• Mortgage

    By Guest on 07th Feb 2014

    Hi, I am in a process of buying a house, in fact exchange of contracts and completion dates have been agreed but I have lost my job last Friday and I know I am supposed to let my bank(mortgage lender)to know that. However the estate agent is convincing me that we can still proceed the Exchange of Contracts and Completion at the same day. I am just worried once we exchange I will be legally bonded and then The bank will find out about me not having a job and they will reject my mortgage and will have to pay 10 percent to the seller as a penalty and having no money and no house. Can you please give me advise what to do? Thank you very much!

  • 3 Answers

    By Guest on 11/02/2014


    This is exactly the sort of behaviour that gives estate agents such a bad name. He is asking you to commit fraud, that's a criminal offence and quite apart from the fact that as you rightly say if things go wrong on the day of completion you risk losing your deposit, if the lender discovers what you've done in future you could be repossessed even if you are not in arrears and worse still could be criminally prosecuted. Moreover, are you certain you can keep up the payments?

    You should speak to your conveyancer and to your lender. Yes it is likely that you'll lose your mortgage offer and therefore the property but in my personal view it is not worth the risk. The agent is clearly thinking about nothing more than his commission and it's disgraceful!


  • By Guest on 08/03/2014

    You should certainly speak to your solicitor and disclose the facts. They will in turn disclose them to your lender. This of course may well cause the lender to withdraw the mortgage offer but failure to disclose would be fraud which, apart from the fact that it would allow the lender to potentially repossess the property even if you didn't default on payments, is a criminal offence for which you could be prosecuted.

  • By Guest on 26/07/2014

    You must tell your conveyancer, who should tell your lender. Yes you will presumably lose your mortgage offer and therefore the property you want to buy but the agent is suggesting you commit mortgage fraud which is a criminal offence for which you could go to prison. Also as you say, if it does come to light after exchange you will lose your deposit. The agent is obviously only concerned with his own fee.

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