Redundancy as Morgage is going throigh- Halifax!

LadyEE123

Hello- I am hoping for some advice. 

I have seperated from my husband and we have sold our family home and both purchased new houses. My Morgage has been accepted and offered with Halifax. I am hoping to complete in December and move. I have lost my job in November and I’m petrified I’m going to loose my Morgage and house. My parents have gifted me £20k so I will be fine to pay the Morgage etc once I move and live for a few months however I am so scared Halifax will do a final check and ask for 3 more months bank statements or payslips. 

Does anyone know if Halifax will ask for these before they release the funds? I have a Morgage broker but I haven’t told him of my change of circumstances. I am applying like mad for jobs but I’m petrified Halifax ask for more info before they send the funds? Can anyone offer me any advice? X

MWT

So sorry to hear what has happened, and I know what you are hoping to hear, but I don't know how anyone could, in good conscience, do anything other than remind you that you have agreed to tell your lender of any material changes in your circumstances, and losing the income that you used to obtain the mortgage offer, is unavoidably a material change...

Raffi2020

Unfortunately I think you have an obligation to tell your lender of any changes in your circumstances. Horrible to hear I know, but I think it would amount pretty much to fraud if you didn't declare it - it's a major change to your life and it would have a consequence to your application.

I would at least be upfront with the broker about it and go from there - your broker is there to guide you through these sorts of things and they will be able to give you better and more upfront advice than anyone else on here, even if it's not what you want to hear. Lenders do sometimes do final checks and although they may not uncover the change of circumstances, I think it would be pretty bad if it was discovered you had failed to tell them and your broker about your circumstances. 

So sorry it's happened - this mortgage stuff is so stressful and can feel so unfair at times. But I think on balance you would be better being honest - if you do get caught wilfully deceiving lenders about your circumstances, it could potentially be a problem moving forward in the future for some time. Better you have to wait for your mortgage than prevent yourself getting one for a long time to come.

GrumpyDil

You have no choice really other than to tell the mortgage company. If you exchanged and then they found out you would be up the creek without a paddle as they would likely withdraw the offer and you would be liable for any losses your sellers had as a result of your not being able to complete. 

Windofchange

For us Halifax didn't ask for anything further before releasing funds, and that was August. From your post I am assuming that you haven't exchanged contracts yet? The above posters are correct in what they say and I won't re-iterate the point about change of circumstances. I guess the thing to consider ontop of all this is say you keep quiet and they do decide to check something prior to completion and after you have exchanged, the financial fallout for you would be catastrophic. Once you have exchanged, everything is final and you cannot back out without losing 10% (at least) of your money. If Halifax pulled the deal at this point you would lose many 10's of thousands to the vendor who would sue you for breach.

Being tied into buying a house with no means to pay for it is not a risk I would personally take regardless of your legal obligations to the lender. I don't think anyone can offer you any advice other than be open and if you lose the house it wasn't meant to be. Crappy situation but it could get a whole lot worse if you try to deceive Halifax.