Kevin Posted May 20, 2011 Share Posted May 20, 2011 Hi, I have a question regarding mortgage. I am in the process of applying a mortgage and just had the interview today. Expected to get the result next week. I don't think there are any problems of passing it. The question is that I want to resign my current job and rest for couple of months and start doing freelancing. Is it possible for me to resign immediately after the mortgage is approved? Will the bank do another employment check before the transaction complete (at that time I may have already leave my current job)? I don't have problem repaying the mortgage. Just worry about the lender keep monitoring my employment status before the deal complete. Many thanks, silentray Quote Link to comment Share on other sites More sharing options...
Sir Sidney Ruff-Diamond Posted May 20, 2011 Share Posted May 20, 2011 Probably best to wait until the repayments are being made - final acceptance of the mortgage agreement is tied up in the signing of the contracts I think from memory - and if your circumstances change, there is a clause saying that you have to let your bank know. Otherwise if things go badly you could find yourself on the sharp end of a mortgage fraud action. That said I'm not a lawyer and I doubt they make any further checks after the initial credit history lookup. Quote Link to comment Share on other sites More sharing options...
Mrs Bear Posted May 20, 2011 Share Posted May 20, 2011 Hi, I have a question regarding mortgage. I am in the process of applying a mortgage and just had the interview today. Expected to get the result next week. I don't think there are any problems of passing it. The question is that I want to resign my current job and rest for couple of months and start doing freelancing. Is it possible for me to resign immediately after the mortgage is approved? Will the bank do another employment check before the transaction complete (at that time I may have already leave my current job)? I don't have problem repaying the mortgage. Just worry about the lender keep monitoring my employment status before the deal complete. Many thanks, silentray What if the purchase falls through for some reason? Never under-estimate the buggeration factor when trying to buy a property. All sorts can go wrong. How long is your mortgage offer open for? If it lapses before you've finalised a purchase, you'd have to apply all over again. Lenders are looking for ANY excuse not to lend at the moment - don't hand them one on a plate. Quote Link to comment Share on other sites More sharing options...
Wurzel Of Highbridge Posted May 20, 2011 Share Posted May 20, 2011 Be careful about the trial period at the new job. You don't want to find yourself in a position where they let you go at the end of a 3 month trial period (most contracts have this) and you can't then pay the mortgage. I must admit I changed jobs a month after buying our last house in 2006. I had a Norther Rock mortgage, they were not bothered and I am still in the same job today + I have sold the house. Quote Link to comment Share on other sites More sharing options...
Kevin Posted May 20, 2011 Author Share Posted May 20, 2011 Probably best to wait until the repayments are being made - final acceptance of the mortgage agreement is tied up in the signing of the contracts I think from memory - and if your circumstances change, there is a clause saying that you have to let your bank know. Otherwise if things go badly you could find yourself on the sharp end of a mortgage fraud action. HI Thanks for your reply. I am applying a 25 years mortgage. Sir Sidney Ruff-Diamond: you mentioned I have to keep them updated if my circustance changes. Do you mean I should do this within the 25 years time or just before the purchase complete? Many thanks Quote Link to comment Share on other sites More sharing options...
Kevin Posted May 20, 2011 Author Share Posted May 20, 2011 thanks for your advice. How long it takes to complete a house purchase in average? I am a first time buyer. Quote Link to comment Share on other sites More sharing options...
okaycuckoo Posted May 20, 2011 Share Posted May 20, 2011 HI Thanks for your reply. I am applying a 25 years mortgage. Sir Sidney Ruff-Diamond: you mentioned I have to keep them updated if my circustance changes. Do you mean I should do this within the 25 years time or just before the purchase complete? Many thanks You really need to read the terms and conditions of the offer - takes 15 mins. Why take on a mortgage when your immediate prospect of earning seems uncertain? Quote Link to comment Share on other sites More sharing options...
Princeofpounds Posted May 23, 2011 Share Posted May 23, 2011 It is standard for there to be a clause obliging you to inform them of any significant change in circumstance between mortgage offer and completion. they could back out on this pretext. I don't know what happens after repayments are underway, I suspect you could do it then, though not saying it's a good idea! Quote Link to comment Share on other sites More sharing options...
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