will this cause problems?

littlelibrarylass

we are just about to ask to borrow an extra £70,000 on our mortgage to fund house imporovements but hubby's company have announced 1200 redundancies.
hubby has been told unofficiallly that it will not affect him but has nothing official or in writing.
will this affect the decision whether to lend the extra to us?

we only owe £20,000 on our original mortgae and our house is worth about £180,000.
i have a part time job with the council
thanks for any advice
LLL

Leon_W

No it wont affect the decision to lend you extra. I can't recollect any mortgage company asking on an application form whether you are on notice of redundancy because if they did, and you ticked yes, then the application wouldn't go very far !

It has to be a judgement call on your part but it may be wise to see how the redundancies pan out before taking on such a commitment.

dimbo61

£70k on home improvements !!!
I hope you are adding some serious value to your home
Extra bedrooms,bathrooms,living space and not making it the most expensive on the road.

payless

littlelibrarylass wrote: »

we are just about to ask to borrow an extra £70,000 on our mortgage to fund house imporovements but hubby's company have announced 1200 redundancies.
hubby has been told unofficiallly that it will not affect him but has nothing official or in writing.
will this affect the decision whether to lend the extra to us?

we only owe £20,000 on our original mortgae and our house is worth about £180,000.
i have a part time job with the council
thanks for any advice
LLL

Obviously there is the issue of whether its a good time for you to increase borrowing

You have a duty to tell lender of any changes in circumstances before the funds are relased- that said he hasn't been told he's redundant either .

If its a big national, or local company of course lender may be aware

littlelibrarylass

thanks for the replies.
yes we are adding extra space, bedrooms, bathroom, cloakroom, bigger kitchen, new windows, boiler, driveway etc.

didn't want to waste time making an appointment if the answer was going to be no because of the company news.

LLL