Mortgages and Redundancy

Evesham_mar

Hi ... I was hoping for some opinions
I have recently been made redundant, but contractually am on garden leave until January receiving my normal monthly salary.  The settlement I negotiated gives me a lump sum payment end of January equivalent to another 5 months of salary.  Repaying my mortgage after this is not an issue as we aren't over stretched and can cover it with my wife's salary and anyway would hope to be re-employed long before this.

The question is what happens if I tell my mortgage company?   The reason I would need to (I think) is that we have decided to move (house marketed before I knew of redundancy) and we need to either port our mortgage (due to high ERC) or get a new one, and I assume I would have to advise them of the impending loss of income during this process even though right now legally I am employed?  We are moving areas for school catchment reasons.

Has anyone been in this situation or know how a porting application would be assessed?  Could Halifax make life difficult?
Thanks

dimbo61

Well I hope your wife earns good money because you don't have a job right now.
So unless her income is enought to cover the mortgage your not moving anywhere.
Keep on paying all the important bills like the mortgage and council tax etc.
Get job hunting and Save money where possible.

Evesham_mar

Thanks.  She does so we’re totally fine there.  The issue is the new house is actually requiring less borrowing than we have now, but they don’t seem to want us to lower our monthly payments !!

Sibbers123

garden leave until January! So you won’t start a new job until February. The problem will arise when completing the mortgage application, you don’t want to lie, as that would be mortgage fraud.