Changing house while changing job

Discussion in 'Mortgages and buying and selling homes' started by giddings, Mar 20, 2017 at 9:15 PM.

  1. giddings

    giddings New Member

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    In short: is this possible?

    My wife and I changed from BOI (ICS) to KBC 15 months ago, and have 400k left on the loan. Now we want to bid on a dream house which, if we sell ours at the expected price, will require us to up our borrowing to 500k once the current mortgage is paid off.

    The problem is that I'm changing jobs - finishing with my current company this month, taking a month off, and starting with a new one in May. I then have a three-month probation period.

    Based on other comments on the forum about probation periods, I'm guessing we have no chance at this, even if we stay with KBC, and even though the new job has a significant salary increase.

    Does that sound realistic, or am I being too pessimistic? Any glimmers of hope appreciated... ;)
     
  2. Gordon Gekko

    Gordon Gekko Frequent Poster

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    1,677
    You could try and get it done (i.e. the application over the line) before you finish up...
     
  3. giddings

    giddings New Member

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    Thanks GG for the quick reply. (I tried to write back sooner But AAM made me wait 10min before posting again.)

    I've been told that the lender may check on my employment status, by ringing my employer, potentially right before closing / drawdown of funds. If that's likely, then it's not worth the hassle (and risk) of selling our current place.

    Have you heard of that? Do they call to check, even if paperwork is otherwise in order (salary cert from current employer, plenty of payslips, etc.)?

    Thanks again
     
  4. Gordon Gekko

    Gordon Gekko Frequent Poster

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    I've never heard of lenders calling an employer. In my own case, we got a loan offer letter and then closed the deal within a few months. They never looked for payslips etc at closing.
     
  5. Monbretia

    Monbretia Frequent Poster

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    It wouldn't be uncommon for a lender to look for up to date payslips before drawdown if there was a big time lapse between loan offer and drawdown.

    It wouldn't be too common I imagine to call employers but it does happen if there was for example a query on the income form completed, more likely though to happen at application stage rather than drawdown.
     
  6. giddings

    giddings New Member

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    7
    Thanks both, that's very helpful!