Changing jobs during mortgage process

L

LilMissJ

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Hi,
I am looking for anyone who has been in this situation to share their experiences (good or bad)
I am currently at loan offer with my mortgage provider and due to draw down hopefully in November.
I have been offered a new role with a new company (competitor of my current employer) with a 25k salary increase. This is an amazing offer for me but I don't want to loose out on my mortgage either.
Has anyone ever been in this situation and what happened or any advisors who can steer me in the right direction?
 
You have to be in a permanent role. There are some exceptions like teachers who are on contract but if you are on probation, the bank won't accept that.it. You can talk to you new employer about putting you on a permanent contract from the beginning. It doesn't actually make any difference to your employment rights anyway, so if they don't like you, they can get rid of you anyway. Different banks have different requirements too regarding employment so you'd want to check with them first.

The other thing is, it's 6 months until the property is ready...at the earliest (I'm presuming it's a new build). You may be alright if it is delayed anyway.

Steven
www.bluewaterfp.ie
 
Hi Steven

Do Finance Ireland, Avant and ICS have the same requirement?

It would seem a terrible pity to give up one or the other opportunity.

Brendan
 
Hi, this happened to me at approval in principle stage. Actually I was moving from a permanent position to contract. I discussed the situation with the bank (Ulster Bank) and they advised they would still honour my original approval in principle but once that lapsed I would need to reapply from scratch again.
 
I went through this. In my case we had a large deposit and my partner's salary was sufficient for the bank to allow us to proceed with drawing down the mortgage.
 
Brendan Burgess said:
Hi Steven

Do Finance Ireland, Avant and ICS have the same requirement?

It would seem a terrible pity to give up one or the other opportunity.

Brendan
Click to expand...
I'm not sure Brendan, I don't do mortgages so I am not up to date with the criteria of the new entrants to the market. The OP should certainly talk to their lender about this first. People are often afraid to mention things like this in case their lender pulls the plug when in fact, they may offer solutions. They're not out to get anyone, they just don't want to be exposed.
 
We went through similar and found it very hard to get the banks to budge on the permanent position. We managed to get probation reduced to one month with the employer and the bank was happy (EBS)
 
Think it depends on the lender? I spent many years working on contract (in fact its the reason I didn't apply for years, I had a perception that I wouldn't be accepted) and had colleagues who told me that via brokers there were lenders who were willing to accept more mobile applicants. The thing in this case is that the borrowers salary is significantly increasing.
Firstly I would discuss with the lender before giving a yes or no answer on the job. You at least will know how they feel about it.
Secondly, if you are able to command confidence enough to get a job offer with a 25k increase (congratulations on that by the way - its an enormous increase) you probably will get similar offers in the future even if you skip this one due to your mortgage application.
Lastly, if you do take a job earning 25k more, you can borrow a whole lot more in future...you could increase your savings by 25k over two years ON TOP OF whatever it is you are saving now.
Have a good think about it - chances are, I'd say you have the skills and experience to get a similar offer even if you don't take this opportunity.
 
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