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Losing Job During Mortgage Application
Rodgers1
Posts: 15 Forumite
Does anyone know what the implications are if I lose my job during the mortgage application/house buying process? I would assume if I lose my job at any point prior to completion then the lender will withdraw the mortgage offer but I'm not 100% sure.
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Comments
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You'd really need to check the T&C of your mortgage offer but I imagine they say something along the lines of the telling the lender about any material change in your circumstances from when you first applied.Rodgers1 said:Does anyone know what the implications are if I lose my job during the mortgage application/house buying process? I would assume if I lose my job at any point prior to completion then the lender will withdraw the mortgage offer but I'm not 100% sure.1 -
It's highly likely they would withdraw their offer unless its a small mortgage of which you have the funds to cover and your affordability would still pass without your salary. (I.e you don't really need it)Rodgers1 said:Does anyone know what the implications are if I lose my job during the mortgage application/house buying process? I would assume if I lose my job at any point prior to completion then the lender will withdraw the mortgage offer but I'm not 100% sure.
Rare in most cases
You would be able to pass affordability checks still0 -
no income = no mortgage/ lower affordability
You would need to let the lender know of any change"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
Thanks guys. All makes sense.0
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