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Original poster

To change job just before exchange but after mortgage offer?

38 replies

Ditdatdilemma · 03/09/2020 18:56

We are in the process of selling and buying and unexpectedly I've been offered a 6 month contract in an amazingly well paid job, which would become permanent at the the end of the contract. We have our mortgage offer in place and are almost at exchange. Would it be madness and too risky to accept this job (for 6 months would be earning 3x my current salary and it would then become permanent)? I am worried that the lender may run further checks between exchange and completion and this could jepodise our mortgage offer if they find I've changed jobs? It's a once in a lifetime opportunity but the mortgage / house move is absolutely essential so I can't risk it in any way. Any advice to help me decide would be very much appreciated! Thank you!

OP posts:
RemyHadley · 03/09/2020 18:58

Technically you have to inform the mortgage provider of any change in your circumstances after the offer is made, and if you fail to then you are taking out the mortgage fraudulently.

They’re likely to have a real issue with it being a temporary job, even if you’ve been given assurances that there will be a permanent job at the end of it.

How’s the timing? Do you have to hand in notice and accept the new job straightaway? Or could you hang on till after completion?

NoSquirrels · 03/09/2020 18:59

It is a risk because any mortgage provider can run extra checks before completion. We needed to move many miles from jobs so it would be impractical to commute and I had to delay handing in my notice until the day we completed for this reason.

How long til completion and will your prospective employer hold the offer for you?

I’d talk to your solicitor or mortgage broker if I were you.

StartingGrid · 03/09/2020 19:00

Far too risky, regardless of salary. Not declaring would be fraudulent!

Original poster
Ditdatdilemma · 03/09/2020 19:02

Thank you! They would wait 6-8 weeks for me to start but I dont know if we would have quite exchanged by then, but I would have to give 4 weeks notice on this job. I certainly don't want to do anything fraudulent!! Such a shame, will have to turn it down as house sale and purchase are essential.

OP posts:
NoSquirrels · 03/09/2020 19:03

Lean on your solicitor to speed it all up...

Original poster
Ditdatdilemma · 03/09/2020 19:03

Quite completed not exchanged I meant.

OP posts:
Original poster
Ditdatdilemma · 03/09/2020 19:04

We have been chasing and chasing to speed up but there are things outstanding on our sale that can't be hurried up unfortunately... everything is done on our purchase though and we are ready to exchange, just the sale that is catching up. So stressful!

OP posts:
Batfinklestein · 03/09/2020 19:08

I did this. I actually didn’t even know it was fraudulent. I didn’t think about it at the time as it was a stressful period!
I was made redundant just after we’d exchanged, but secured and started a job two weeks later, a week before we completed. The job new was permanent but with a probation period.
As far as I know there were no checks done after exchanging.

Takingontheworld · 03/09/2020 19:09

I wouldn't give this a 2nd thought. Do it OP.

Any reason why it can't be permanent immediately though?

Original poster
Ditdatdilemma · 03/09/2020 19:12

Thank you!

It is temporary at first because they want to allocate me to a permanent team, wherever is the best fit, they will know this after 6 months but my contract will state position to be made permanent on X date. There is also no probationary period. I just think its too risky! We have the mortgage offer, I can't risk losing it.

OP posts:
chukwe · 03/09/2020 19:13

Keep quite, don't inform anyone

Smallinthesmoke · 03/09/2020 19:18

Read the small print in your mortgage offer. I am pretty sure it will say you need to declare any changes in circs, and this would be a change to a temporary job in the lender's risk averse eyes. But given what you say, I don't understand why the new company can't give you a perm contract now? - have you asked? If they are willing to pay you so well they sound keen to hire you....

Original poster
Ditdatdilemma · 03/09/2020 19:19

Chukwe - but they could call my current employer at any point and check I still work there? Or ask for further payslips? The whole thing fills me with anxiety!

OP posts:
Bouncycastle12 · 03/09/2020 19:20

I took a new job halfway through buying a house and told my mortgage company (fraud not to) and they were fine about it. New job had a three month probation period, but that didn’t bother them.

Original poster
Ditdatdilemma · 03/09/2020 19:21

It's just how it works. Everyone does 6 months and then allocated a permanent team. They might just make it permanent from the start but still same issue as is a new job etc.

OP posts:
RedRiverShore · 03/09/2020 19:27

A lot of new jobs have a six month probation period anyway which isn’t much different to a temporary job

Takingontheworld · 03/09/2020 19:27

Contract sounds like mortgage would accept it on those terms as no probationary and perm date included.

Go for it.

Whymustyoubringinthebirds · 03/09/2020 19:29

New job is not an issue but a temporary contract is so if the lender found out good chance mortgage offer would be pulled if you don't have a track record of temp contracts which you won't

If your solicitors or your broker (if used) find out they will be obligated to tell the lender

FinallyHere · 03/09/2020 19:30

Congratulations on the job offer

Rather than just turn down a brilliant new job flat, why not contact your mortgage provider and ask them about it. What do you have to loose?

ChikiTIKI · 03/09/2020 19:30

I had no idea you had to inform them of this... I knew I was going to be made redundant but it hadn't been formally announced when I got my mortgage arranged.

Started a new job the day after finishing old one, earning 50% more. We made sure we took out a mortgage that was affordable on one wage if necessary. Worked out fine.

JaJaDingDong · 03/09/2020 19:30

I've been offered a 6 month contract in an amazingly well paid job, which would become permanent at the the end of the contract*

I don't want to be a Debbie Downer, but I wouldn't bank on any contract becoming permanent in this day and age.

Itsatoughgig · 03/09/2020 19:33

If the default is going to be to turn down the job would it be worthwhile to touch base with your mortgage provider and ask if they would be willing to accept the change in circumstances?

chukwe · 03/09/2020 19:58

@Bouncycastle12

I took a new job halfway through buying a house and told my mortgage company (fraud not to) and they were fine about it. New job had a three month probation period, but that didn’t bother them.
I guess you've a mortgage offer. No one has that time to call your employer after a mortgage offer and thousands of applications stirring in front of their desks
titnomatani · 03/09/2020 20:07

Inform the bank if you accept the job. Do not go down the keeping quiet road- there's a 50/50 chance they'd check (maybe higher with how things currently are). If they found there's been a material change and you've failed to inform them, they'd withdraw their offer and ban you from taking on another mortgage. If you'd exchanged by that point then you'd be liable for all the costs incurred. Not a risk worth taking. If the new job pays higher/is likely to be permanent- that's a win-win for the bank so there's no reason they'd be concerned. You never know, they might even offer you a higher mortgage. Be sensible, not sorry.

KoalasandRabbit · 03/09/2020 20:21

I'ld contact the mortgage company and ask if this would be an issue and if there's anyway for it not to be one. I would imagine the temporary may well be an issue but it may depend on how much of a risk the loan is to the bank - if you have a larger deposit and dual income, lower income lending multiple they may be more flexible than say single income, high multiple of income, low deposit.