Handing in notice before Mortgage completion..

LLL144

babyblade41 said:

Just to put my two penneth , I think it is quite likely you could be caught out certainly before completion as it is fraudulent and then you would be hard pressed to get a mortgage anywhere 

I'm not sure why you can't stay in your current job whilst going through IVF then you will get maternity leave and could go back to work , I'm not sure leaving and losing an income for how ever long seems a bit odd

Might seem odd to you as you don't know the whole picture!
I have a long commute to work and am always exhausted from it so want to give IVF the best chance in working by resting my body and setting up my own business from home. If we weren't sure about what we are doing we wouldn't be doing it!
More wondering about the mortgage side of things to be honest

canaldumidi

If you are hoping to Complete in January, surely delaying the IVF a few more weeks is not the end of the world.

It'snot clear fromyour post if you have an 'official' MIP, or a firm mortgage offer on a particular property (big difference), but certainly any 'material change' in your circumstances should be notified to the lender. Hiding it would be make the mortgage application fraudulant.

And yes, resigning could result in themortgage offer or MIP (whichever it is) being withdrawn or amended.

Arguably it could be fraudulant to even apply for a mortgage without informing the lender of your clear intention to resign.

Thrugelmir

LLL144 said:

TBagpuss said:

AS others have said, while it depends on the exact terms of your mortgage offer, most have a requirement that you tell the lender if you became aware of any significant change in your circumstances, so handing in your notice, whether or not you were still actually working at the time the mortgage was drawn down, would be something you would need to tell them about. 

On a practical level - are you sure that you will still be able to afford the mortgage payments if you stop work ? Presumably your husband's overtime isn't guaranteed - could you still afford it if his overtime stopped or reduced?
Also, starting IVF while you are dealing with something as stressful as moving house might not be ideal - you may have far better chances of success if you are under less stress, although of course that's a question for you to have with your doctor, but as , as I understand it, IVF is limited on the NHS and expensive privately, you might want to make sure that you aren't limiting your own chances of success

Yes we are sure we can afford the repayments. 

That's why lenders are required to use affordability assessments. Some people are over optimistic in their thinking. Life has a habit of throwing curved balls when you least expect them. 

LLL144

canaldumidi said:

If you are hoping to Complete in January, surely delaying the IVF a few more weeks is not the end of the world.

It'snot clear fromyour post if you have an 'official' MIP, or a firm mortgage offer on a particular property (big difference), but certainly any 'material change' in your circumstances should be notified to the lender. Hiding it would be make the mortgage application fraudulant.

And yes, resigning could result in themortgage offer or MIP (whichever it is) being withdrawn or amended.

Arguably it could be fraudulant to even apply for a mortgage without informing the lender of your clear intention to resign.

If I give my notice in after completion I will be working another month. I will not want to start IVF until I have finished so I will be delaying it until around March. It is not the end of the world no, but I have been through a lot and would like to start as soon as possible.. 
We have a firm mortgage offer and are about to exchange contracts in the next couple of weeks!
By the comments so far it looks like the best thing to do is to wait until we have completed as I don't want to jeopardise the process. 

Thrugelmir

LLL144 said:

canaldumidi said:

If you are hoping to Complete in January, surely delaying the IVF a few more weeks is not the end of the world.

It'snot clear fromyour post if you have an 'official' MIP, or a firm mortgage offer on a particular property (big difference), but certainly any 'material change' in your circumstances should be notified to the lender. Hiding it would be make the mortgage application fraudulant.

And yes, resigning could result in themortgage offer or MIP (whichever it is) being withdrawn or amended.

Arguably it could be fraudulant to even apply for a mortgage without informing the lender of your clear intention to resign.

We have a firm mortgage offer and are about to exchange contracts in the next couple of weeks!
By the comments so far it looks like the best thing to do is to wait until we have completed as I don't want to jeopardise the process. 

While you continue to work you have the options of saving/overpaying the mortgage. Both of which reinforces your financial position. Bottom line is that the rules are in place to protect you not the lender. As the lender has your home as security for the debt. From the lenders perspective they are under a regulatory requirement to follow and impose the rules otherwise they'll get fined.  Loose lending practice by banks being the root cause of the GFC of 2006-2008.  We've been there before. 

warwick2001

My wife and I are in the exact same position (moving house and IVF). We chose to only use my salary as the basis of the new mortgage. To do otherwise, like many other have said, would appear fraudulent, even if the intentions are not.

Good luck with the IVF

LLL144

warwick2001 said:

My wife and I are in the exact same position (moving house and IVF). We chose to only use my salary as the basis of the new mortgage. To do otherwise, like many other have said, would appear fraudulent, even if the intentions are not.

Good luck with the IVF

So if I hand in my notice after completion is this still seen as fraudulent? 
Thank you! Wishing you luck also  

Thrugelmir

warwick2001 said:

My wife and I are in the exact same position (moving house and IVF). We chose to only use my salary as the basis of the new mortgage. To do otherwise, like many other have said, would appear fraudulent, even if the intentions are not.

Good luck with the IVF

You could have used both. As the affordability test was exceeded by some margin. 

lookstraightahead

Op, really you have to wait.
you will be jeopardising all your future plans potentially otherwise, including being able to get a mortgage.

bazzyb

LLL144 said:

andy444 said:

You have an Agreement in Principle. That is different to a full mortgage being released at completion. The AIP provided was under the belief that there will be two incomes at the time of completion. It's up to you whether you think anyone will find out but to leave your job before the mortgage commences would make your mortgage claim fraudulent.

I would not of course want to commit a fraudulent act 

Most mortgage applications ask if you are aware of any forthcoming changes to circumstances.  If you've said no to this then this would technically be fraud even if you wait until after completing to hand your notice in.