Mortgages

[JJboo]

Weird question I’m a first time buyer and terrified of getting the house repossessed I was looking into reasons why and one said that they can take back their mortgage (after completion) (moved in) if you were to become unemployed? So if I was to loose my job or quit after completion can they take back the house even if I still pay the monthly mortgage payments?

Also a date that I am going back

@summerlovingvibes however you went back part time and not completely quit

And c completely unaware of their data protection responsibilities. They can'tgive your personal information to external companies.

Why would you consider putting yourself in that position when you know you have significant payments to make?
Losing your job through redundancy is another matter and let’s hope it doesn’t happen but don’t go taking out loans if you are considering sacking off work voluntarily. That’s madness!

I have a child that has seizures and working out what will happen later one when I’m back at work thanks

This doesn't necessarily matter, unfortunately.

If you're considered a dependent, you reduce the affordability for the borrowing. We were in the same situation when looking to move (me as a SAHM but husband earning more than previous combined salaries) and it massively reduced what we were offered. We couldn't remortgage when our fix ended so our only option was to product transfer (essentially remortgaging with the same lender so they don't recalculate your borrowing amount). You won't lose the house but you don't necessarily get the best rates on the market.

One salary is seen as riskier so the amount they're willing to lend can decrease a lot even if the household income is still the same or higher.

I've been made redundant twice while owning a house with a mortgage. No my employers didn't run and tell the mortgage company. Why would they? Literally imagine that would be the last thing on their minds.