Changing job before mortgage cheque drawdown?

M

Mag2006

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Hi all,

I am in limbo at the moment with a fantastic new job offer 20 mins away from our new house which we recently bought. It's a step up for me, €15k a year more in salary and better hours which fit in perfectly with dropping my kids to school and creche. I am currently working in Dublin city centre 10-6pm daily for the past 4 years. An opportunity like this so close to our new home is a dream come true and unlikey to come up again, most jobs down this direction are not senoir positions paying the salary I would be on. (& need with mortgage & childcare to pay for!)
Here is our current position with our mortgage, we have signed the contracts, paid the 10% etc and should be called for our snag next Friday at the latest. The house is up and ready to go apart from the snag, whatever has to sorted after that and then mortgage cheque drawdown so we could be talking another 4/6 weeks really:confused: .
Our new house is in Wicklow, the new job is in Newtown Mount Kennedy so that's a massive commute reduction and almost working locally. I will be able to be home earlier in the evenings and I am closer to the kids aswell.
My query is this: am I taking a risk moving jobs at this stage of the mortgage process?, what if the bank decide to recheck employment status etc just before we drawdown the mortgage. I have to give a months notice here so I could be lucky that is all goes thru without a hitch before I leave here.
Should I just go for it or just grit my teeth and stay where I am?. We have saved for 5 years for our first house and we are so happy it's all worked out for us so I don't want to mess it all up!. All contributions greatly appreciated as I really do not know what to do. Our lender is IIB and it's a 92% mortgage.
 
Is it a permanent position you are moving to? If so go for it you will be increasing your borrowing power with your pay rise of 15k so shouldn't be a problem if the bank do find out.
 
Whether it is permanent or not a lot of bank's specify that you are in the position for at least 6 months as far as im aware
 
It's a permanent position. I actually am aware of that issue with the banks, you have to have completed your probabtinary period before they will take you on for a mortgage but I was hoping the fact that I am not a job hopper and in my current position 4 years with decent salary rises and I am now a fully qualified accountant in the past year so is there a chance I will be okay?.
Also, remember I have 2 small kids who would benefit from their mum working alot closer to home and being home at 6pm every night and not 7.30/8pm like it is now. I drop my son to school on the way to work so that's why I have to work late everyday!!. It would not affect my new job as it's a very quick run from the school to the job and no traffic to deal with!.
 
I think (and you'd need to check the conditions of your own mortgage offer) that a mortgage offer is usually valid for 6 months. If you do not draw down the mortgage before the 6 months is up, they bank will look for proof of income again.
 
I must look at that again when I go home, have a copy of all the documentation there. I think we will be well moved in before 6 months is up, the house is up and ready to go. Just the snag and whatever fixtures from that in the next fortnight and then we should be closing and I know the builder is very eager to close soon so going to put more wind under him for the snag!. We will be in by Easter definately.
 
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You are a qualified accountant? If so, and you dont have a probationary period, no problem at all. Banks generally like accountants, who, as your case verifies can easily change/pick up jobs and not have a drop in income. Dont see any problems here.
Forgot to ask - what lender are you with?
 
I was in a similar postition as yourself in that I lost my job before the mortgage cheque was drawn. There was no problem the bank did check my employment status again as I was given the mortgage. I got a new job soon after anyways.
 
Cartman, phew nice to hear some reassurance. I suspect I should be okay due to my profession and that fact I am so long in my current job and if it does have to be mentioned I am sure the bank (IIB) will be logical about the location move from commuting to Dublin to working in Newtown which is up the road from the house.
Hubby wants me to say yes and he thinks we will be fine with timing, he is at the builder to hurry up, half feels like telling him our scenario to get him moving for our sakes!! (and his!!)
 
You should really try and speak to your broker if you wne through one as they will be best placed to advise the underwriter's stance on such matters.

I was in a similar position to you , changed jobs before drawdown with a big salary jump. The bank insisted that I should not be on my probationary period when it came to drawing down the cheque. Delays in the finish meant that I was finished my probationary period but the bank never did ask. Its a bit risky though, hoping that they won't which is why you are better off asking them/ your broker.

PS Would your new employer maybe give a comfort letter to the bank or something or maybe reduce your probation period ? Are you sure a probation period applies in your new position ?
 
Hi Mag2006,

Firstly I'm not with IIB Bank - but here's how I'd look at such a situation....

a) we were happy to provide finance to you in your current role...

b) you are proposing to move to new role - which (i) will cut down on your commute time and (ii) increase your gross salary by E15k p.a.

c) I'd be delighted that your situation improved both personally and professionally, the main thing is that you are happy that your new employer is sound, reliable etc etc.

Apart from that - I'd wish you the best of luck in your new home and your new job and thank you for doing your mortgage business with me.

Best of luck.

BM
 
BM...which bank do you work for and we will be in to join up:D !!. Well thankfully I will be able to go ahead and hand in my notice today in my current position.
I spoke with our broker last night and he thought it was great news and would have been shocked if I turned it down. He relayed it to the lender in writing along with a letter from me and my new employer as I decided to take the bull by the horns and rang them to explain the scenario and they were only too happy to write a letter confirming my employment, salary and that I don't have a probabtion period with them and that they are happy to liase with them with any further queries. So happy days and I will be out of the city centre in 1 months time and have my families life back plus be better off financially!!.
Thanks for ALL your excellent replies and advice as always.;)
 
Great News. Was just about to post on this matter to make sure you took the job as was reading the posts earlier.
Well done and good luck with the job and the move
 
Mag2006 said:
BM...which bank do you work for and we will be in to join up:D !!. Well thankfully I will be able to go ahead and hand in my notice today in my current position.
I spoke with our broker last night and he thought it was great news and would have been shocked if I turned it down. He relayed it to the lender in writing along with a letter from me and my new employer as I decided to take the bull by the horns and rang them to explain the scenario and they were only too happy to write a letter confirming my employment, salary and that I don't have a probabtion period with them and that they are happy to liase with them with any further queries. So happy days and I will be out of the city centre in 1 months time and have my families life back plus be better off financially!!.
Thanks for ALL your excellent replies and advice as always.;)
Click to expand...


Probably not appropriate that I answer your first question....;)

Delighted everything seems to be working out, best of luck to you.....

Regards,

BM
 
BM...I know was only slagging!. Thanks for the good wishes, we are really excited about it all now. We will be home at the same time together everyday as a family for the first time since our oldest child was 2!!...plus our combined income in going to increase greatly so more money to furnish the house. I was driving to work this morning and it was as hairy as ever traffic wise and I didn't care or get stressed as I know it's nearly over for me at long last!. My current boss is very upset over me leaving thought and I felt terrible but he understands there is no way I will stay in the city centre as since our eldest started school in September last it's been very stressful trying to get in here after I drop him to school and then I have to work late aswell so I get home late. I'm so happy it's unreal!
 
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