Buying our first house at the same time of a redundancy

jimbog

lookstraightahead wrote: »

What about when your mortgage is up for renewal?

Many borrowers have changed jobs before later on renewing a mortgage - as long as their current employment status is given then there shouldn't be a problem

onwards&upwards

lookstraightahead wrote: »

What about when your mortgage is up for renewal?

You still have to be honest.

If your circumstances have changed it might affect what deal you can switch to, and you can end up stuck on the SVR.

AdrianC

If the lender don't need to know, then telling them won't make any difference.
If the lender do need to know, then it's a damn sight better to tell them and find out early, than for them to suddenly put two and two together...

As has been said, they know who your partner works for, from the payslips.
The current situation shouldn't have come as a surprise to anybody - the woes of the employer in question have been headline news for months, and the share price fell by three quarters over the first five months of this year.

geoffssavings

I'm not an expert but personally if I was you I would continue with the exchange because as pointed out by another member paying a mortgage is going to be cheaper than paying rent!
I'll take a wild guess that your lender will have other clients in the same situation and like most lenders they want the business so they will probably have a unwritten attitude of "Don't ask, don't tell"

System

And to the posters urging the OP to follow their advice and commit mortgage fraud, if HSBC did put two and two together, how should the OP respond to being found out?

"MSers will back me up against you, since they said it was ok" ???

steampowered

Diocletian_II wrote: »

"MSers will back me up against you, since they said it was ok" ???

The Op is big enough to make his own decisions. Taking the "risk free" approach to everything is not a sensible way to live your life.

System

Committing mortgage fraud is both senseless and immoral, but many posters here are encouraging it.

It does make one question the quality of advice given on internet fora.

Slithery

I was made redundant just before exchange on my first house. I didn't inform the lender straight away, instead only letting them know when I'd found another job a few days later (still before exchange).

They were happy with this and it didn't hold up the process.

System

Presumably, if the OP follows the lead you are encouraging, and encounters problems, you will stand shoulder to shoulder with him, and cover any financial losses, too?

Slithery

Where on earth in that post was I coercing someone to commit mortgage fraud? I was just sharing a personal story.

Edit - Diocletian II removed just removed their above post, this reply no longer makes sense.