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My employer recently informed me about my being laid off along with a large part of the staff. I am busy servicing a mortgage and I am wondering whether I need to let the bank know about my losing my job. Is this required? I don't imagine it would score me any points with them.
Hello,
Mortgage affordability requirements are primarily based on your income. There is no need to inform the bank about you future loss of employment as long as there is no radical change in your income. If you are unable to find another job and your income drops substantially after you become unemployed, you should consider informing your bank and trying to work out a solution.
Best regards from Moneyguru
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