Mortgage When at Risk of Redundancy

macamer

Hello

My first post so be gentle.

My workplace is currently going through the consultation period for redundancies. The area I work in consists of 41 people of which 1 will be made redundant. The process has been on-going for a number of months and is likely to continue for another 3-4 months before I am no longer at risk. I am currently planning to move house and would like to apply for a new mortgage. Questions;

1. Will the mortgage company as if I am currently at risk of redundancy in the application?
2. If they don't ask, do I have to tell them?
3. If they do ask and I tell them "I am at risk" will they dismiss my application immediately?
4. If my application is rejected could I possibly apply with a guarantor?

Thanks for your help

stator

Yes you have to tell them. They will ask if there are any circumstances that might put your employment at risk.
I think it's unlikely they will approve your application under these circumstances unless you have another source of income that would be sufficient to pay the mortgage.

macamer

Hello Sator

Bit of an update on this.

The mortgage company did not ask "if I was at risk of redundancy" or "if there are any circumstances that might put your employment at risk". So, I didn't tell them. Got the mortgage and I am no longer at risk.

Thrugelmir

macamer wrote: »

The mortgage company did not ask "if I was at risk of redundancy" or "if there are any circumstances that might put your employment at risk". So, I didn't tell them. Got the mortgage and I am no longer at risk.

Did you read the declaration on the mortgage application form?

Here's an example..

The information you give will form the basis of your contract with us. If there are any other material facts that could reasonably be construed as likely to influence our decision about this loan application, but which have not been revealed as a result of answering specific questions within this application form, you must tick this box and provide details in Part 14: Additional Information: