# mortgage advice (job change)



## possul (Nov 14, 2008)

Hi everyone,
I'm in the middle of buying a house which is taking forever and had to re apply for the mortgage due to how long its took, due to exchange in the next few weeks.
My question is, I have been offered a new job (same pay) and want to know if this will cause any complications with my mortgage?
Stop us getting mortgage due to false info?
As in actually getting the mortgage, as il exchange where I am but by the time I pay the mortgage monthly I should be in the new job
Friends have said your still earning the same so shouldn't be a problem, 
Mortgage advisor said should be ok but if its checked out it could stop us getting it.
I've read that you need to be in a job for 2 years to get a mortgage and can't wait another 2 years if it falls through.
Should I stay or leave? 
Main priority is getting the house so bear that in mind, is it the safest option.
Just hate my current job atm!

Thanks guys


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## Beancounter (Aug 31, 2006)

Tricky one, by rights, you should tell the mortgage company everything - but you know that.

Is there no way you can negotiate the start of the new job until after you have had the funds drawn down (ie when you are in your new house)?

Assuming salary is the same (if not more) and the company is stable, you should be fine. People change jobs all the time and it's something mortgage companies have to deal with.

Personally, I've never told a mortgage company when I've changed jobs - not saying thats correct , just trying to give you a different perspective


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## possul (Nov 14, 2008)

I put that forward to them and there looking to take someone on now rather than later.
I planned on handing my notice in today until i thought about everything I!
If I had already started to pay the mortgage or exchanged id of done. 
I'm put off because its not finalised and new to all this....


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## vroomtshh (Nov 23, 2009)

Is the mortgage agreed? If it is, then I wouldn;t bother telling them


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## possul (Nov 14, 2008)

vroomtshh said:


> Is the mortgage agreed? If it is, then I wouldn;t bother telling them


been agreed yes. 
Could anything back fire on me if i were to change jobs though?


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## The Cueball (Feb 8, 2007)

I think the 'right' thing to do is to tell them.... on your application you usually have to sign it to say all the information given is true and correct... this is no longer the case if you get a new job.

however.... personally, I wouldn't bother, there is a lot going on, so you could always forget to mention it.

it's a stressful time buying a house... 

:thumb:


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## Beancounter (Aug 31, 2006)

To be honest, if its agreed and 'offered' then they have already done their checks :thumb:

Your IFA in all honesty should be advising you the best course , but personally, I'd proceed with changing jobs and tell them in a few months.......if you feel the need to 

I'm not a financial advisor by the way.


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## The Cueball (Feb 8, 2007)

Beancounter said:


> To be honest, if its agreed and 'offered' then they have already done their checks :thumb:
> 
> Your IFA in all honesty should be advising you the best course , but personally, I'd proceed with changing jobs and tell them in a few months.......if you feel the need to
> 
> I'm not a financial advisor by the way.


I agree... but as I've personally had a mortgage agreed, offered then pulled 1 month later, and 15 minutes before I signed for the house... their contracts means nothing, and if they want to get out of it, they will use anything..... 

:thumb:


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## possul (Nov 14, 2008)

I've got my girlfriend and little boy to think about to

Thanks for the input guys


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## Beancounter (Aug 31, 2006)

The Cueball said:


> I agree... but as I've personally had a mortgage agreed, offered then pulled 1 month later, and 15 minutes before I signed for the house... their contracts means nothing, and if they want to get out of it, they will use anything.....
> 
> :thumb:


That is shocking :doublesho
Not what I want to hear as I exchanged last week on a house and complete next week :lol:


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## The Cueball (Feb 8, 2007)

Beancounter said:


> That is shocking :doublesho
> Not what I want to hear as I exchanged last week on a house and complete next week :lol:


I know... I wasn't a happy bunny...

and they never even had the guts to tell me.... it was just nagging me I hadn't had the final (final, final) word from them, so I phoned as I was waiting to be seen to sign for the house....

and the reason for it all!!?!?!?

they had... I repeat they had decided that I had too much money in my bank, and I should be using all of it to buy the house, and lower their loan amount...

so the money I had for decorating, new kitchen, bathrooms etc was not, in their eyes, allowed to be used for what I wanted.

I went round to my bank, and took all my money out, closed all my accounts and moved my business accounts as well - they lost a lot of business from me, and others who have now moved banks as well......

they are just pathetic.

sure you will be OK though! 

:thumb:


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## Beancounter (Aug 31, 2006)

I had a similar experience to be fair, due to keeping money aside for my sons schooling, I have a considerable balance, which my current provider decided that they would offer me the mortgage amount I applied for, less the balance I had sitting in the accounts.

I politely declined and straight away secured the mortgage at a better rate/term with another bank and immediatly removed all my money from their accounts. When the 'manager ' called me to question why I was moving all my funds I explained the reason why, and that I would not be returning a penny of it to them as clearly they were not looking after my best interests.

After 4 phone calls from progressively more senior 'managers' offering me various 'deals', they realised that things were not going to change......a case too little, too late. Seems that they are not interested in protecting 'good' customers, but would rather make money from people who don't manage their affairs so well!


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## kh904 (Dec 18, 2006)

Good to hear that people are voting with their feet/money & moving banks!

That's the only way they will learn and actually look after the customers!


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## Bero (Mar 9, 2008)

Have you signed the contract for the new job? Until you do and you don't have a new job so no need to say anything.

Mortgage companies want to see 3 month wage slips before considering you suitable. This is due to the probationary period at the start of any job where you can be released for any reason....or no reason at all. They don't want people defaulting from the off!

Having said that what can they do if you forget to tell them before you sign on the dotted line? You are owe them a debt so they're not going to disown you....and they can't increase your costs.....

I have a flat I'm letting out and have not told the mortgage company......as they will just try and charge me more on a BTL deal, I lived in it for a number of years then bought somewhere else and leased the flat so I was 100% factual at the time of purchase. They've not asked and I've not said.


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## Beancounter (Aug 31, 2006)

Bero said:


> I have a flat I'm letting out and have not told the mortgage company......as they will just try and charge me more on a BTL deal, I lived in it for a number of years then bought somewhere else and leased the flat so I was 100% factual at the time of purchase. They've not asked and I've not said.




Bero - re you B2L, it's you're choice, but I wouldn't be doing that, not the same as not telling them about a job change IMHO.

If the happen to find out, you could be in a whole heap of trouble. Might never happen, but I'd not be taking the risk if I was you.

Out of interest, but do you have regular or B2L insurance ?

Sorry OP, taken this a little OT.


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## Bero (Mar 9, 2008)

Beancounter said:


> Bero - re you B2L, it's you're choice, but I wouldn't be doing that, not the same as not telling them about a job change IMHO.
> 
> If the happen to find out, you could be in a whole heap of trouble. Might never happen, but I'd not be taking the risk if I was you.
> 
> ...


What difference does it make?! What can they really do?? If they really tried to do anything unfavorable I would just change providers.

I have BTL insurance, that's something that IS important and should NEVER be overlooked.


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## Beancounter (Aug 31, 2006)

Fair enough . A neighbor of mine was doing the same, was served a notice by the courts on behalf of the lender and was ordered to immediately repay the balance on his mortgage as he'd broken the terms of the contract between him/the bank. Banks are not the sort of people I'd want hunting me down to be honest. As a result of the claim by the mortgage provider he could not secure a loan elsewhere. Long story short, was declared bankrupt about 18 months ago :doublesho .....just be careful.

The fact you have B2L insurance (which I'm glad to hear by the way:thumb does not help your cause as you clearly are aware of what you are doing.

As I say, just my 2p.


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## possul (Nov 14, 2008)

No probs me bean, will be taking all this in so carry on!


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## Darlofan (Nov 24, 2010)

I wouldn't tell them, the info was correct when you signed the forms. If they find out just claim as your wage was the same you didn't think they'd need to know. as long as you pay your mortgage each month they really have no bother with you. Whereas if you miss a month they'll start looking into whats going on.
Good luck BTW.


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## Bero (Mar 9, 2008)

Beancounter said:


> Fair enough . A neighbor of mine was doing the same, was served a notice by the courts on behalf of the lender and was ordered to immediately repay the balance on his mortgage as he'd broken the terms of the contract between him/the bank. Banks are not the sort of people I'd want hunting me down to be honest. As a result of the claim by the mortgage provider he could not secure a loan elsewhere. Long story short, was declared bankrupt about 18 months ago :doublesho .....just be careful.
> 
> The fact you have B2L insurance (which I'm glad to hear by the way:thumb does not help your cause as you clearly are aware of what you are doing.
> 
> As I say, just my 2p.


Genuine thanks for your concern; it's something I did think a lot about before doing, and based on the market at the time I would have been accepted for a BTL mortgage if I wanted one. It's obviously different for individual circumstances, his ones must have been pretty ugly before the mortgage company forced him into bankruptcy (as they will take a hit!) and I suspect his LTV would have been very high before no other providers or his original provider would not offer him anything else.

If the worst came to the worst I could just pay it off, or if I wanted out there is plenty equity if I sold. :thumb:


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## -Simon- (Oct 29, 2010)

If you have yet to start the new job don't worry, if you have started and the wages are the same or more then you should be ok as long as there hasn't be a gap in the continuity of employment...the only issue is whether there is a probationary period attached to the new job, if there is and the lender finds out this could cause an issue.

If the mortgage needs to be re offered due to the original offer expiring the lender is likely to ask for up to date pay slips, so if you've already started the new job you may have to tell the lender anyway....


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## possul (Nov 14, 2008)

Well i hand my notice in tomorrow as its the last straw with this place... Sandicliffe
Going to vw as a technician so on to better things really.
Thanks for the advice everyone


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