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samtheman

Change Job Between Exchange And Completion

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Hi,

I've recently exchanged contracts on a property.

The property is on a BTL basis and I may need to extend the offer by a few weeks as the completion date has been set to just over 2 months time.

I've recently been made an offer for a job that I am considering but am particularly scared as I know that any change of circumstances needs to be communicated to the lender.

Do BTL lenders care about whether I change job. I understand that for a residential mortgage this would probably be a huge deal but is that the same for a BTL mortgage? Is the fact that I am asking to extend the offer going to result in additional background checks?

By the way, I am not a BTL investor. This is my first property but as I need to work abroad for a couple of years and the property was tenanted, I accepted on this basis for the time being.

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By the way, I am not a BTL investor. This is my first property but as I need to work abroad for a couple of years and the property was tenanted, I accepted on this basis for the time being.

I don't know how BTL mortgage works, if you're planning to move in for a short period before living abroad.... What has the lender said about that?

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I don't know how BTL mortgage works, if you're plannin to move in for a short period before living abroad.... What has the lender said about that?

To be specific, it is tenanted but the seller has just served notice. I can't keep the current tenants. I won't live there any time soon as my job is currently abroad and this job offer is nowhere near this flat. No plans to live there for a number of years.

My only question is simply how the lender will view the change of job. As I've exchanged, I have no desire to put the mortgage offer at risk. As the main criterion for BTL mortgages is the rental income, would they even care?

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  • 406 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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