Just curious - what happens if you're unemployed and need to remortgage?

[Sunnydreams29]

I bought my first house in Jan 2024 and fixed for 2 years. I've always worked full time but I recently left my job due to stress and awful management. I have a few interviews lined up over the coming weeks (luckily I work in an industry where there's always job openings) so I'm confident that I won't be out of work for very long. I have 9 months worth of savings as a back up too.

It will be a while before I need to remortgage, but it got me thinking, how does it work if you happen to be unemployed when you need to renew your mortgage?

Understandably lenders assess people's finances and complete checks before they buy the property, and I know it's near on impossible to get a mortgage if you're unemployed. But what happens after you've bought the property? If you've always paid your mortgage with no issues but just happen to be unemployed at that time I'm not sure how they would assess the application. I've read that savings don't count.

Any thoughts? Or is there anyone that has been through this situation before and how did it work out?

Apologies, I stand corrected.

Not drawing their attention is one thing, and hopefully there won’t be any questions like this, but deliberately lying is another and risks the lender withdrawing the mortgage

Let’s face it @crumpet financial institutions rely on customers not reading the small print when it comes to their terms & conditions or sometimes high APRs so this would be a ( hypothetical) case of me not reading the small print.

Off topic but did you look at what would happen If you had made a complaint under the affordability rules.
If its a newer contract the bank will have most of the changes covered but sometimes there is a timing delay between your contract, bank policy and guidance on what bank policy should be.