Mortgage and redundancy

[DanSkoda]

Might be a bit of an oddball enquiry but I'm hoping the PH fountain of knowledge will be able to shed some light on the current situation we find ourselves in.

Me and the fiancee had grand plans of getting married, buying a family house then starting a family. All was going well til this morning when everyone was pulled back into the office from sites/meetings and informed that the company she's been at for 8months is shutting up shop effectively immediately.

While we have a decent sum in the bank and some equity in our current house, how does this affect our ability of getting a new, bigger mortgage? While she'll not be unemployed for long (already had 2 job offers) does any gap in employment reset the counter and mean any plans of moving are off the menu for 6months or more?

[Sarnie]

DanSkoda said:

does any gap in employment reset the counter and mean any plans of moving are off the menu for 6months or more?

No not at all, don't worry about it, once you have a signed job offer there will be lenders who will lend and you're back in game

[All that jazz]

YMMV but if it were me I would gloss over the fact that her employment has ended and a new role is pending until after you've signed your new mortgage deal. Yes, yes, I am aware that the PH self-righteous do-gooders are all going to jump in screaming "fraud!" but given your confidence in her obtaining new employment with ease I would rather wing it and enjoy my new favourable mortgage rate rather than risk ending up on their expensive SVR because their internal computer says "no" due to her fresh employment possibly not meeting their mortgage eligibility.

[DanSkoda]

Thanks for the responses. We're not currently going through the remortgaging process, but we are looking at moving as soon as something suitable comes along. Fiancee was bawling her eyes out last night thinking we'd not be able to move now and "it's all my fault, should never have taken that job" etc, so at least this is one less thing for her to worry about.

[DanSkoda]

Plot twist to throw another spanner in the works. Other have did have half a dozen offers based on her reputation in her industry, but decided to go it alone in the end and has gone self employed. On a decent day rate, but obviously as a contractor/self employed consultant or whatnot she has no "books" to show steady earnings.

Does this completely stop any chance of getting a mortgage? The future-in-laws are sure they can get a guarantor mortgage, but I've never heard of one? They're not necessarily cash rich, but do have a large farm which would be worth 10x anything we'd be looking to buy. Any input would be greatly received.

[Sarnie]

DanSkoda said:

Does this completely stop any chance of getting a mortgage?

No.

As a Contractor she/you will be able to lend straight away........

[essayer]

If she is contracted on a daily rate for a long-ish term (6 months say) most of the mainstream lenders will lend based on a good multiple of that rate. IIRC Halifax lend based on 260x daily or something like that.