Redundancy looming - can we product transfer our m

EJ

Hi all

Hoping for some pearls of wisdom plus legal know how please :-)


Lots of ifs and questions - please help kind MSErs

EJ

minimike2

Your under obligation to inform the lender of the change in circumstances. Sounds like now might not be the time to be moving home.

Unless you are not borrowing any extra, in which case that might make things easier.

Either way, if you don't disclose a material fact and the lender finds out, you could be in a whole heap of bother. Not to mention the potential of having an unaffordable mortgage.

Your existing mortgage loan is not anything to consider in relation to the redundancy as it is already in place. You won't lose your home just because he has been made redundant.

Regarding a new rate, not enough info and I wouldn't stray into that on here as it would be regulated mortgage advice sorry.

EJ

minimike2 wrote: »

Regarding a new rate, not enough info and I wouldn't stray into that on here as it would be regulated mortgage advice sorry.

Thanks. The product transfer we can do is significantly better rate wise even with the 1000 early exit fee (if that's payable). Is it likely we could do a product transfer if we tell them about the redundancy? Are we committing fraud if we do a product transfer and fail to tell them about the redundancy? I understand it's a different thing to a remortgage which is a new legal relationship?

Thanks

EJ

minimike2

If you are not asked as part of the product transfer then you are not under obligation to disclose it and do not need to proactively offer that information.

Most lenders will not do lending assessments for a product transfer as you already owe them the money. If your mortgage is interest only then some will apply additional rules.

Thrugelmir

Will you lender allow to switch productts at the current time.

The ERC will most likely be payable in any event.