Halifax employment checks

missys86

Hi. 
I'm in the process of buying a new build with my husband. We have reserved and will be exchanging next month. I'm currently furloughed (Halifax are aware) unfortunately there are talks of redundancy. My husbands job is very safe and as he's on a very good wage we can easily afford the mortgage on his sole wage. However if I am to be made redundant do I have to inform Halifax? If so will they ask that just my husband goes on the mortgage?
Thanks 

jamielutz1987

If you are made redundant, you are expected to inform the lender of the same. Some people do as you're expected to, others risk it by keeping mum, especially if they're close to completing.

In any case, given that it's a new build and the long gap between exchange-completion, it is quite likely that Halifax may ask for updated payslips a few months down the line prior to completion.

Usually the lender will redo affordability based on the new circumstances and if you're ok based solely on the partner's income, you should be fine, either with Halifax or another suitable lender.

Hopefully you are in the hands of a capable broker who needs to get you on the other side to get paid. With your partner's income potentially being sufficient on its own, you should hopefully be home and dry even in the unfortunate event of you being made redundant. But do make sure that that is indeed the case as otherwise you may be risking your 5/10% deposit.

MovingForwards

Being able to easily afford it on one wage is a bit different to how lenders see things. 

On average it's 4.5x a sole income, but then deductions for dependants (eg you and any kids).
Have you put your husband's salary into Halifax's mortgage calculator to see if they potentially agree it is viable?

You would need to inform them of made redundant as it's in the T&C's of ALL mortgage offers to inform them of any material change in circumstances.

The mortgage could still be in both names, see second paragraph above.

All you can do is wait and see what happens with your job as you may be fine and other colleagues may not.

robert9876

Hi wondering if any knows if it’s just random final  additional checks or is it more intense due to covid. First set of checks were done end of June. 

Mortgage offer was august11th 

waiting on move in date, but my car was due to be traded in so i have done it, missives etc are concluded. 

Little worried though as I have changed jobs since original mortgage offer.

MovingForwards

robert9876 said:

Hi wondering if any knows if it’s just random final  additional checks or is it more intense due to covid. First set of checks were done end of June. 

Mortgage offer was august11th 

waiting on move in date, but my car was due to be traded in so i have done it, missives etc are concluded. 

Little worried though as I have changed jobs since original mortgage offer.

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