Mortgage approved but now one of us out of work

[DaithiMc2007]

Hi all, we're going through a change of mortgage application at the moment. All has been approved ok but the final changeover has not happened yet due do some messing around on the part of the life assurance company. This is due to set sorted out in the next couple of weeks.
Since, this whole process has started my wife has decided to leave work (for personal reasons) and we both think it would be worthwhile for her to stay at home for the immediate future to look after the kids etc. meaning the monthly repayments will come out of my salary only (which I can do comfortably). Where does that leave us legally with the mortgage provider - are we obliged to tell them about our change of circumstances and if so could they re-look at our application and refuse us. We were previously on a variable rate with our previous provider and they made no serious offer to try and retain our custom so I'd hate to have to go back to them?!

Any help would be greatly appreciated

Thanks

 

[NorfBank]

You are not obliged to notify them of your change in circumstances, they should have done the necessary checks with your employers to satisfy themselves as to the security of the employment before they issued the loan offer.

 

[rmelly]

You are not obliged to notify them of your change in circumstances, they should have done the necessary checks with your employers to satisfy themselves as to the security of the employment before they issued the loan offer.

Not quite - this has nothing to do with bank checks or job security - she chose to leave her job - how could the bank forsee this?

my wife has decided to leave work (for personal reasons)

What do the T & C's say about notifying a change in circumstances? I'd be very surprised if not notifying them was within the spirit of the agreement...

 

[woodbine]

i can see how it might seem to the bank, but from your point of view your childcare costs will now be reduced, travel/lunch and any other associated work costs will be gone. So depending on what your wife previously earned there might not be much in the difference between work costs and earnings.

i don't know about others, but i'd be inclined not to tell them, as long as you're happy that you can cover the repayments comfortably.