lost job just before final sale agreed can we still get a mortgage

hostie

Hello,
My partner got a mortgage promise and found the perfect house. His offer was accepted and we just had to provide some surveys for the mortgage provider (roof etc). Then, out of the blue, he lost his job. Is there any way he can still get a mortgage? Could he ask the bank for a self cert mortgage or something? We have to phone the bank and tell them but can't bare the thought of it!
Please help if you can.
hostie

homer_j_3

first of all, can you afford the mortgage realistically without the income your partner would have brought to the table.

secondly, is there a chance that your partner will find another job shortly? If so is it likely to pay a similar amount.

You need to be honest with the lender about any changes of circumstance and a self cert does not get around your situation. You need to give us more details to incomes and income lost and mortgage size and deposit etc.

You also need to be honest with yourself on the affordability aspect.

hostie

Hello,
We already own a flat and the mortgage is in my name. We bought this purely as an investment. The mortgage is really low and the rental value is really high. The plan was to use my mortgage for this flat and then to use his mortgage to get a home near my family which we would both live in. My flat was meant to be our pension plan. As the rental value is really high, we could pay it off quickly and then live from the rent.

If he could just get the mortgage I could cover it from my wages until he gets a job so affordability is not a major. Also the surplus from renting out my flat would help if I had any illness etc. Our parents have also offered to help if we got into difficulties.

We think that we will have to sell this flat to get the house he was buying and we have started the process to put it on the market. We are loath to sell it though as the rental value is so high and I am trying to work out if there is any other way. Changing it to buy to let would take too long I think as we would have to go to another lender because my lender requires that you are on 45k to qualify for that. They have said that we can rent it out though.

Thanks for your help. Any ideas would be very much appreciated!

One option we might have is changing it to a buy to let but my mortgage provider
We have started the ball rolling to put my flat on the market

Also I have started to remortgage we planned to use the money as a deposit to go with his mortgage. It would have been a deposit of about 25 percent.

hostie

Oh dear, no replies, I guess this means there is no solution. Unemployed means no mortgage. I thought so. : (

homer_j_3

sorry been at work so not been around to respond.

I need to understand your income and mortgage amount that you need to buy the new house. It may be possible to do on your income alone if structured correctly and the figures were right and credit history etc.