Getting a mortgage facing possible redundancy

matthew91822

Hey

FTB in the process of getting a HSBC mortgage, currently waiting for the advisor meeting on the 21st August. The company I work for did really well through the lockdown and I was very surprised to hear there will be redundancies. I have a redundancy consultation next week on the 12th but it will include possibly merging job roles.

The issue is currently I'm renting a flat which is £700 a month and the Mortgage in the new house with 60% LTV will make the payments £475-£500 a month on a 25 year term. 

I've got extra income from property which is about a third of my income, I've got a good amount of savings which won't be used on the deposit and I've also got good connections to get self employment work which I was turning down due to being full time employed. I have no doubt that I'll be able to pay the mortgage. I have zero other debt (except HSBC credit card which I pay in full every month) and a good credit score, no late payments, no defaults.

The solicitors charge no fees until after exchange. The vendors are super chill. Should I let them/EA know the purchase might fall through? Will there be a question in the meeting where they ask about security of my current job?

Thanks

csgohan4

technically you are not redundant, although would you be able to pay the mortgage if you lost your job after completion?

VivaTv

really great and useful content, i shared some of your article in my site. Thank you

Thrugelmir

Await the outcome of your company meeting. This will have a major bearing on what you are able to tell HSBC. 

MWT

It is not uncommon to be required to tell your mortgage provider if your employer enters into a "Consultation Period" so check the small print...