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Offered a new job during purchase

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  • 04-12-2019 9:13pm
    #1
    robdonn
    Registered Users Posts: 1,107 ✭✭✭


    Hi all,

    So I'm currently in the process of purchasing a house. It's almost done, just some last legal things to tie up. I have been offered a great job that is almost irresistible, but they need me to start next month which means I need to hand in my notice very soon.

    If I hand in my notice, will the bank check with my current employer before drawdown? If I take the job am I shooting myself in the foot with my mortgage/purchase?


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    #2
    theteal
    Registered Users Posts: 7,593 ✭✭✭theteal


    In my experience, they want to know how long you've worked in the current job, not how long you've got left.


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    #3
    Fia11
    Registered Users Posts: 61 ✭✭Fia11


    What exactly does 'it's almost done' mean? If you've just got a few weeks until close you're fine, as you'll most likely still be paid by your current employer for the next what...month or so? Once your income as reflected on bank statements stays the same until after close I don't see why it would matter.

    Well done on the new job.


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    #4
    SozBbz
    Registered Users Posts: 1,889 ✭✭✭SozBbz


    Just be careful about what almost done means.

    Things can always go wrong until you've actually signed and drawn down.

    Chances are the bank might look for a revised payslip closer to closing if its been a while since your original application.

    Its a risk, possibly not an unmanageable one, but it is a risk.

    Your lenders underwriters probably have a strict policy of not giving a mortgage to someone on probation, which is effectively what you would be.


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    #5
    seamus
    Registered Users Posts: 68,317 ✭✭✭✭seamus


    If you read the loan offer agreement you will see that it includes a clause that requires you to inform the bank of any changes in your financial position if they arise before drawdown.

    And I've checked, changing job is included in this.

    But being honest, I've gone through the entire process of applying for a mortgage and buying a house while under notice of redundancy.

    My solicitor's advice was that even though I knew I was being made redundant at a time in the future, that the bank didn't need to know anything until I had an official letter in my hand. So I said nothing.

    Anecdotally, I know people who've changed jobs and the bank just wanted to make sure the new job actually existed. I've heard of other people who've been forced to start all over again and got a much lower approval amount.

    As others say above, if you have an actual closing date, then you'll be fine so long as you start the new job within a week or two of drawing down - the bank may ask to see your most recent payslip.
    But if you don't have a closing date, then you're better off just going to the new company and explaining that you can't give them a date yet. If they won't budge, then you're going to have to let it go.

    You're buying a house that will do you for a decade or more. Many jobs will come and go in that period. Prioritise the house. :)


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