First time Mortgage application -second income changing

FTB2017

Hello,

First time posting here so I apologise if I'm in the wrong forum.

Me and my partner are in the process of buying a new build. I have one income and my partner has 2 incomes (3.5 days a week in one job and 2 days in second job).

We have just (last night) had our mortgage advisor come to see us to discuss mortgage options and go through all relevant documents. The meeting went well and the mortgage advisor has submitted our application today. We are not on high incomes but we are using the help to buy equity loan scheme so the mortgage amount we need is around 30k less than we were told we could lend when receiving the mortgage in principle so not tight.

Unbelievably, with no prior indication or warning, today my partner has been told by her second employer that work may dry up for a while (they said weeks but could be couple of months as far as we know).

If we understand correctly, the lender is only going to be taking 50% of the second income anyway as that is pretty standard.

Can anyone tell me if the reason they do this is to account for such situations? Should we be informing the advisor and lender now at this early stage and see if we are eligible on my income and her main income? If it is temporary do we need to say anything at all?

I apologise for the long post but this has us very concerned. We don't want to receive an offer and then exchange contracts for this all to go wrong in a few months after paying a large sum of money and risk losing the house!!

Thank you

BLOW_FLY

On your application your potential lender will have asked you about any change in circumstances that you know about that will affect your income.

Personally I'd declare this change in circumstances as continuing with the application and being rumbled when employment references are taken will likely lead to instant rejection.

BF

csgohan4

BLOW_FLY wrote: »

On your application your potential lender will have asked you about any change in circumstances that you know about that will affect your income.

Personally I'd declare this change in circumstances as continuing with the application and being rumbled when employment references are taken will likely lead to instant rejection.

BF

not to mention being on the fraud register


be honest with your lender or it will come back to bite

FTB2017

Thank you. As I say at the time, the circumstances were as we declared, it was literally hours after the application had been submitted.

That was my thinking to be honest but I just wondered if it was worth potentially risking everything if it was Just for a couple of weeks.

Honestly, I don't even think they can do this just because work is temporarily slow,she is not a subcontractor or self employed, but has never had a written contract. After reading up on citizens advice she would be classed as an employee. I know this is a completely separate issue so may not be the right place to mention

Glbooth3

We had similar issue, partner been on permanent afters for years. Mortgage application done and work then tells him they've got to put him on day shift for the foreseeable future, losing his time and third shift allowance! Luckily (for us) someone in his dept who works afters had handed notice in, so other half has snagged his job and starts back on afters next week, but mortgage lenders have put his wages through at basic rate and down to affordability we can still get it xx