Have a family member who went about getting a mortgage recently and has filled in all the relevant forms. He has 5 years secure employment, a strong record of savings and basically ticks all the boxes. He has already obtained approval in principle (which I know means very little) and in the last fortnight he has lodged all the requested documentation with the Bank.
Now, in the last week he has been head hunted by another company to join them on a permanent basis. He will be getting a 10k uplift straight away with access to higher potential bonuses. Trouble is he doesnt want to put the mortgage process in jeopardy. He has received a draft copy of his new contract and there is no reference to a probationary period etc, so what is the best approach here? Does he come clean with the bank and say he is changing jobs or does he try to close out the process before pay cheques from the new employer start hitting his account.
I should point out he probably has an 8 week window as he needs to serve out his notice anyway.
Now, in the last week he has been head hunted by another company to join them on a permanent basis. He will be getting a 10k uplift straight away with access to higher potential bonuses. Trouble is he doesnt want to put the mortgage process in jeopardy. He has received a draft copy of his new contract and there is no reference to a probationary period etc, so what is the best approach here? Does he come clean with the bank and say he is changing jobs or does he try to close out the process before pay cheques from the new employer start hitting his account.
I should point out he probably has an 8 week window as he needs to serve out his notice anyway.