redundancy... help!!!!

silvercar

I see the need for honesty.

What would happen if you had a mortgage agreed and you exchanged contracts. Then you were made redundant.

If you tell the lender before completion do you risk them withdrawing the mortgage offer between exchange and completion? Or does the lender have an obligation to provide the mortgage as per the offer once you have exchanged?

Murtle

does the same apply if they just changed jobs for the same salary etc?? The OP's partner could just have been offered a great job and so is leaving one for the other??

Just interested if it's the same.

homer_j_3

silvercar wrote:

What would happen if you had a mortgage agreed and you exchanged contracts. Then you were made redundant.

Then you would need to tell your mortgage company and let them decide whether they will still lend you the money. If not then you will need to find another lender. If you cannot then you are in the deep brown smelly stuff as you are liable for costs etc after exchange.

If you have just changed jobs, before the money has been lent then you need to still advise so they can reference you to that new job. Some lenders wont bother but some will not do anything whilst in a probation period etc...

The key fact to remember is that "If your circumstances change whilst in the application stage in any way whatsoever, you need to advise your lender" If you decide not to then you will have to live with the consequences, whatever they may be.