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What does 'a material change' actually mean?
sparks11
Posts: 47 Forumite
Just as the title says really. I'm sure this varies lender to lender, but on our mortgage offer we have the clause that they can withdraw if 'there is a material change in your financial or personal circumstances'. What sort of things does this refer to?
Obviously I'm not going to go out and max out my credit card or apply for new loans etc. I'm just curious what they class as a material change. I have cancelled an overdraft facility. It was before application but hasn't shown on my credit file yet. Though I'd hope they don't see that as a bad thing
Obviously I'm not going to go out and max out my credit card or apply for new loans etc. I'm just curious what they class as a material change. I have cancelled an overdraft facility. It was before application but hasn't shown on my credit file yet. Though I'd hope they don't see that as a bad thing
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Comments
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change of job or loss of job .
Fall in income .
Undeclared debts ."Do not regret growing older, it's a privilege denied to many"0 -
Thanks Old Git (seems a bit rude calling you that lol!) appreciate the response.
Ok, I'll try my best not to get sacked before we complete ;-)0
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