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Change Of Job Whilst Buying Flat?
crabbman2004_2
Posts: 100 Forumite
We are currently buying a flat and have got the mortgage agreed. However due to problems my partner may have to leave her job and take a considerable pay cut. Do I have to notify the lender? How would this affect our mortgage?
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Comments
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To be honest I don't think you do.
A mortgage itself is not normally subject to you informing them of a change in circumstance (just think of the number of changes in circumstance they would have to deal with for all their customers over 25 years), but given that they have not yet made the advance i'm not 100% sure about this.
Perhaps more important is how it could affect your ability to pay. If you are confident that you can still meet the repayments then I wouldn't worry about, as no mortgage company will ever waste time investigating an account whilst the monthly payment is coming in...0 -
It's a material fact, but there's no point informing them whilst its at the "may" stage it'll likely upset the apple cart, it needs to be a fact or not.
How will effect the mortgage? Well that depends on how your partners drop in salary effects your ability to make repayments on the loan.0 -
It's a material fact, but there's no point informing them whilst its at the "may" stage it'll likely upset the apple cart, it needs to be a fact or not.
How will effect the mortgage? Well that depends on how your partners drop in salary effects your ability to make repayments on the loan.
Agree, although if it becomes a fact they will be legally obliged to do so.0 -
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Say nowt ;-)0
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