Lost job shortly before exchange

Bossypants · 14 June 2016 at 11:36AM

I don't have anything useful to add, but commiserations on what sounds like an awful situation to be in.

Grenage · 14 June 2016 at 11:39AM

You say you can afford the mortgage with the new income, but will you be ok if/when:

Something goes wrong (the roof needs replacing).
Your fixed term expires and the SVR may have increased a fair amount

Guest101 · 14 June 2016 at 11:39AM

It's life, you have a choice - commit a crime or don't.

No-one is forcing this. The OP would 'like' a house and is willing to break the law to get it. That's a criminal in my book.

Noctu · 14 June 2016 at 11:44AM

Here's a similar post on here: http://forums.moneysavingexpert.com/showthread.php?t=5397367

Guest101 · 14 June 2016 at 11:48AM

mortgagepanic wrote: »

Sorry, crossed posts - thanks for all replies

Guest - it's not for the sake of a year or two - my partner is unlikely to earn enough again to either meet the criteria for the mortgage we need, or save up for a bigger deposit (as we will be forced to rent, which is currently unsustainable) - That's life though. It's not all cakes and roses. If you want to buy the more expensive property you, or he, or both need to earn more money. If you cant, then you cant have the bigger house.
Believe me if it was just for the sake of a couple of years I wouldn't consider it for a second! - Well that's life, you get dealt a bad hand, you want to bluff and the bank calls you on it. that's when you get blacklisted, you'll still be renting (unsustainably - I'm not sure how, but if you say so) and also a criminal record.

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

noctu - we hope to exchange in about 2-3 weeks' time. Completion hasn't really been discussed, we and the vendor are flexible, so it could be 2 weeks, or 2 days... I have read that same-day exchange and completion might be a good idea under these circumstances, but I'm not sure the vendor would go for that, and I worry it may arouse suspicion with our/both solicitors?
Interesting to hear your experience. Feels like it's only us! Yes we're certain we can manage, the mortgage is so small, the repayments are 1/4 of what we're currently paying in rent.

Presumably you're moving to a cheaper area, so why not rent there?

hazyjo · 14 June 2016 at 11:51AM

What happens when you want to re-fix a mortgage deal in X years' time?! They will want to know salaries...

Jx

mortgagepanic · 14 June 2016 at 11:59AM

Crossed posts, again - yes, Guest, that is life. I'm not disputing that.
There's a shortage of rental properties in the new area, we may be waiting a long time to find anything, although yes it is a consideration.

Thanks, tidds & bossypants

Grenage, yes we do have contingency for things like new boiler, roof etc.
We have discussed potential rise in repayments with our broker and we're confident we'd still manage on his wage, in any case I will be working FT by that point as our child will be school age.

Thanks noctu, will check that thread out now.

Guest101 · 14 June 2016 at 12:00PM

mortgagepanic wrote: »

Guest, I'm under no illusions as to what I'm doing. - im not sure about that. You seem to think it's a 'minor' offence. it's really not. I don't want to post identifying details, but we are, due to circumstances out of our control (ie some very, very bad luck) unable to remain where we are - I presume you mean because e you cant afford it. , or continue renting - I find that difficult to believe, you have a child, you are entitled to social housing support. . We're moving 500+ miles to find somewhere affordable - which would presumably mean your husbands (and your P/T) job were at risk. where my partner also has some family so we won't be completely without support - I think that's excellent, with a child involved the more support the better. . This is our best/only chance at a good future for our child - A child does not need a purchased house to have a good future, that's just silly. , not some sense of entitlement to a dream home! - Unfortunately it is, as a home is what you make of it. If it we were just me and my partner we'd suck it up and live anywhere.

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).

AdrianC · 14 June 2016 at 12:00PM

mortgagepanic wrote: »

We're FTBs in a horrendous situation, about to exchange and my partner has lost his job without warning (under 2 years' service)
I know we're obligated to disclose this to our conveyancers and lender.

He has another job lined up but with much lower pay so we won't be able to borrow what we need (although we are 100% certain we can still cover the repayments and other outgoings).

Even if interest rates go up? A lot...?

Without giving too many identifying details, we desperately need to move asap, and if we lose this property there probably won't be another, for years.

Of course there will. But you'll probably be renting it, rather than owning it.

We're moving a long distance for something we can afford

So he'd have been changing jobs anyway, wouldn't he?

mortgagepanic · 14 June 2016 at 12:01PM

hazyjo, I will be working full-time at the end of the fixed term, so we'll be earning more (combined) than my husband was when we were approved for this mortgage

PLEASE READ BEFORE POSTING

Lost job shortly before exchange

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