First Time Buyer Mortgage Appointment

ashflek

Hi,

First time poster, First time buyer here.

I have a mortgage appointment at the weekend as a first time buyer. Im currently in full time employment and have been for the last 8 years. However at the end of June im going to be made redundant, reason being i can afford a house deposit at the moment coming from that redundancy. I have a job lined up to start a week after i get made redundant, but its with a company where i will be working 3 months with an Agency before getting a permanent contract.

Im wondering if i should tell the people at the mortgage appointment all of this? some of this? or none of this at all ? My guess is obviously i should disclose everything, but im worried i will get rejected for a mortgage because of my new job role being with an agency for 3 months. Im very confident on getting a permanent role, after the initial 3 months, as i have family ties within the company.

Any advice would be much appreciated.

Thanks

AnotherJoe

Theoretically you'll be committing fraud if you know you will be made redundant and fail to declare it. Why not wait until you have been in the new job, and its been permanent for 3 months.

ashflek

I thought that may be so. I was just going to answer the questions honestly they gave me. So it will definitely be a problem me trying to get a mortgage approval when im working on an agency ? Even with it being a temp to perm ?

ashflek

And im just hoping i dont have to wait for 3 months + just to be approved just due to some circumstances of my own and my girlfriends. Anyone know if it will just be a straight up rejection and no chance of getting a mortgage in this situation ? Kind of wondering if there is any point in me even turning up to this mortgage appointment thats all

AnotherJoe

I think it's exceptionally unlikely you'll get a mortage if you are going to be made redundant !

But the point of going would be to understand what you need to do to get prepared. Savings, loans, credit cards,HTB ISA, getting all that sorted.

daivid

Tell the truth, the value of the appointment to is surely to find out where you stand. You'll then find out when you may be able to get a mortgage, how much for, and at what cost.

ashflek

Ah okay, thanks guys. Guess I will just go and have a see like you said get a better idea of where I'm going to be at. Frustrating but I'm probably going to have to wait until I get through the 3 month agency work.

Thanks again.

Mortgage_Moog

I'm also a FTB and had my mortgage meeting the other day so although I'm no expert, let me tell you how I see it based on my experience. It may sound negative to start with but there's light at the end of the tunnel!

Firstly, you MUST tell them about your job changing. If you don't then you're breaking the law and could even end up with a criminal record. You will have to sign to say that what you've told them is true and lying on a mortgage application is a serious offence.

Secondly, they will ask where your deposit is coming from. If you say it's from redundancy payout then alarm bells are going to be screaming in their ears!

It's not all negative though. You've been in your current job for 8 years which shows good commitment. The reason for you being made redundant will be important, getting sacked is bad but them just not needing you any more isn't so bad.

I'd say that you should tell the truth and be 100% honest at all times. If you do that they are more likely to work with you to find a solution. If they find out you're hiding things they'll reject your application straight away and that's it.

There are lenders out there who deal with cases like yours. I don't know who they are but in your situation it would be well worth going to a mortgage broker if you haven't already as they could point you in the right direction.

ashflek

Thank you, that's brilliant ! More of the kind of reply I was looking for. Much appreciated and I will be doing exactly what you said