you're dealing with ultimately and potential non disclosure. I've no idea what might happen if there was a problem down the tracks however.