Planning on moving - just found out being made redundant in March.

khowe

I was hoping someone might be able to help.

We have our house up for sale and had been agreed a mortgage in principle based on both mine and hubbys income no problem. However I have found out I am being made redundant end of March. Can I still apply for a mortgage based on both our wages until end of March or not? I know we could afford payments on just my hubbys income but I don't think they will give us the amount we want on his wage because alot of it is overtime.

Any advice would be good?

tiff

I wouldnt be moving house until you have another job, even then I probably wouldnt move unless necessary, at this point in time.

Senior_Paper_Monitor

No you can't - a full apllication will ask for further income/employment details at the time of the application and to ignore (i.e hide) a redundancy notice would without doubt be an act of mortgage fraud, and in many cases there is a specific question concerning redundancy to be asked.

An employer's reference request is quite likely to take place as part of the underwriting process and if this was done the 'cat would be out of the bag' !

Even if a prosecution did not subsequently take place, this would almost certainly be reported to National Hunter and as a result you would be unlikely to obtain a mortgage in the future (and the same would apply to your husband as he woudl be complicit in the attempted fraud).

A very high risk strategy I would suggest.

getmore4less

Put the move on hold or even halt it.

If downsizing it might still be worth considering.

You never know where you will be working next if at all.

Start the cutbacks so you can try to live on one income.

khowe

Thanks for your advice everyone, might still be able to move if we port our current mortgage, luckily we hadn't found the house of our dreams... now we will settle for a bargain!

Senior_Paper_Monitor

Porting goes to full underwriting these days - same problem I am afraid

khowe

OMG! Really I didn't know that... thanks - looks like we will be staying put till I find a new job :-(

Thrugelmir

khowe wrote: »

I know we could afford payments on just my hubbys income but I don't think they will give us the amount we want on his wage because alot of it is overtime.

If you can afford the new mortgage comfortably.

Why not over pay your existing one until such time as you are back in secure employment.

Increasing debt levels on a reduced income is tempting fate.