What happens if my circumstances change during

2 min read

DiscloseMaterial changes

Re-checkLender may re-assess

Before drawdownEspecially

UndisclosedCan void the offer

What counts as material

A material change is anything that alters the risk the lender assessed: taking on new debt, losing a major customer, a director departing, a new charge registered, or a sharp fall in trading. Cosmetic changes need not be flagged, but anything that would change the answer to "can this company repay?" should be.

Why disclosure matters

Lenders verify your position right up to drawdown. A change you hide that surfaces in verification reads as concealment and can cause the offer to be pulled — worse than the change itself. Disclosed promptly, most changes are managed; concealed, they undermine trust in everything you have said.

How lenders respond

Depending on the change, a lender may proceed unchanged, re-assess affordability, adjust the amount or terms, or, occasionally, withdraw. Drawing down promptly once approved reduces the window for changes to intervene. If the change affects affordability, re-run the numbers with the affordability calculator and discuss it openly.

Frequently asked questions

Do I have to tell the lender about good news, like a new contract?

You are not obliged to disclose positive changes, but sharing a strong new contract can help your case. The obligation is around material adverse changes that affect repayment capacity.

Can a change cause my approved loan to be withdrawn?

It can, if the change materially worsens the risk and is significant enough. This is rare when you draw down promptly and disclose openly; concealment is what most often causes an offer to be pulled.