First Time Buyer
AIP 18/02/2020 - Full Application 25/02/2020 - Valuation - 16/03/2020
17/03/2020 - Mortgage Offer Issued
23/03/2020 - LOCKDOWN
19/06/2020 - Exchange of Contracts
07/08/2020 - Officially Homeowners
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Wages cut by 20% while waiting to complete on a new build. Any advice?
Nick868686
Posts: 1 Newbie
Buying new build with help to buy. Decent deposit. Paid 10% already and soon to be more for extras/fittings. I found out today that my wages will be cut by 20% for potentially the next 6 months or longer due to CV-19 and my business being particularly affected in the hospitality industry. My house was due to be finished by early April but this has been put back to late April. My mortgage offer expires in May so I either need to complete ASAP as is or re-apply and submit application with my now lower income? Wages have been reduced by around £400 per month but my child tax credits may increase by around £200.
Any advice on how to still complete the move and not lose my deposit? Anyone else in a similar position while waiting to complete?
Thank you.
Any advice on how to still complete the move and not lose my deposit? Anyone else in a similar position while waiting to complete?
Thank you.
0
Comments
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If it was me, I would go to the lenders mortgage calculator and see what the difference would be with the drop in wage and increase in tax credits.
It might be that the amount you are lending is less than the actual amount you could borrow.0 -
You are duty bound to inform your lender of the change in circumstances.1
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