What happens my mortgage decision in principal

fayem9876

Hi, first time posting. In short our house is sale agreed but sale
paused just before we signed contracts. We have a decision in principal from feb 2nd due to expire probably may 2nd. 

So 2 questions. 

1) will our decision in principal also be paused or will we have to reapply?
2) hubby is self employed so we now have no wages as I stay at home with kids. If we apply for universal credit will that affect our ability to get a mortgage? (should we have to reapply again) he will obviously be going straight back to his usual work as soon as this is all over. 
Any help greatly appreciated. Thanks 

AdrianC

Your DiP simply says "Yep, we have no issue with lending you this much". It's time-limited because people's circumstances change. And, yes, his self-employment ceasing to provide sufficient income, leading to him going onto UC would certainly affect his ability to borrow several times his income...

To turn that into an actual mortgage, you need to go through a full application, which includes them approving the property you're buying.

Quite how lenders are going to view temporary changes of circumstances we have no idea - because we have no idea how temporary it's all going to be, or whether businesses will just pick up at the end.

fayem9876

thanks so much thanks so much for taking the time to reply.