Possible temporal income drop after mortgage offer

magicmcone

Hi guys,
Will try to summarise this the best I can. We had a mortgage offered about a week ago and everything is getting ready for exchange in the next weeks.
Due to coronavirus outbreak, my employer is considering offering most employees to go part time until things go back to normal or maybe take a week or two unpaid leave.
This would not affect our capacity to pay back the loan as we can prove sufficient savings to cope with this period (even it becomes very long) without major issues.
Should I contact the mortgage broker to let them know and inform the lender?
Could this mean I get declined after full offer?
I am really worried that this could ruin our home purchase.

Thanks in advance!

Neutrinno

Well nothing has actually changed given your circumstances if you haven't accepted any offer and your employer is currently 'considering'. If your circumstances do change or you agree to a change, then yes you would be expected to inform the lender, and yes this could result in the offer being pulled if the lender does not class it affordable for you any more.

magicmcone

Neutrinno said:

Well nothing has actually changed given your circumstances if you haven't accepted any offer and your employer is currently 'considering'. If your circumstances do change or you agree to a change, then yes you would be expected to inform the lender, and yes this could result in the offer being pulled if the lender does not class it affordable for you any more.

Thanks for your response.
I assume it’s very difficult to answer, but how likely it’s that the offer is being pulled if the situation is temporary and you can prove financial resources to go through it without strain?

Neutrinno

magicmcone said:

Neutrinno said:

Well nothing has actually changed given your circumstances if you haven't accepted any offer and your employer is currently 'considering'. If your circumstances do change or you agree to a change, then yes you would be expected to inform the lender, and yes this could result in the offer being pulled if the lender does not class it affordable for you any more.

Thanks for your response.
I assume it’s very difficult to answer, but how likely it’s that the offer is being pulled if the situation is temporary and you can prove financial resources to go through it without strain?

I couldn't answer that, it would be down to how an underwriter would decide based on the full facts of your income changes and situation.