Job iffy - do I declare that to the mortgage advisor?

meishkablue

Hi all,

I'm about to go ahead with a mortgage application with my partner in order to purchase his deceased father's house from the estate. My partner is both executor and beneficiary of the house but there is a mortgage of £65,000 owing on it.

We would like the mortgage in both our names. I have been in permanent employment in the same job for 3.5 years, however part of my company is going through court to try and fight off an administration order placed on it by the bank. Please note, this part of my company is not currently in administration and the rest of the company is fine. We do not know the situation with any of our jobs IF this part of the company goes into administration so it could be that our jobs are fine, it could be that they aren't.

When applying for a mortgage, I am recommended to explain this to the mortgage advisor? I mean, as far as I am aware my job is going to continue for the foreseeable as we have not been told otherwise. So really there isn't anything to tell the advisor. We have savings too so would be okay meeting the mortgage payments if this did happen. If I did tell them, would it decrease my chances of being accepted on a mortgage?

koexelek

meishkablue wrote: »

I mean, as far as I am aware my job is going to continue for the foreseeable as we have not been told otherwise. So really there isn't anything to tell the advisor. We have savings too so would be okay meeting the mortgage payments if this did happen. If I did tell them, would it decrease my chances of being accepted on a mortgage?

The lenders normally ask the question, " are you under the threat of redundancy"
You have been told nothing official and are only speculating/ worrying about it... so you can truthfully say no.

Anyway, how safe is any employed job ?
Hoever secure it might seem, it could go at any time.

opinions4u

Why would you want to borrow £65k if you know your main source of income is at a higher level of risk than usual?

Thrugelmir

opinions4u wrote: »

Why would you want to borrow £65k if you know your main source of income is at a higher level of risk than usual?

Seems madness to take on financial committments knowing there may be trouble ahead.