Have a mortgage promise, however there is a chance that I will go in to consultation with employer. Can I still be accepted for mortgage?

Asked by garynorman19

1 Answer

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Answered by Darren Smith, IFA in Basingstoke, HAMPSHIRE
Hello Gazaldhino

unfortunately a mortgage promise doesnt really mean much. it is not legally binding and a lender can withdraw a mortgage offer at any time - even if you have exchanged contracts to buy your new home.

i would be reluctant to spend any money at this stage until you know whether you are directly affected by the consultation. you are obliged by the terms of a mortgage application to inform the lender of any material changes during the application process and this would be one.

you should also bear in mind that if you work for a large employer (ie covered on the news) that the lender might link the news story to your job and possibly query this with the application anyway.

do tread carefully. | 04.30.12 @ 18:00
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$commenter.renderDisplayableName() — {comment} | 11.20.17 @ 17:12
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Answered by

Darren Smith
Darren Smith, IFA in Basingstoke, HAMPSHIRE

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