In consultation while mortgage in approval

Brannigans_maw

Hello

My GF and I are buying our first home. We have had a offer accepted, have received a decision in principle, and have applied for the mortgage with Halifax.

Yesterday i was informed that the business I work in is to be shut down at the end of February, at which point i will be made redundant and I have now been put under consultation for 30 days. I fully expect to have anew job offer in place to start at beginning of march by the end of this year. Confidence counts for little I know, but the industry I work in is small and I already have had interest.

My question is what action do I take here? i have some people saying we should tell the lender, in which case the offer will almost certainly be withdrawn, while the HR at my company and others online are saying that I am employed until end of Feb and so don't need to say anything.

I'm not looking to cheat the system or anything, if we need to bite the bullet and lose out on the house then we will. I just would like some advice.

thank you

csgohan4

Technically any material change you must inform the lender as anything else is fraud.

It is up to you what you want to do, there is nothing stopping the lender asking for payslips around completion which could be when you lose or lost your job.

They could also ask for employer reference and your HR may put down you are due to be made redundant. In which case they could black list you for mortgage fraud for telling them.

Brannigans_maw

Yeah I have spoken to HR and they would simply confirm that i am employed. no mention of redundancy.

I was thinking I would tell Lender about job change though, once it was confirmed. It would be in same industry for at least same money so I would hope that wouldn't cause an issue?

Brannigans_maw

We've decided to not risk it. The risk of being black listed at first attempt to buy is simply too great, even if the chances of lender finding out are tiny.

The vendor is not ready to move out yet, and perhaps wont be for a number of months. Does anyone know if Halifax would be willing to essentially "pause" the offer, until I secure a new role elsewhere?

Does anyone know

Thrugelmir

Brannigans_maw wrote: »

The vendor is not ready to move out yet, and perhaps wont be for a number of months. Does anyone know if Halifax would be willing to essentially "pause" the offer, until I secure a new role elsewhere?

Does anyone know

How long is your piece of string? You are asking the lender to speculate on an unknown outcome. You can withdraw from the transaction yourself at any point. Will you be allowed to leave early if you secure alternative employment? Perhaps take a few days to test the waters before rushing into anything.

You are obliged to inform the lender of any change of circumstances, i.e. where current status is different to that on the application form. It was a condition of the declaration you signed when applying for the mortgage.

nicmyles

Some lenders won't lend while you're in a probationary period at a new job. Not sure if that applies to Halifax, but worth considering.

ap1985

nicmyles wrote: »

Some lenders won't lend while you're in a probationary period at a new job. Not sure if that applies to Halifax, but worth considering.

I am pretty sure that Halifax are one of the Lenders that do lend whilst being in probationary period.

getmore4less

Job first, then house.

If the you don't have a potential date from the vendor you should not be spending more money on this purchase yet stick it on hold.