Job change just as exchanged

[Sunbeammoonbeam]

For various reasons there has been 8 weeks between exchange and completion. In this time I was told I was being made redundant and would be paid in lieu of notice. I have been able to get a new job with an immediate start date that pays more than my previous role.

I told my mortgage adviser who works for the bank I have a mortgage offer with and asked if it would change anything/ whether he needed a copy of my new contract etc etc. He replied saying that things wouldn’t need to be reassessed this far into the process, especially as my new job pays more before.

He put all of this in an email so I assume he is correct or he wouldn’t put it in writing? I’m just nervous as the mortgage offer paperwork says you have to inform the bank of any change of circumstances. Which I’ve done I just expected them to need to see the paperwork.

Why are you trying to over complicate your own purchase? Your mortgage adviser has told you it’s too late in the process to affect anything and it clearly is because you have already exchanged so are legally obliged to buy this property now regardless of your circumstances. Congratulations on getting another job so soon.

You did what you needed to and he responded to confirm. That's all.

I suppose because I was expecting things to be reassessed and held up (as advised by our solicitor) and I’m thrown that it’s been so easy. They don’t even want to see the new job contract.

I have been reading that lenders do checks when the money is released. Credit checks and job checks. Won’t this be an issue? The mortgage adviser hasn’t made a note anywhere of the new job.

I have also noticed on my credit file that my annual water bill is listed as a debt. I pay it every month via direct debit so can’t understand why it is there.

I feel sick and like I’ve lost my deposit. (A lot of it was gifted). Completion is next week.

And to make things worse on my HMRC record under new employment my estimated pay is so much lower than what it should be for new job. Estimate is 13K for the whole year. What if new job check that?

If the bank refuse to release funds can I share the email that their own employee knew I had changed jobs so I had fulfilled my end of the bargain by letting them know?

You haven’t lost your deposit and won’t lose your deposit. You have already exchanged and will complete next week. You are worrying for no reason

I don't even understand this. Why would your new employer be interested in this? They've employed you on a higher salary than your old job.

Sorry I meant what if bank check that if they reassess affordability and find my predicated earnings are so low. (It’s because I’ve only had one payslip and I started middle of the month).

The bank won’t reassess affordability after you have exchanged contracts

In hindsight you should have kept quiet (I did when this exact thing happened to me after exchange!) and just completed without this worry. It is very unusual for them to do employment checks after exchange etc..... so you would have got away with it in all likelihood.

OP! You're really over complicating things, just leave well alone and enjoy your new home.

Should have said nothing tbh 🤦‍♀️opened a can of worms here

I went on maternity leave between completion and exchange . Nobody even knew I was pregnant 😂

I said nothing, nobody checked

it’s fine

When they do in pre completion checks they are checking your credit file for new debts, like a big car loan or loads of credit cards racked up after they made the offer.

They don't check every time.

Without sounding harsh the time to sort this was before exchange (which is sounds like you tried ) before you were committed.

Have you told your solicitor. They act for the mortgage co as well, so they should disclose your change of circumstances to them, with your permission.

If you refuse permission then they can decline to act.
If you've told your solicitor and they've not said they are disclosing I would just say nothing else.

Seriously calm down. You've done your part. Your salary hasn't dropped. You're not the first person to change jobs at this stage and they know a first pay slip doesn't necessarily represent normal salary. They want to lend you money!

They won't do employment checks after exchange. They only redo credit file checks again when the gap between exchange and completion is bigger than 30 days and even then they are looking for new debt/huge new access to credit. That won't show your new salary and they won't ask for bank statements again.

Just let it go, you are the only thing threatening your purchase!

You shouldn't of mentioned it.
Nothing will change, they won't re assess you.
Congratulations on your new job and home, please stop worrying

As an employer I have occasionally had to provide a reference for a member of staff when they've applied for a mortgage, but I have never had a second request to provide anything, so I'd highly doubt they would do another affordability check between exchange and completion.

Hindsight is a wonderful thing, and it's lovely that you're such an honest person, but I wouldn't have even bothered mentioning it. You know you can afford it as you're now earning more.