mortgage application and impending redundancy

20171086

Can you give me some advice on how to handle the currentscenario that I have, I currently have a variable mortgage and am in theprocess of remortgaging with an application to another lender for a fixed ratemortgage to reduce my existing repayments.

My current mortgage is part interest and part repayment, Ihave some money to repay off part of this mortgage and therefore have appliedto the new lender for a mortgage for the remaining balance as a repaymentmortgage.

The mortgage was applied for in the middle of May.

On the 18th June I was told that I had been maderedundant and given a termination date of the 25th June 2013.As thecompany had not carried out any due redundancy process I challenged this andthe company then carried out the redundancy procedures with a termination dateof 30th June 2013. I have appealed against this and am awaitingfurther details of when the appeal will be heard.

I have six months of notice pay from the 30thJune up to the 30th December 2013 and further redundancy pay whichis equivalent to four months mortgage payments.

In addition I am pursuing an unfair dismissal case againstthe company, which is likely to be successful.

With regard to the application I have sent all the relevantsupporting financial information to the lender at the start of June before Iwas ever aware of the redundancy situation and have since had the valuation ofmy property carried out on the 27th June 2013.

I have since today been requested to provide my currentpayslip and details of my commute to work (which is a 90 mile round trip).

I am concerned because I have not told them of my situationregarding redundancy as this has not been concluded and the appeal could seereinstatement, however in all probability this is unlikely.

If I continue not to tell them, then I guess I could be committingfraud, however I am concerned that when I tell them this may cancel the applicationand I could still incur the costs of setting up the mortgage from the lenderthat I have applied to.

What should I do?

makeyourdaddyproud

Even if you didn't tell, won't you will run the risk of running out of money in the early stages of your mortgage?

What will you gain by not telling them?

It is feasible you could entertain a bad credit rating if you run out of cash whilst servicing the loan.