Handing in notice-Letter of Offer Issued

L

Lauraflem

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Apologies if this is not in the right thread, feel free to move it if so.

My question is I am a nurse in a permanent job, however my shifts are very erratic sometimes working until midnight. It's manageable at the moment as we live in Dublin. However we are relocating to Laois with a commute over an hour journey.

Our letter of offer on our mortgage application has been issued, got information yesterday saying that the mortgage is ready to go to completion stage as conditions have been fulfilled. I will have to hand in 8 weeks notice. I'm moving to same line of work with slightly better pay but it's on agency basis iniatally but there is plenty of work so I'm not concerned about our ability to repay mortgage.

My question is if I handed in my notice this week for example is there anyway bank can find out now? I read the conditions in letter and only thing specified is they must be informed if financial circumstances change that could impact paying the mortgage. The plan has always been to leave my current job once the mortgage has come through but the hours are so erratic i don't know if I can face commuting for months after moving into house. I would be leaving for work at 0830am and potentially not home till after midnight 3 days a week.

Sorry for rambling post.
 
What stage is the house sale at?
Have both you and the seller signed contracts?
If there was a big delay at this stage the Bank might ask for a recent payslip again, depending on the delay - like if the seller started dragging their heels over moving out or some such.
If it were me I'd wait till the sellers had signed their contracts and had agreed a closing date, but someone else might have other advice.
 
Banks are incredibly slow to issue the mortgage cheque and are looking for any reason at all to delay or even cancel their offers. Your move of employer could jeopardise the whole plan. You have no option but to wait it out.
 
As your mortgage is moving to completion stage and conditions have been fulfilled, the threat is receding that they will ask you for further proof of income at this stage. But it's still a possibility and it's a very big risk, because if they do for an unexpected reason, you won't get the mortgage.
 
Thanks guys I think I shall hang on, it's a negative equity mortgage so conditions are stricter so ill hang on until things are at a more progressed stage!
 
If I was you, I would hang on in your current job - until you have got the keys to your new house in your hand. Until then there is a chance of something going wrong eg the seller pulling out, the survey throwing up a major structural or planning problem, a counter offer being accepted, your application being selected for an internal bank audit etc. etc.
Any of these could mean the deal is delayed or falls thru - so that additional information is required from your employer.
I know the commute is painful but doing it for slightly longer will surely be worth it if you get the new house and lifestyle you want. I recently left my job and could not wait to get out, I had to work longer than I wanted but in the end it didn't make any difference. Stick it out - it will be worth it.
 
Yes I agree and will be waiting until have keys as if something like that stopped the sale going through we would be devastated! It's only for awhile longer and it be worth it in the long term. I appreciate the advice guys.
 
Update.. Things have slowed in the sale to the point we were unsure during wk was buyer going to pull out.. She has decided to go ahead with the sale so fingers crossed now.. However I'm very glad I have not handed in my notice just yet!
 
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