Pls help - URGENT - Dont know who else to ask!

snow_queen

??? ok here goes!

We currently have a mortgage of 75k and our property has gone on the market at 122k. we are going to buy another house and relocate to blackpool. We are looking at houses around the 90k mark. We have a mortgage promise for our new property. However since the promise my husband has been made redundant, he has been given 3 weeks notice so what I need to know is how will this affect the mortgage? will we not get one now? we currently live in london, I am a housewife (as we have a baby) and although hubby will get work quickly im worried we wont get the mortgage - we are meant to be leaving london to move to blackpool, and today we put an offer on a lovely house we have fallen in love with!!!

All advice appreciated!
Many thanks
;D

dunstonh

A mortgage promise is usually a "in principle" lending decision.

If the appplications have been completed and the formal mortgage offer has been issued and signed then I wouldnt worry about it.

If the mortgage promise is just a decision in principle then its worthless and when you come to complete the formal application, where you would submit payslips and give employment info, you could be committing fraud if you didnt disclose the redundancy. It depends on the wording of the application from the lender.

Assuming the application mentions nothing about future employment or changes known to current employment, you should be ok. However, you would need to get your skates on in case the lender writes to the employer to confirm income.

Robert_Sterling_3

At first site, although we do not know all the facts about your overall financial position, you should have considerable equity in your new property or considerable cash at your disposal.
I would be inclined to tell the truth. You are potentially a good customer.

snow_queen

Hiya and thank you for your replies! we will be putting down 35k which is the money we hope to make from this place minus 10k for moving fees etc and paying off a credit card! we are not worried about telling the truth etc as we will tell them but we are worried that with my hubby having no job, or a very new job will we have probs getting the new mortgage?

martinhp

Who is the lender?

snow_queen

Hello

We are with the Halifax

payless

You were relocating to Blackpool- if he was not losing his job , would he have resigned anyway, or transfer?

snow_queen

hiya

he would have carried on working down here until either he or myself had a job up in blackpool - does this all sound like we will get our mortgage?

thanks for your help everyone!

martinhp

Halifax will only carry on the mortgage if your husband can provide a letter from a new employer that confirms the salary and start date. :-/

snow_queen

thank you Martin

Would it be ok if he got a job and had only been in it for a few weeks?

martinhp

he Doesn't need to have started, as long as the company will confirm the start date.

In answer to your question... yes..no problem