Partner lost job, walked in to another.... So do I need to tell mortgage lender

TTime92

In a pickle,

We have received a mortgage offer for a new build home (due for completion end of Oct-16). My partner lost her job today but has got a new one already in a similar job at another company on a the same wage. Will we need to tell the lender? I mean... we can still afford it. So do we just keep quiet?

Alice_Walker

You need to advise of any change in circumstances. As a new employee your partner has few employment rights, which can be unattractive to a lender. It's not just about income.

marksoton

I'm pretty sure that'll be classed as a material change. Try posting on the mortgage board for more accurate advice.

marksoton

AFF8879 wrote: »

It doesn't sound like she has officially "lost her job", it's just an internal transfer, same company same salary. You should tell the lender to be safe but I don't think it's necessarily that important as nothing has changed with your economic circumstances. I assume your partners employment contract remains the same? Only if there is now suddenly a probation period could it be classed as materially different, IMO.

The OP has stated a new employer.....

AFF8879

My bad - ignore my original post - I concur it definitely should be disclosed!

moneyistooshorttomention

Personally - I would be wondering what might happen if they found out subsequently there hadnt been a disclosure? Probably nothing much - and they probably wouldnt find out anyway.

So - if you want to be absolutely sure to "cover your back" then you could say of course - but they might put you through a load of unnecessary hassle checking on things. If you're with Santander, for instance, then oh boy....are you ever in for a load of unnecessary hassle/delay (voice of experience from their predecessor of Abbey National - and I gather Santander is even worse!).

I never mentioned the lodgers I used to have in my last house to either my mortgage company or insurer (I didnt even know they expected to know anyway to start with).

Add that I see the point re a "probation period" - but I believe the current "unfair dismissal period" is 2 years currently. That is quite a time - and I wonder what a mortgage company would make of that length of time....

Not that an employee is necessarily that safe once that period is passed anyway. In a previous job I realised they disapproved of me personally (though I was acknowledged as doing the job very well:cool:) and, funnily enough I got declared "redundant" some months after the end of that period:cool::mad::cool:. So having got past that initial 2 year period isn't necessarily any sort of protection if they decide to "disapprove of you personally" - as they'll trump up an excuse and get rid anyway.

I'm hazarding a guess that many of my generation wouldnt bother (ie Baby Boomer), but I do know that many younger people are very used to being "spied on" by all sorts of organisations - but I am not aware of a way a mortgage company could find out if you didnt tell them.

Rain_Shadow

moneyistooshorttomention wrote: »

I'm hazarding a guess that many of my generation wouldnt bother (ie Baby Boomer), but I do know that many younger people are very used to being "spied on" by all sorts of organisations - but I am not aware of a way a mortgage company could find out if you didnt tell them.

yep. That would be my attitude.


Also. My first mortgage was with Abbey National and they were utterly useless. As someone on here used to have as a sig. 'Santander. It's Spanish for incompetent'.

moneyistooshorttomention

Rain_Shadow wrote: »

yep. That would be my attitude.


Also. My first mortgage was with Abbey National and they were utterly useless. As someone on here used to have as a sig. 'Santander. It's Spanish for incompetent'.

Oh yes - or rather "Oh no" re when they were still Abbey National. It still eludes me as to how on earth a firm could manage to take literally weeks to do a job that was very very easy and could be done in just a few minutes - despite being asked and asked and pleaded with - and I then had to find a way to "get round them" by the backdoor to get the blimmin' job done (despite it being urgent and I had told them so repeatedly). Wonders if it would have ever been done to this day - if I hadnt resorted to finding a "back door" to use....ie there is always someone/somewhere in a firm that is efficient/helpful - but it's a question of how to find a "back door" and get to them.

kingstreet

As a regular user of many mortgage lenders I would say Santander has its moments as they all do, but on the whole its processes are pretty slick and it gets offers out faster than many others.

On topic, the OP needs to disclose the job change to the lender so it has the opportunity to re-assess the case. Some lenders have no problem with probationary periods, so let's hope it's one of them if there is one.

densol_2

TTime92 wrote: »

In a pickle,

We have received a mortgage offer for a new build home (due for completion end of Oct-16). My partner lost her job today but has got a new one already in a similar job at another company on a the same wage. Will we need to tell the lender? I mean... we can still afford it. So do we just keep quiet?

Have you exchanged contracts to purchase this house ?

edinburgher

Personally? I would tell them.

A sibling lost their job weeks before completing on a house, never told the lender and defaulted on the mortgage within months. Luckily they've turned things around and are still there 8 years later, but I was amazed that the house wasn't repossessed.