mortgage agreed in principal but change of circumstances

spaggy

We have a mortgage agreed in principal. There is a high chance that either my OH will leave his job and contract or become self employed before would complete on a new house (28 day exchange of contract applicable, house not ready until dec)

Would the mortgage company want to reconfirm your financial situation again after it has been agreed in principal/after the 28 day exchange? if our situation changes and providing he is still earning enough would the fact he might be self employed mean we may not get the mortgage?

Hope this makes sense!

JoeK_3

Technically, you should advise the lender and this might prejudice your application. If your chages in circumstances happen after completion you should be OK.

Why such a long delay in completing?
Can you not delay the change?

JoeK

spaggy

JoeK wrote: »

Technically, you should advise the lender and this might prejudice your application. If your chages in circumstances happen after completion you should be OK.

Why such a long delay in completing?
Can you not delay the change?

JoeK

Hi Joe K

Its a new build so thats when it will be ready.. OH trying to delay the change.. he's really fed up at work and is just hanging on.. we havent reserved the new build yet but expect an offer on our house this week so would be very soon.. I'm trying to get him to stick the job out until at least we have moved!

JoeK_3

As you do not state the property value, income, mortgage loan amount, adverse credit history, so it's difficult to comment any further, other than, If your OH changes his employed status to self employed, it could severely affect your ability to borrow.

I would put him in a straight jacket and muzzle until after completion and then let him free. lol

JoeK

spaggy

JoeK wrote: »

As you do not state the property value, income, mortgage loan amount, adverse credit history, so it's difficult to comment any further, other than, If your OH changes his employed status to self employed, it could severely affect your ability to borrow.

I would put him in a straight jacket and muzzle until after completion and then let him free. lol

JoeK

Sounds a good idea! another question JoeK.. if we complete on our side but we are not completing on the new house until December would we have to surrender our current mortgage (would mean paying an 8K redemption penalty) or would we be able to freeze it??

Thanks