Will the bank find out?

StartingOver_2

Hi,

I've been a huge fan of MSE for so long now and if it wasn't for Martin I would be in a huge mess right now!

A year ago I had debt of £24k, today that is just £5k and it's on 0% for another 13 months.

I was made redundant yesterday from a very well paid job. Thanks to Martin I have ISAs and bits and pieces stashed away and I will get a redundancy payout.

The reason this post is in the mortgage section however is that I am in the middle of selling my house and buying a bigger one together with my boyfriend (who has sold his house too).

My problem is that I am expecting an answer on our mortgage application today.

I am technically still employed, in a consultation process, and will be put on formal notice (I expect), at the end of that period. I think it's a two week period based on the company size. I can therefore provide the required 3 month salary slips to the bank.

Ethics, morals, etc aside, I know that I should tell them, but we have worked so hard to make this dream a reality, if I don't tell them, will they find out?

Will they ask, as part of the formal application process, for anything from my employer or will they ring my employer as part of their verification process?

Help please!

I know I will find work of some sort, any sort, and I have a fledgling business that brings in pennies but I can give that more time now. I really don't want us to lose our new home.

Our new mortgage will be lower than our current individual mortgages and we will obviously have savings on utilities and bills by being in only one house. Due to our lifestyle we can actually live on his earnings, and cover the new mortgage, but we don't qualify for the mortgage amount solely on his salary and so a new application won't be possible.

Thanks in advance.

jamespir

they will require referees and proof of earnings

Wutang_2

StartingOver wrote: »

Hi,

I've been a huge fan of MSE for so long now and if it wasn't for Martin I would be in a huge mess right now!

A year ago I had debt of £24k, today that is just £5k and it's on 0% for another 13 months.

I was made redundant yesterday from a very well paid job. Thanks to Martin I have ISAs and bits and pieces stashed away and I will get a redundancy payout.

The reason this post is in the mortgage section however is that I am in the middle of selling my house and buying a bigger one together with my boyfriend (who has sold his house too).

My problem is that I am expecting an answer on our mortgage application today.

I am technically still employed, in a consultation process, and will be put on formal notice (I expect), at the end of that period. I think it's a two week period based on the company size. I can therefore provide the required 3 month salary slips to the bank.

Ethics, morals, etc aside, I know that I should tell them, but we have worked so hard to make this dream a reality, if I don't tell them, will they find out?

Will they ask, as part of the formal application process, for anything from my employer or will they ring my employer as part of their verification process?

Help please!

I know I will find work of some sort, any sort, and I have a fledgling business that brings in pennies but I can give that more time now. I really don't want us to lose our new home.

Our new mortgage will be lower than our current individual mortgages and we will obviously have savings on utilities and bills by being in only one house. Due to our lifestyle we can actually live on his earnings, and cover the new mortgage, but we don't qualify for the mortgage amount solely on his salary and so a new application won't be possible.

Thanks in advance.

Is it thanks to Martin that you wish to commit fraud too?

pelirocco

Wutang wrote: »

Is it thanks to Martin that you wish to commit fraud too?

Will she be committing fraud? the application was made while she was employed and not aware of redundacies , i would assume the mortgage company would have made all their checks if they are giving the decision today ?

StartingOver_2

Wutang wrote: »

Is it thanks to Martin that you wish to commit fraud too?

Wake up call. Thanks.

pelirocco wrote: »

Will she be committing fraud? the application was made while she was employed and not aware of redundacies , i would assume the mortgage company would have made all their checks if they are giving the decision today ?

If the paperwork was already signed and the money in place I would consider it to be not fraud but a change in circumstances.

I think I'm testing myself with this post and am gathering information as to what paperwork the bank might still need as there are people on here more familiar with the details of the application process than I am.

pelirocco

StartingOver wrote: »

Wake up call. Thanks.



If the paperwork was already signed and the money in place I would consider it to be not fraud but a change in circumstances.

I think I'm testing myself with this post and am gathering information as to what paperwork the bank might still need as there are people on here more familiar with the details of the application process than I am.

if you are happy you can still afford it , i would keep quiet . you could always ask the bank if they need anymore paperwork as you are about to put everything in store