UK only please. How does changing job affect our house move?

Question

My husband has been told he could be "re-organised" in March. We have just starting buying a new house. Do the mortgage company need to know? How does it affect us? Do I need to tell them anything? Or is the fact that it won't happen till March a factor?

Answer 1

"could" is not the same as '"has been" .. so no, you don't need to worry until it actually happens ..

HOWEVER, if it is likely that he will not be able to find another job quickly, this may not be a good time to take on extra commitments (like increased Mortgage) ...

.. on the other hand, if he stands to receive a large Redundancy pay-off it might be a good idea to go for a Mortgage that allows lump sum repayments ... (or even an 'offset' Mortgage)

NB. the timing could be all-important here .. if you have not got the Mortgage sorted before he is made redundant, it is HIGHLY LIKELY that your Mortgage application will be turned down .. and then when you apply later, they will see he's been turned down before and might even say 'not until he has been at the new job for at least 1 year ..'

ALSO - if you have Redundancy Insurance you may well find that changing your Mortgage means the Insurance has to be restarted (and, of course, will refuse to pay out since you now know the jobs at risk) .. not that you stand much chance of a pay-out anyway - most such won't pay out until your are unemployed for over 6 months)

Answer 2

It shouldn't be a problem. People change jobs all the time. If it's a threat of redundancy that's a different matter as any redundancy insurance probably won't pay out if you knew of the possibility before completing.

Answer 3

Not sure-in VA most lenders require no job changes for a specific amount of time prior to getting the loan. Our bank requires no changes in the last 6 months and you have to be in the same field of work for the last two years.

Answer 4

My condolences on the loss of your dad and that i'm sorry which you have had to handle his spouse. It seems such as you have been in the process the wringer with him, his alcoholism and this female. between the main unlucky issues approximately alcoholism is that that's is a ailment which has this style of significant effect not in straightforward terms on the guy quickly yet additionally on the buddies and relatives who encompass them that they are sick. Alcoholism is as disabling for those around the guy as that's for the bothered one and is does not discriminate against people via race, creed, gender or financial prestige. additionally one does not could desire to be dwelling in a cardboard container in the line to be heavily bothered. on a similar time as you have not been as close as you have been in diverse years i'll undertaking a wager that he nevertheless enjoyed you as much as he did once you have been a baby, alcohol took over his life. between the truly neat issues is that he left a letter for you. merely because of the fact he left the letter does not mean you may desire to study it appropriate away, you may merely settle for it from this different female and carry off on reading it. that's going to take time to come again to terams together with his loss of life you have a distinctive inner maximum perception to what became into happening with him. Plus as quickly as you have the letter you may placed it off to the area and study it while and in case you truly want to. That ensueres that his modern spouse can't regulate the contents or make certain to throw it away. in case you throw it away you run the prospect of regretting it. i'll indicate you get the letter so which you already know which you have it. you additionally can want to contemplate a self help group which includes Alanon that should assist you manage the way his ailment has affected you and something of your loved ones. stable success to you.