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Buying a house, but may lose job!

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    #32
    f3232
    Registered Users Posts: 155 ✭✭f3232


    JimsAlterEgo wrote: »
    Not saying they would or wouldnt but would you expect a bank you were borrowing from to ignore it if it happened. I would expect them to ask for revised written conformation of employment status.

    Which you would get from HR if you were still employed.


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    #33
    Woodville56
    Closed Accounts Posts: 1,643 ✭✭✭Woodville56


    f3232 wrote: »
    You would have to do nothing if you did not want to.

    In my view that would be a quite irresponsible approach to take ie. knowingly drawing down the mortgage when the terms and conditions under which the mortgage was approved ( based on certified factual financial/ income & employment status) had adversely changed.
    Hopefully the OP isn't facing redundancy and irrespective of whether one salary could support the repayments, in the event of the redundancy happening before sign off on the contract, I would be advising the lender of the changed financial position and hoping to renegotiate terms for the mortgage.


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    #34
    f3232
    Registered Users Posts: 155 ✭✭f3232


    Woodville56 wrote: »
    In my view that would be a quite irresponsible approach to take ie. knowingly drawing down the mortgage when the terms and conditions under which the mortgage was approved ( based on certified factual financial/ income & employment status) had adversely changed.

    In your view that all fine. However the OP believes she can afford the mortgage on one salary, the morality of what she is doing is completely up to her as I see it.
    I would be advising the lender of the changed financial position and hoping to renegotiate terms for the mortgage.

    And you know full well the OP would not have a hope in hell of renegotiating terms if advising the lender of these potential changes.


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    #35
    Beaner1
    Banned (with Prison Access) Posts: 819 ✭✭✭Beaner1


    f3232 wrote: »
    In your view that all fine. However the OP believes she can afford the mortgage on one salary, the morality of what she is doing is completely up to her as I see it.



    And you know full well the OP would not have a hope in hell of renegotiating terms if advising the lender of these potential changes.
    She wouldn't have a hope in hell because her risk profile has completely changed. Her saying she can afford the payments is irrelevant. Go to the bank and see if they agree.


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    #36
    ABajaninCork
    Closed Accounts Posts: 8,411 ✭✭✭ABajaninCork


    Beaner1 wrote: »
    She wouldn't have a hope in hell because her risk profile has completely changed. Her saying she can afford the payments is irrelevant. Go to the bank and see if they agree.

    You're right. The risk profile will change IF the OP has been made redundant. We don't know that. She hasn't been back to clarify, so I'd assume all is well.


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    #37
    f3232
    Registered Users Posts: 155 ✭✭f3232


    Beaner1 wrote: »
    She wouldn't have a hope in hell because her risk profile has completely changed. Her saying she can afford the payments is irrelevant. Go to the bank and see if they agree.

    Ultimately its up to her to make that assessment on her risk, she claims her husband wages is enough to afford the mortgage- any other speculation by other posters looks like is moralizing speculation.


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    #38
    Woodville56
    Closed Accounts Posts: 1,643 ✭✭✭Woodville56


    f3232 wrote: »
    Ultimately its up to her to make that assessment on her risk, she claims her husband wages is enough to afford the mortgage- any other speculation by other posters looks like is moralizing speculation.

    If you feel that cautioning against knowingly entering a mortgage agreement where the terms and conditions (on which the mortgage approval is granted ) have adversely changed is " moralising" , that's your view, a view I wouldn't agree with. Genuinely hope it works out for the OP, no malice intended !


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    #39
    runawaybishop
    Registered Users Posts: 9,507 ✭✭✭runawaybishop


    f3232 wrote: »
    Ultimately its up to her to make that assessment on her risk, she claims her husband wages is enough to afford the mortgage- any other speculation by other posters looks like is moralizing speculation.

    If it was ultimately up to her then why would she need to get approval at all for a mortgage, she'd just tell the bank she should get one :rolleyes:


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