HSBC Mortgage Application Question - Redundancy

sequin123

Hi

We have had a joint mortgage agreement in prinicipal and am about to go through the full application process.

I have just been advised that my role is at risk of redundancy, we are ok to proceed based on affordability but does anyone know if there are questions around redundancy as part of HSBC's application form as I am worried they wont approve it?

Thanks

opinions4u

Why would you want to commit to a large debt when you know that your job is at genuine risk?

TEDDYRUKSPIN

There is actually a legal and disclosure sheet in the HSBC application regarding any changes to your application during now until drawdown of the monies.

So your above query is fraud. Undisclosure of such information may result in the lender bringing up legal implications.

However, as opinion stated. Why would you want to take up a massive debt when you know you are being made redundant?

dwsjarcmcd

I think that the OP should be cut some slack here. They have just been told that their job is at risk, so they need some support not sweeping generalisations when we know nothing about their circumstances.

About taking on the debt, how do we know the posters salary is £6k or £60k or what their partners circumstances are in income terms? Doesn't mention the amount of the loan, LTV etc.

The other posters may be right or wrong in their conclusions, we just don't know.

For the OP, the best option is to contact HSBC and discuss it with them. If as you say affordability is not an issue on the single income then fine, and also you may not get made reduntant. I hope not anyway. Been there.

opinions4u

dwsjarcmcd wrote: »

I think that the OP should be cut some slack here. They have just been told that their job is at risk, so they need some support not sweeping generalisations when we know nothing about their circumstances.

Are you addressing me with that?

About taking on the debt, how do we know the posters salary is £6k or £60k or what their partners circumstances are in income terms? Doesn't mention the amount of the loan, LTV etc.

The other posters may be right or wrong in their conclusions, we just don't know.

Please will you tell me where I made a conclusion.

I am actually quite offended that you suggest I have.

Fairdo_2

With dws on this and with the other posters aswell, but time constraints sometimes mean opinions are kept brief and to the point.

You do need to let HSBC know and try to work around it. The onus is then on the Lender to be satisfied about affordability, but remember you will be the ones paying for the mortgage, so you have to be confident it would still be affordable.

It is fraud if you do not disclose the threat and you will have to answer that question and confirm that circumstances have not changed right up to Completion.

Thereffore, it is far better to get it out in the open now, than later on when you have gone through legal cost and other purchase costs and potentially wasted yours and other parties time to be turned down later on.

Think of it this way. If you had accepted an offer on a property you were selling and the buyers knew early on that their application was in jeopardy, but did nothing to disclose it; You then committed yourself to onward purchase costs, would they be on your Christmas list if they were turned down later on and you lost your onward purchase?

Think carefully, check with HSBC how you would stand and try to do it the right way, for morals sake and for your own piece of mind.

Good luck and wish you well.

dwsjarcmcd

opinions4u wrote: »

Why would you want to commit to a large debt when you know that your job is at genuine risk?

As I said in my post, there is absolutely no detail in the original post. How much is the mortgage for? What income relates to the OP?

You may be right as I have said but you don't know. S/he's income could be £10k out of a joint income of £100k and a mortgage of £150k. If it is, is that a major issue particularly as they indicated affordability was still not an issue if their job was lost.

VIGILANT22

dwsjarcmcd

What are you on about cut slack, the OP has come on here to ask are they likely to be asked about redundacies.....
It doesnt take brain of britain to work out this was not information that was going to be offered voluntarily to HSBC by OP
I am v glad opinions4u/TEDDYRUKSPIN posted as they did..& conveyed the severity to continue without disclosing this...... I am fed up reading on this forum irresponsible posts/and or people looking for ways to "scam" lenders

When a joint mortgage application is based on one salary the amount you would be able to borrow will be less than if it was based on 2 salaries.
Also the affordability is not decided by the client but the lender.....in a joint case of 1 salary the lending will be reduced further as the lender will take two sets of living expenses from one salary...

For those reading this who thinks this is much ado about nothing...have a look at the 2 links below.....this is what you will be having on yr credit file now if you have lied/been economical with the truth...and you cant turn round and say the nice guy on mse thot it would be ok.....

http://www.cifas.org.uk/

http://www.nhunter.co.uk/

_Andy_

Where's Boxer when you need him

sequin123

Hello

Just wanted to say thanks for your 'mixed replies'. I assure you my intention is not to 'scam' any lender, I am just seeing where I stand due to these unexpected circumstances.

I am 'fairly' confident that I will not be made redundant however I know that I cannot bank on this, I expect to have a decision by end of June and will then have 3 months notice so earliest I will leave is 30th Sept.

I am just not sure how to proceed as we have sold our house and have made an offer on a house and they are now looking for somewhere so no-one has spent any money.

Thank you