Mortgage help

scruffymuff

We have sold our house in Kent, but have not been able to view properties in Norfolk as we have not found jobs yet. We have a mortgage with Abbey and they dont know that we have not worked since March. They have said they will give us the same mortgage we have now, if we pay a 10% deposit on our new home. We really dont want to redeem our mortgage and not get the same deal and have to start all over again. We have the deposit, and have always paid our mortgage out of our savings, but would we get a mortgage in these circumstances. We are too scared to ask Abbey as they would then know that we are not working. We are frantically trying to find jobs in our new location, and we have been with Abbey for 12 years and they have said they would only run a credit check for our mortgage as we have a flexi plus mortgage and would probably not need wage slips etc, however I do know that a mortgage application will need to be filled in, any help??

_Andy_

You've answered your own question in the last sentence. You'd need to disclose to Abbey on the application form your employment status. As you don't work, they wouldn't approve the mortgage.

herbiesjp

They have said they will give us the same mortgage we have now

- if you circumstances are the same as when you took out the mortgage.

However these are not the same are they

Neither of you are working

When you come to get the mortgage, either a new one or porting your current deal, it will be assessed like a brand new application and subject to normal underwriting criteria

You will need to complete the application form honestly, otherwise it will be a fraudulent application that you are making

You'd better explain the situation to Abbey, and find new jobs before making any offers on properties or mortgage applications, otherwise you could be wasting your time and the time of the vendors as well I'm afraid