Getting a mortgage while possibly being made redundant.

dean_ham

Hi guys in 2 weeks time i will find out if im being made redundant. But I have just had an offer accepted on a house.

The house is a 4 bed detatched brand new home with garage built by bryant homes. Last year this house was listed for £193,000 i have managed to get an offer of £125,000 accepted on the property.

They are giving me a 5% deposit, and with my £25,000 deposit i will have a 25% deposit, meaning 75% LTV giving me better rates.

The question I have is if i apply for a mortgage now and it is accepted this week but in 2 weeks time i get made redundant where do i stand? I am not worried about losing my job and getting a new job as i have a skilled trade and have 2 interviews lined up this week and also i will have redundancy money £7000ish plus i have another £10,000 saved.

I really wouldnt be as risky as this in an ideal world - but for £125,000 on a size of property i think its worth the risk of me doing this.

My mortgage advisor says as long as you send your last 3 pay slips and your p60 you will be fine - cause its up to you wether you tell the mortgage company or not your change of circumstances. I have a friend too that had done this and did not inform his mortgage company his change of circumstances.

And another point, the house will not be ready untill April 2009, which means i (MAY) be out of a job by then!?!?

Some advice would be great.

Thanks

Dean

feisty1

I wonder if this post below will help you? It was actually posted by yrself last year! Maybe you can link this up to yr current situation...........

07-10-2008, 6:58 PM #4 dean_ham vbmenu_register("postmenu_14783949", true);
MoneySaving Stalwart


Join Date: Oct 2004
Post Count: 259
Thanked 243 Times in 94 Posts



You have bought a house with out working out a budget of what you can expect to pay out each month and if your current takehome salary would give you a decent living after all the outgoings......

God...

No wonder house prices have gone out of control.

dean_ham

Ha ha, lets be honest though its not as if im buying this house at top whack is it??? so dont be so sarky with me!

Mortgage payment will be £490 a month, i will have a lodger in a room paying roughly £400 a month.

This leaves me to pay the remaining £90 of the mortgage a month + roughly £300 in bills.

At the end of the day I NEED SOMEWHERE TO LIVE! ok my situation is not ideal as i dont know if i have a job in 2 weeks time. But i think the positives outweigh the negatives.

maninthestreet

dean_ham wrote: »

Ha ha, lets be honest though its not as if im buying this house at top whack is it??? so dont be so sarky with me!

Mortgage payment will be £490 a month, i will have a lodger in a room paying roughly £400 a month.

This leaves me to pay the remaining £90 of the mortgage a month + roughly £300 in bills.

At the end of the day I NEED SOMEWHERE TO LIVE! ok my situation is not ideal as i dont know if i have a job in 2 weeks time. But i think the positives outweigh the negatives.

Sarcastic? I think you need to do a reality check.
Forget buying a house until you have a more secure job.

isayoldchap

It would be so much easier to have a section on the IFA form just for lying.That way the customer could sign and the IFA could agree that they didn't have nothing to do with the fiddle.
Silly me we have that already.



Hopefully there are still some responsible IFA's and lenders out there.

dean_ham

I know im taking a risk - but im going to go for it, just would like an answer to the origonal question.

dean_ham

Look not being funny im putting a 25% deposit down, its not as if im taking out a 100% or even 125% like the past.

Tell you what ill carry on paying £450 a month rent for the rest of my life for a 3 bed terraced that i will never own. Or try and get a £490 a month mortgage on a 4 bed detatched house that will be mine in 25 years.

Wickedkitten

Have you seen the bit where lenders ae making people shell out 50% deposit for new builds yet?

http://www.guardian.co.uk/money/2009/feb/01/banks-mortgages

At the end of the day, houses arent going anywhere. They aren't going to evaporate in the however long it will take you to get a more secure job and in the meantime you have a roof over your head.

dunstonh

typical Guardian. 6-12 months behind everyone else.

maninthestreet

dean_ham wrote: »

Look not being funny im putting a 25% deposit down, its not as if im taking out a 100% or even 125% like the past.

Tell you what ill carry on paying £450 a month rent for the rest of my life for a 3 bed terraced that i will never own. Or try and get a £490 a month mortgage on a 4 bed detatched house that will be mine in 25 years.

No one is saying that you should rent for the rest of your life - it 's just that being under the threat of redundancy is not a time to be buying a house.

feisty1

dean_ham wrote: »

I know im taking a risk - but im going to go for it, just would like an answer to the origonal question.

This board is for opinion & not advice. In my opinion........I can't understand yr purpose of posting on here, as you have answered yr own questions. For what it is worth, I feel you are acting irresponsible and giving you the benefit of the doubt, you're somewhat naive in yr approach to committing possible mortgage fraud.............