New job offer while sale agreed

NeptunesMoon

Does anyone know what's the situation with accepting a new job offer while sale agreed on a property?

If an employee has gotten approval for a property based on their current job but contracts aren't likely to be signed for another 6 weeks, what would be the situation if they were to accept a new job offer? Mortgage has been approved and valuation taken place already.

I think there's something about needing to be in employment for at least 6 months, which is fine for this employee in their current job, but if they accept the new job offer, of course by the time the sale goes through, they'll only have been working the new job for 2-4 weeks.

Would it be safe to accept the new job and start before the contracts are signed and sale goes through?

Cheers for any help!

L1011

I would be extremely worried of any delays requiring new payslips, which would have the approval instantly withdrawn.

I waited as I was in a job 5.5+ years when applying; changed job shortly afterwards instead.

PedroDublin

If on your new job you will have probation period, then your salary won't count towards the calculation of the 3.5 times the amount you can borrow. If you partner's salary can cover that, happy days, if not the bank will withdrawn the letter of offer.

My girlfriend was thinking on changing jobs and the bank told us to wait until we got the house, otherwise we would need to wait until she would have passed the probation period.

JimsAlterEgo

Read the terms, some may require this disclosure and if it does and you don't tell them it could lease to issues down the line.

NeptunesMoon

cheers for the replies! is not me, but the person in question is buying on their own

im guessing that once all contracts are signed and keys in hand, then they can switch job without any worry?

do you think there'd be any issue if they in thier 1 month notice period for leaving before the contracts were signed, even if they didn't leave until after they had moved in?

JimsAlterEgo

NeptunesMoon wrote: »

cheers for the replies! is not me, but the person in question is buying on their own

im guessing that once all contracts are signed and keys in hand, then they can switch job without any worry?

do you think there'd be any issue if they in thier 1 month notice period for leaving before the contracts were signed, even if they didn't leave until after they had moved in?

they need to check anything they have signed, sometimes there is a clause about disclosing any material changes.

PedroDublin

I had a friend on that situation. You cannot give your notice until you have the keys of the house, if you are on the notice period before closing the sale you should disclose it to the bank. As Jims was saying if something goes wrong or they find out it could lead to potential issues

hairyslug

What happened us (ulster bank) and may not be the same with others is: our purchase dragged on to the final day when the mortgage was going to be pulled, 3 months I think. They didnt look for updated payslips and in the meantime I was notified of being made redundant and got myself a new job. The relationship between my mortgage advisor was quite casual and I did mention it to him, whether he passed that on to anyone else, I do not know