Lost job shortly before exchange

Guest101 · 14 June 2016 at 12:59PM

mortgagepanic wrote: »

Guest - I have spoken to all 4 agents in the new area, there is nothing coming on the market. - Really and how do the agents know the plans of every single tenant in the area?! What a load of cobblers. Occasionally people post their properties on Gumtree or similar, I am always checking, but they are taken very quickly.

Yes 40 days is the optimum, the reality is different. I have already taken advice on this, in our borough there is no hope, and you are required to have a certain length of unbroken residence in a borough before you can apply for help with housing (so moving to another borough is not an option) You must also not make yourself 'intentionally homeless' ie by giving notice or getting into arrears (ie. you muse be evicted) to be eligible.

Thank you for that insight, unfortunately you missed out a crucial bit about social housing, which is 'or have links to the area' which includes work, family and school. - all of which you would meet in your new area.

I had actually given up on this thread, as you clearly are dead set on this. But the comment on agents and nothing coming onto the market was too much.

I feel I need to start 'AgentAid' to help these poor souls who cant charge £200 referencing per tenant to actually make their business profitable.

Dan-Dan · 14 June 2016 at 1:06PM

I am confused , if you can easily afford all outgoings on your PT wage , why cant you speak to your broker about legally proceeding based on your income?

Brock_and_Roll · 14 June 2016 at 1:07PM

Guest101 wrote: »

You have 28% deposit saved up, pretty sure that covers any renting problems.

Look you do whatever you want, I'm not coming round to arrest you. However, it is a crime and frankly it's shocking that anyone would condone it.

Fraud: A person who is guilty of fraud is liable—
(a)on summary conviction, to imprisonment for a term not exceeding 12 months or to a fine not exceeding the statutory maximum (or to both);
(b)on conviction on indictment, to imprisonment for a term not exceeding 10 years or to a fine (or to both).

The above is absolutely true, and whilst I am most definitely not condoning this, I can tell you as a banker, that in the highly unlikely event that the lender discovered this between exchange and completion they would cancel the mortgage offer and that would be the end of the matter.

The borrower would offer up the excuse that they "forgot" to let the bank know in all the stress etc or that they "did not know they had to tell the bank" and to be honest as the bank is not out of pocket, they would not be bothered to take any further action due to all the costs, hassle etc.

IF however the OP subsequently defaulted and the bank found out about the fraud, then they would most definitely purse all legal avenues civil and legal.

mortgagepanic · 14 June 2016 at 1:11PM

Guest - the information above was actually regarding the London borough we live in now - ie. we have looked into all possible ways of staying where we are.

Regarding the new area, yes we have local ties so we would be eligible for help there. There is, however, a long waiting list, years rather than months.

I can't comment any more on the rental situation, if none of the agents currently have anything on their books how can they say otherwise? I check online daily, I've rung them. Of course properties do come up, and will again. But they go quickly, and we can't get there in time to beat any local people who want to take them. Again, I'm not saying it is impossible, but we need to leave here quite urgently so at this moment, today, it's not an option.

mortgagepanic · 14 June 2016 at 1:18PM

Brock thanks for your input.
I guess that probably is what I want to hear, but I am still taking all the responses on board. I haven't 100% made my mind up

fashionvictim · 14 June 2016 at 1:25PM

mortgagepanic wrote: »

fashionvictim - no, the new job is significantly lower paid, sadly, and the mortgage offer is on his earnings alone. Our deposit is quite good, 72% LTV

So new job is in new area?

Your partner has lost his job through redundancy, even if they don't have 2 years service you can potentially get some more money to come to a settlement. I did this and basically ask for what you want ie an extra months salary etc, not to pay back holiday. They can only say no, if you don't ask, you don't get. For me they said yes to some extra pay and they have to pay for the settlement legal advice too.

Guest101 · 14 June 2016 at 1:28PM

fashionvictim wrote: »

So new job is in new area?

Your partner has lost his job through redundancy, even if they don't have 2 years service you can potentially get some more money to come to a settlement. - really? I don't know any employers who would voluntarily pay money to a sacked employee. I did this and basically ask for what you want ie an extra months salary etc, not to pay back holiday. They can only say no, if you don't ask, you don't get. For me they said yes to some extra pay and they have to pay for the settlement legal advice too.

I'm not sure if your employer was stupid or what, but if under 2 years service the employer can terminate the employment for any, non protected, reason.

For example: "Due to business needs"

Thrugelmir · 14 June 2016 at 1:29PM

mortgagepanic wrote: »

My earnings aren't regular/predictable, it's also a new company,

Another risk factor to consider. Mortgages are 20 plus year commitments. Affordability isn't just about today or next month. But the next 300 months. That's why lenders are now tightly regulated. To avoid borrowers walking a tight rope wire of financial instability indefinately.

bmthmark · 14 June 2016 at 1:59PM

mortgagepanic wrote: »

Brock thanks for your input.
I guess that probably is what I want to hear, but I am still taking all the responses on board. I haven't 100% made my mind up

Personally I believe you made your decision even before you posted on here. You just want people to agree with you.
I totally understand that you want this property as you believe its best for your family but I would be more worried about loosing the family home due to missed payments and also the lender finding out about the lack of job.
If I were in your shoes I would seriously consider backing out of this property, you can then get your jobs sorted. You won't loose the deposit as i'm guessing the person lending it to you will still lend it in a few months.

Hope you manage to sort it as I can imagine you are very stressed out.

Winter_Phoenix · 14 June 2016 at 2:04PM

I am absolutely against any form of fraud.

However, you say that your partner has informed the mortgage company that he will be giving up his job in your current location, and getting a new job in your new location.

Clearly this 'giving up' has been (unexpectedly) involuntary, and has happened a few weeks before it was planned. But apart from that, it seems to be exactly what you have already told the mortgage company will happen.

So I really don't think this could possibly be classified as fraud?

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Lost job shortly before exchange

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