Redundancy & Remortgage

Salixmaster

Hi there,

In a tricky spot here.My wife is almost certainly about to be made redundant within the next few weeks (discussions with employer have been ongoing for a little while). She is also currently on maternity leave.

Our mortgage is up for renewal in April, at which point she will be out of work - and as she's on mat leave won't be looking for new work just yet as our daughter is too young for my wife to go back to work just yet, plus may take some time to find a job anyway!

So, if I wait until April to remortgage, I'll be the sole earner and presumably will be the only party considered by the lender?

Or, is it possible to remortgage now, quickly (in like 3 weeks??) to get the new mortgage in place? Is this legal, as I'd essentially be deceiving the lender?

I guess the alternative is to let the mortgage roll after April, and take the hit of the increased rate. Do I need to tell the lender at this point or at any point of my wife's redundancy, if we are still able to make the payments?

Many thanks

TBagpuss

I think that if your wife's employer has already given her notice that she is at risk of redundancy that you would have to disclose that to any potential lender in any event.

Most mortgage applications include a question about whether you know of any likely changes to your income or expenditure.