Change in circumstances (job) after application submitted

Ed-1

Are you obliged to tell your lender if you have a material change of circumstances (e.g. income drops) after (a) you've submitted your application; (b) you have your offer of loan; (c) you've completed your (re)mortgage legals?

[Deleted User]

Yes, if you haven't yet completed.

theone999

don't ask don't tell. as long as you can pay the mortage no one cares.

middleclassbutpoor

theone999 wrote: »

don't ask don't tell. as long as you can pay the mortage no one cares.

I wonder why they bother asking for information about income etc if all that matters is the applicants ability to determine affordability?

This is poor advice - you should be up front with the lender because if you end up on a database such as CIFAS or Hunter then its not great..

Thrugelmir

Read the declaration you signed when accepting the lenders mortgage offer. Onus is on you.

theone999

middleclassbutpoor wrote: »

I wonder why they bother asking for information about income etc if all that matters is the applicants ability to determine affordability?

This is poor advice - you should be up front with the lender because if you end up on a database such as CIFAS or Hunter then its not great..

it's a paper exercise trying to keep people being bled dry by those with more money. mortgages are always cheaper than rent. the op knows whether its affordable for him or not. if it is still affordable for him, then great, pay the money and there'll be no problems. and even if he falls behind, is the bank really going to ask for why he is falling behind? just say he's developped a gambling problem or a drug habit.

middleclassbutpoor

Think you have just confirmed my suspicion that you are either 12 years old or a troll.....

Thrugelmir

middleclassbutpoor wrote: »

Think you have just confirmed my suspicion that you are either 12 years old or a troll.....

Or simply a broader lack of understanding of financial matters. Why someone would wish to dig themselves a hole and fall into it makes no sense.

theone999

Thrugelmir wrote: »

Or simply a broader lack of understanding of financial matters. Why someone would wish to dig themselves a hole and fall into it makes no sense.

because all the financial / insurance companies are out there to keep the working man down. i'm what you might call a leftie. and it's absolute true about mortages being cheaper then rent, i'm gonna try and buy in 6 months because i'm sick of lining capitalists pokets any more.

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and also unlike him, i'm not middle class. the working poor bruv.

kingstreet

What used to be support for mortgage interest is now a loan.

Do you really think taking on a commitment you might have no chance of honouring is a good idea?

The OP could spend thousands in fees to get repossessed in twelve months. That makes no sense.

God knows what political views have to do with it. It's basic common sense. If you might not be able to pay it back, don't borrow it because you certainly can't rely on the state.

theone999

The op said his income has reduced. He didn't say he couldn't afford it anymore. I'm saying that the OP knows whether it's affordable for him or not. Unless he says he can't afford it anymore or he thinks it's going to get worse, what's wrong with just paying it to be left alone?