In the middle of mortgage offer and made redundant

csgohan4

Johnnytwostep wrote: »

keep quiet about it

What is OP going to do if they ask for current payslip prior to exchange?


Do what's right and let the lender know, your duty bound to. Otherwise you will be blacklisted for mortgage applications for fraud.

Thrugelmir

Johnnytwostep wrote: »

keep quiet about it

And then .........?

Digging a hole is easy. Getting out not so.

3smees23_2

No we haven't exchanged contracts. No one has really answered whether they would take into consideration income from mortgage protection payments?

I also found out today I have an interview lined up. If I get offered a job on the same salary what would their likely take on that be?

Thrugelmir

3smees23 wrote: »

No one has really answered whether they would take into consideration income from mortgage protection payments?

You need to confirm that the insurer will payout in the event of moving house. Your impending redundancy is a material fact.

minimike2

Johnnytwostep wrote: »

keep quiet about it

And most unhelpful post of the year award goes to.................

firesidemaid

I agree with others re. the mortgage protection insurance terms - you need to have a discussion with them.


what is your employment history and loan-to-value like? perhaps another lender might be more suitable for your circumstances?

3smees23_2

I'll give them a call. If I'm covered will the lender take this into account on affordability etc? I think our ltv is around 63%. We have also been overpaying our mortgage for about 12 months.

We can't go to another lender as we are porting and would get penalised for leaving.

Employment history is good although I was made redundant in 2011 but found a job writhin 2 months. That was pre mortgage and living with my parents.

maninthestreet

How much, and for how long will the mortgage protection insurance pay out for?

3smees23_2

I have just called them, I'm covered up to £800 even in the middle of the purchase, as long as there is no break in the mortgage. I said we would be porting it and they said that's fine.

It pays out for 12 months, back to day 1.

Goldiegirl

3smees23 wrote: »

I have just called them, I'm covered up to £800 even in the middle of the purchase, as long as there is no break in the mortgage. I said we would be porting it and they said that's fine.

It pays out for 12 months, back to day 1.

I'd get that in writing if I was you.

There is going to be a break in the mortgage. You are closing one mortgage and starting another, even if it has the same interest product. It's a completely different mortgage.

I'm any event, you'll need something in writing to show the lender, when you tell them of your impending redundancy. They will then use this information to help them to decide if they wish to proceed with the new mortgage.