Changing Jobs before drawdown of mortgage

WileyWilly

My mortgage is approved and I have purchased a property. The property wont be ready for about a month so I will not be drawing down the mortgage until then.

A good role has also come available and am considering moving.

Is it a big risk to move jobs during that period where the mortgage is not yet drawn down from the bank?

ec18

I did something similar and it wasn't a problem as the loan offer had been sent to solicitor. I was never asked for any further proof of employment after the initial application

ellobee

Yes as ec18 said they are unlikely to ask for any more information from you, however a couple of concerns I would have are,
1. Your new job would probably have a trial period and you never know what may happen in that time and you dont want to be looking for a job 6 months into a new mortgage.

2.Mortgage approval is only valid for a certain period of time, usually 6 months, if anything was to happen that would delay the move and your approval expired, you would have to apply again .

But in saying that if its a job you really want and you think its worth the risk then go for it.

Thestones

I personally think it's risky, a month to go or possibly longer? When we bought Im pretty sure my husband was asked for a salary cert again quite near drawdown, if that happened you'd be screwed.

alias no.9

If there is a delay, you may be asked for up to date payslips and account statements, I know we were.

The vendors bank had delayed the purchase process significantly, to avoid any additional delay on our side after that, I had specifically asked the bank if we would need up to date documents about two weeks before we closed. Our bank said no but sure enough as soon as our solicitor requested to draw down, they suddenly remembered that they needed up to date payslips and account statements.

It wasn't a problem but had we been in a situation where either of us was changing jobs.

hairyslug

We closed on the day the mortgage would expire, i had been given notification of being made redundant 5 weeks prior to this and had since got a new job. I wasn't asked for any updated paperwork as time got near. I'm nearly sure i said something to my guy in the bank that i was moving jobs and he didn't raise an eyebrow.
I would be of the opinion that if you are not asked, dont tell.

westsider

I posed this question with bank some time ago, the answer came back that as long as you were moving to a permanent job, same terms & conditions etc and not on probation shouldn't be a problem.

Del2005

westsider wrote: »

I posed this question with bank some time ago, the answer came back that as long as you were moving to a permanent job, same terms & conditions etc and not on probation shouldn't be a problem.

What company takes on people without a probationary period?

westsider

Del2005 wrote: »

What company takes on people without a probationary period?

In this particular case the move was within the same industry and so probation period not required. I accept it does not happen everywhere.

TimeToShine

westsider wrote: »

In this particular case the move was within the same industry and so probation period not required. I accept it does not happen everywhere.

No problem then.