Will my mortgage offer be pulled in the event of a second lockdown

[Deleted User]

I’m ready to exchange. I’d likely be re furloughed or temporarily out of work whilst in lockdown. The long term future of my job is not under threat. I work for a charity 

csgohan4

if you are furloughed or there is a change in your financial circumstances you have to tell the lender and they will need to underwrite it again

[Deleted User]

I obviously Shall not do that unless absolutely necessary as my job Is not at risk,as soon as lockdown ends I’ll be back to work as normal, and I can afford all bills and food on 70% pay   

Emmia

DeletedUser said:

I’m ready to exchange. I’d likely be re furloughed or temporarily out of work whilst in lockdown. The long term future of my job is not under threat. I work for a charity 

I would have thought that charities would be under risk of funding pressure, especially if their funding dries up - which would affect employment of staff.  

[Deleted User]

Emmia said:

DeletedUser said:

I’m ready to exchange. I’d likely be re furloughed or temporarily out of work whilst in lockdown. The long term future of my job is not under threat. I work for a charity 

I would have thought that charities would be under risk of funding pressure, especially if their funding dries up - which would affect employment of staff.  

Not mine, I have been told my job is secure. We have reserves if required which will get us through this 

MWT

DeletedUser said:

I obviously Shall not do that unless absolutely necessary as my job Is not at risk,as soon as lockdown ends I’ll be back to work as normal, and I can afford all bills and food on 70% pay  

Will you pass the affordability criteria for the value of your mortgage on 70% pay?

It isn't about being able to pay the bills, it is about meeting your lenders requirements unfortunately and if you are furloughed again you are obliged to tell the lender. 

[Deleted User]

MWT said:

DeletedUser said:

I obviously Shall not do that unless absolutely necessary as my job Is not at risk,as soon as lockdown ends I’ll be back to work as normal, and I can afford all bills and food on 70% pay  

Will you pass the affordability criteria for the value of your mortgage on 70% pay?

It isn't about being able to pay the bills, it is about meeting your lenders requirements unfortunately and if you are furloughed again you are obliged to tell the lender. 

Probably not as they are very strict.

i want this mortgage, therefore I’m going to do everything feasible to get it. 

What I may do is postpone exchange and completion for a month...

Sibbers123

It is very important to exchange and complete on the same day (or as close as possible) to reduce the risk. Those buying a new build with months between exchange and completion could find themselves unable to complete and suffering serious financial loss.

[Deleted User]

Sibbers123 said:

It is very important to exchange and complete on the same day (or as close as possible) to reduce the risk. Those buying a new build with months between exchange and completion could find themselves unable to complete and suffering serious financial loss.

Indeed. Unfortunately I can’t complete and exchange on same day as lender requireS at least 7 working days to draw down funds. Luckily, I’m not in a chain

GrumpyDil

Hm. Pretty certain that your solicitor could drawdown funds in anticipation of exchange and completion on a specific date. We did exactly this on our last house purchase. 

davidmcn

DeletedUser said:

Sibbers123 said:

It is very important to exchange and complete on the same day (or as close as possible) to reduce the risk. Those buying a new build with months between exchange and completion could find themselves unable to complete and suffering serious financial loss.

I can’t complete and exchange on same day as lender requireS at least 7 working days to draw down funds.

Nonsense, you don't need to have exchanged in order to request the funds. Everybody else has lenders who ask for advance notice, and they are managing simultaneous exchange/completion.

Besides, in practice lenders don't generally need x working days notice, they can usually turn things around much quicker - they just don't make any promises about it.