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Made Redundant/Changed Jobs Before Exchange - Help!
OneOfThem12
Posts: 14 Forumite
Hello everyone,
I think I already know the answer to this one, however was hoping to get some advice...
Me and my partner are currently in the process of purchasing our first home. Unforuntely we have been down this road twice before, with purchases that have fell through for one reason or another and we have now finally found our perfect home - losing this is really not an option due to our current situation.
We had our mortgage offer through just before the Coronavirus started and was hoping to get completed before the end of March. Due to the coronavirus obviosuly things were delayed. The issue we have now is that my partner has been made redundant, however they have managed to secure a new permanent contract with a higher salary (6 month probation period).
Usually that would be fine and we would let everyone know so that everything is above board and the mortgage can be amedned, however here is our dilemma... Right now most banks have pulled the 95% LTV which is what we have. We have been told that if we were to let everyone know at this point the mortgage would have to be reassessed, however when it is reassessed they would not be able to give us the same product (95% LTV) because it is no longer available. We would in fact have to go with an 85% LTV which is something that is not feasible for us.
We know that if we were to just go through with it we are at risk of the lender doing last minute employment checks, and losing our deposit amongst other things.
As you can see we are in a really tricky situation and it's causing a lot of stress - we really do not want to lose this property. Any advice would be really appreciated. If it makes any difference we have gone through a broker.
Thanks
I think I already know the answer to this one, however was hoping to get some advice...
Me and my partner are currently in the process of purchasing our first home. Unforuntely we have been down this road twice before, with purchases that have fell through for one reason or another and we have now finally found our perfect home - losing this is really not an option due to our current situation.
We had our mortgage offer through just before the Coronavirus started and was hoping to get completed before the end of March. Due to the coronavirus obviosuly things were delayed. The issue we have now is that my partner has been made redundant, however they have managed to secure a new permanent contract with a higher salary (6 month probation period).
Usually that would be fine and we would let everyone know so that everything is above board and the mortgage can be amedned, however here is our dilemma... Right now most banks have pulled the 95% LTV which is what we have. We have been told that if we were to let everyone know at this point the mortgage would have to be reassessed, however when it is reassessed they would not be able to give us the same product (95% LTV) because it is no longer available. We would in fact have to go with an 85% LTV which is something that is not feasible for us.
We know that if we were to just go through with it we are at risk of the lender doing last minute employment checks, and losing our deposit amongst other things.
As you can see we are in a really tricky situation and it's causing a lot of stress - we really do not want to lose this property. Any advice would be really appreciated. If it makes any difference we have gone through a broker.
Thanks
0
Comments
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You are obligated to tell the lender of any financial material change, changing jobs, salary are one of those. You do not want to end up on a fraud list for being dishonest and with holding information, means you wont get any mortgage ever.
https://www.nhunter.co.uk/
If they are on higher salary usually won't be a problem, but certain lenders don't like probation. You need to inform lender or find one that are happy with your circumstances via a broker"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0
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