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samtheman

Making An Offer Then Losing Job?

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If an offer has been accepted on a property and a mortgage application has been made, what are lenders' usual policy regarding redundancy that occurs before completion?
Is the notice period (i.e. if you have a long notice period of 3 months) a factor at all?

I understand that it is an obligation to inform the lender of any change of employment status so if they are informed during the notice period, will they usually retract the offer immediately?

Edited by samtheman

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Well they won't know if you don't tell them!

can you afford mortgage payments without your salary?

I could probably get by for at least a year or 2, yes. Ultimately if I was out of work for that long, I would consider moving away anyway (and renting out the flat if necessary).

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