Do I need to inform potential lender if my working hours are reduced

[Deleted User]

I'm at approval stage in my mortgage application.
Had to wait until the 22nd July to put the application in as I needed a RTW letter from my employer as I was furloughed. 
I'm very worried now though, as I'm scared I'll be re furloughed or have hours cut depending on the new restrictions the government bring in this week.
I work at a community centre, there is no chance of redundancy, but to make sure I have a position in the long term my hours might need to be cut somewhat just while the government play with people's lives and jobs over covid. 

We were just starting to get back on our feet when the rule of six came into play. As things currently are, I am full time and will not face reduced hours, BUT if new restrictions are brought in where we cannot do anything, the centre will put me on reduced hours.

My application could get approved any day. I'm worried that:

Hours will be reduced between offer and completion so the lender will either pull the offer or reduce the loan amount. 
The time between signing the offer and completion should be a matter of a couple of weeks, as everything else is done, bar the contracts and completion.

I'm applying through a broker with Platform (co-op) who are outrageously slow. 


If my hours are reduced after I've completed I'm not so worried, because I can pay the mortgage, food, bills etc will the 80% furlough, and have scope for further reduction in pay.  

The LTV is around 60%, as I'll be putting in just over 50k deposit and the sale price is 135k 

dimbo61

We all have to wait and see what happens over the next week, month, winter, Year ???
See what your lender does

MWT

I guess the only honest answer is yes, if you suffer a material change in your working/earning circumstances you will have already agreed to inform your lender as soon as you are aware of it.

From the sound of things it hasn't happened yet and may not happen so for now just have to keep it together and try not to worry.

sofsar

I wouldn’t inform them and stop worrying atm because their won’t be a full lockdown yet or at all. Just local lockdown for 2 weeks etc so nothing compared to before hopefully 

Thrugelmir

Applicants sign a declaration to inform a lender of any material changes. Risk is all yours and the consequences as well if matters go awry. 

MWT

The point though is that right now nothing has happened and until it does there is nothing more to say.

SaintJudy

FWIW, I applied for a mortgage with Coventry while on furlough, application went in on 3rd Sept and was approved this week and they didn't ask for a RTW letter. So if your application doesn't go to plan there may be a solution there