redundancy - notify bank?

N

nuttybud

Registered User
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Hi

Ive just gone sale agreed on a hse, the bank valuer will be going out tomorrow. Ive signed my bank loan offer.

But Ive just found out that my company will be looking for redundancies in nxt 3mths. Ive no details yet & Im unsure where I stand (I would hope not to have to take it) but I have a professional qualification so hopefully I'll get another job if needs be and will still be able to afford my mortgage.


Do I need to notify the bank, its possible they will hear it in the media. Will this affect my loan offer ie can they withdraw it or offer less?
 
Strange that you got a loan offer without a valuation being carried out.

You do not need to notify your bank, they should have done checks with your employer prior to loan offer to satisfy themselves that your employment was safe.
 
hse=house
I had approval & went sale agreed last March but there has been a holdup for 5mths however we are now ready to proceed.

I had to submit additional bank statements/payslips to the bank because of the time lapse & the bank wanted another valuation (I thought this was normal in this climate?)

I just wanted to know if the bank could now change or refuse my mortgage terms as Im not as secure as I thought I was.:confused:
 
Depending on how long the loan offer was valid for the bank should not have asked for new payslips etc.
If the loan offer had expired and you had to reapply then updated proof of income etc would have been required.
If you have signed loan offer, sent it back to the lender and are about to drawdown then I wouldn't worry
 
Dont agree with NorfBank post 4 as I feel a bank has no authority t o do checks with ones employers unless prior consent was given.
 
dewdrop said:
Dont agree with NorfBank post 4 as I feel a bank has no authority t o do checks with ones employers unless prior consent was given.
Click to expand...

Such consent is usually incorporated into the mortgage application form which you sign.
 
nuttybud said:
hse=house
I had approval & went sale agreed last March but there has been a holdup for 5mths however we are now ready to proceed.

I had to submit additional bank statements/payslips to the bank because of the time lapse & the bank wanted another valuation (I thought this was normal in this climate?)

I just wanted to know if the bank could now change or refuse my mortgage terms as Im not as secure as I thought I was.:confused:
Click to expand...

Was the hold-up due to the seller or yourself?
Did you get a reduction on the March price? Things have changed a lot since then.
 
Rather than being concerned about getting the loan you main concern should be about if you are going to have a job! If you loose your job how will you pay the mortgage? What is going to happen then? You should really ask yourself can you afford to take on a big mortgage in such a risky situation.

Even though you are in a profession that does not guarantee a job if you loose this one. Companies stop hiring in recessions and a good job market can turn into a very bleak one where there asre absolutley no jobs, even for professionals like yourself, in a matter of weeks!
 
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