Mortgage applications and potential redundancy

jonnypopcorn

I currently have a mortgage with Nationwide and have recently accepted an offer on our house and have started looking for a new house which will require us to borrow more money. At the moment everything is fine at work, but there are rumors of people may be made redundant. If at any point in the mortgage application process up to completion I was made redundant how would that affect things and are there any measures I can take to protect myself. Currently the only option which comes to mind is if I was made redundant I would have to pull out of purchasing a house, but I would still sell ours and rent for 6 months by which point I will have got another job (hopefully). Any advice would be great, nothing may happen at work but it would be good to know if anyone has experienced similar so I'm prepared for any eventuality as the exchange and completion process can take a while.

[Deleted User]

jonnypopcorn wrote: »

If at any point in the mortgage application process up to completion I was made redundant how would that affect things

You would declare it to the lender. Obviously, it's not going to help the application.