Been made redundant just as transfer of equity been approved

mr_glide

Hi all,

I have a 2-year fixed rate mortgage with the Halifax for £159,950 on an end-terraced 2 bed house that is due to expire on June 2009. Back in October, i split with my long-term partner, and began proceedings to take over ownership of the house.

Fast-forward to now, and after a litany of mistakes, miscommunications and suchlike, I finally find myself in a position where, with my dad on board as a second applicant, my application has been accepted. The paperwork with the Halifax and solicitor is a relative formality. However, a couple of weeks ago, I was informed that I would be made redundant by the beginning of September (current wage £25k pa).

My Dad is obviously a little worried that, seeing as the small print on the mortgage acceptance paperwork states that the borrower is obliged to let the lender know if their circumstances change, if I didn't and they found out, i presume this would constitute fraud (and implicate him too). I admit I am tempted to ignore this due to the frustrations over the length of the process, but am also wary of the implications. What would be the worst case scenario here? Also, what are the chances of them finding out?

Thanks to anyone who has the time to answer/admonish!

Nick

bengee1977

mr_glide wrote: »

what are the chances of them finding out?

They will probably get an idea that something is wrong when you come to pay your monthly payments, and you have no money to do so.

Suza_2

Will you be getting a pay-off? Have you any savings? Are you in a job that's fairly common? i.e. can you get a new one without too much trouble?

silvercar

From the lenders point of view, you were a party to the mortgage before the transfer and you will be after, so nothing really has changed.

mr_glide

Sorry, i always forget to include a certain amount of relevant info! :rolleyes:

Unfortunately, there is no redundancy attached to my current job, as the company has been in operation for under two years, though my wages are in arrears, so September will be covered, at least. However, I have savings of around £12k, so in the short-term, there is little danger of missing any payments at all.

The job I do is graphic artist work for videogames, but the skills gleaned from that transfer well across a wide range of multimedia jobs. i consider myself well qualified and have 5-6 years experience in my chosen field, so the chances of picking up another job relatively soon are pretty good, i think.

Suza_2

Sounds like you'll be fine, you won't miss any payments and will be in another job before long. Good luck!

arkie

silvercar wrote: »

From the lenders point of view, you were a party to the mortgage before the transfer and you will be after, so nothing really has changed.

the lender has a RIGHT to know as the mortgage could become affordable, also his father should be concerned as he is on the mortgage with him