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  • FIRST POST
    • mortgagepanic
    • By mortgagepanic 14th Jun 16, 10:59 AM
    • 12Posts
    • 6Thanks
    mortgagepanic
    Lost job shortly before exchange
    • #1
    • 14th Jun 16, 10:59 AM
    Lost job shortly before exchange 14th Jun 16 at 10:59 AM
    Hi, apologies if this has been covered, I've searched but can't find anything current.


    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).


    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. We're moving a long distance for something we can afford, and there's no alternative for us.


    There's no chain, the property is long-term empty, although I feel awful about the potential massive inconvenience to the vendor we're not at risk of making anyone else homeless.


    I know we'll lose our 10% deposit and be liable for fees plus vendor's costs should the lender pull out after exchange. I know it probably sounds crazy but our situation is so crap we feel we must take the risk.
    The lender is Halifax, it wasn't a fast-track application and they obtained a written employers' reference plus all the usual payslips, bank statements etc before making the offer.


    I believe they audit 1/12 applications before completion, does this include an employers' reference?


    Is there any chance we'll get through to completion?


    Please be gentle, I'm not coping very well with the stress!
Page 3
    • Winter Phoenix
    • By Winter Phoenix 14th Jun 16, 2:04 PM
    • 232 Posts
    • 1,288 Thanks
    Winter Phoenix
    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?
    e cineribus resurgam
    ("From the ashes I shall arise.")
    • Guest101
    • By Guest101 14th Jun 16, 2:11 PM
    • 13,452 Posts
    • 13,010 Thanks
    Guest101
    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?
    Originally posted by Winter Phoenix

    not telling them before completion would be though.


    The plan could be (and is likely to be given its 500 miles with child and all possessions and FTB) that completion would happen and the move would follow on there after.
    • mortgagepanic
    • By mortgagepanic 14th Jun 16, 2:16 PM
    • 12 Posts
    • 6 Thanks
    mortgagepanic
    Ah ok Guest thanks for clarifying.
    • tomtontom
    • By tomtontom 14th Jun 16, 2:20 PM
    • 7,204 Posts
    • 16,354 Thanks
    tomtontom
    tomton - one property came on the market and we fought off several other buyers and ended up offering over the valuation price to secure it, we also had the advantage of a mutual friend of the vendor. We were incredibly lucky.
    There is a serious shortage. That might not be your experience of the housing market where you are, but in this area it is a fact.
    Why would I be here if I though it was ok?
    Originally posted by mortgagepanic
    Would you still be contemplating going ahead with it if you didn't think it was ok?

    Have you called your solicitor yet?
    • mortgagepanic
    • By mortgagepanic 14th Jun 16, 2:22 PM
    • 12 Posts
    • 6 Thanks
    mortgagepanic
    I have to go out now - in case it looks like I'm ignoring any further replies!
    • ellie27
    • By ellie27 14th Jun 16, 2:29 PM
    • 1,057 Posts
    • 698 Thanks
    ellie27
    Your financial position does not seem secure enough at all to proceed with the mortgage.

    You are recently self-employed and are just part-time and your partner has lost his job.

    Good luck
    • BusyBargainz
    • By BusyBargainz 14th Jun 16, 2:51 PM
    • 110 Posts
    • 83 Thanks
    BusyBargainz
    I’ve skim read this thread as I was recently in a similar position and was under decision of redundancy. I was told when I found out my outcome I would have 3 weeks notice and if we hadn’t completed by then I would need to inform the lender who were likely to subsequently withdraw the mortgage offer.

    I was like you, I wanted to risk it. I said to myself if we exchanged in that 3 weeks I wouldn’t tell them, but if I didn’t then I’d have to fess up.

    My job thankfully is safe and I am not being made redundant but guess what.. I have been randomly chose for an employment check and my employer has had to confirm I work there. So it can happen, please think really carefully about what you are doing.
    • mortgagepanic
    • By mortgagepanic 14th Jun 16, 4:54 PM
    • 12 Posts
    • 6 Thanks
    mortgagepanic
    Thanks Ellie, had my partner not got a new job we certainly wouldn't consider it. I appreciate new jobs come with uncertainty, but we thought his previous job was secure and after 1 year 11 months it transpires it was not - so the new job doesn't seem much less secure.


    Busy - thanks - can I ask, had your employer already provided a written reference at the time of applying ie. were they asked for a 2nd one when you were checked? Glad it worked out ok for you.
    • fashionvictim
    • By fashionvictim 14th Jun 16, 5:31 PM
    • 185 Posts
    • 119 Thanks
    fashionvictim
    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"
    Originally posted by Guest101
    Yes of course they CAN but as my employer was a major company they were perfectly reasonable as they wanted to reduce the payroll and re-strucuture. Yes under 2 years service you do not have many rights, but doesn't mean you you just lay down and take it.

    If OP's partner was dismissed for doing something wrong, that would mean it would be different situation. However there is no need to horrible Guest101. I really hope you don't find yourself in a difficult situation needing advice soon.
    • tomtontom
    • By tomtontom 14th Jun 16, 5:58 PM
    • 7,204 Posts
    • 16,354 Thanks
    tomtontom
    Yes of course they CAN but as my employer was a major company they were perfectly reasonable as they wanted to reduce the payroll and re-strucuture. Yes under 2 years service you do not have many rights, but doesn't mean you you just lay down and take it.

    If OP's partner was dismissed for doing something wrong, that would mean it would be different situation. However there is no need to horrible Guest101. I really hope you don't find yourself in a difficult situation needing advice soon.
    Originally posted by fashionvictim
    It's better to give accurate advice than inaccurate that gives false hope.

    Although in this case the OP is choosing to ignore the good advice and commit fraud.
    • mortgagepanic
    • By mortgagepanic 14th Jun 16, 6:06 PM
    • 12 Posts
    • 6 Thanks
    mortgagepanic
    tomton, as I said in my post at 12.18pm today


    I am still taking all the responses on board. I haven't 100% made my mind up


    I am acknowledging all contributions to this thread and appreciate all of the input.


    (I didn't take any false hope from the employment advice, we have already consulted ACAS on that matter)
    • marksoton
    • By marksoton 14th Jun 16, 6:18 PM
    • 16,510 Posts
    • 36,534 Thanks
    marksoton
    I appreciate new jobs come with uncertainty, but we thought his previous job was secure and after 1 year 11 months it transpires it was not - so the new job doesn't seem much less secure.
    Originally posted by mortgagepanic
    Or any more secure.....
    • Pixie5740
    • By Pixie5740 14th Jun 16, 6:31 PM
    • 10,074 Posts
    • 13,839 Thanks
    Pixie5740
    Hmmm, it's a tough one. At the moment you haven't exchanged so you could tell your lender and if necessary walk away relatively unscathed. However, if you exchange and a further employment check is carried out you could be up !!!! creek without a paddle. Your mortgage offer could be withdrawn meaning you wouldn't be able to complete and the vendor could sue you.

    By your own admission, your business is new and your income is irregular so that coupled with your OH's substantial pay cut.... I'm not sure it's something I would risk.
    Last edited by Pixie5740; 14-06-2016 at 6:49 PM. Reason: typo
    Annual income twenty pounds, annual expenditure nineteen pounds nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds nought and six, result misery.
    • Kynthia
    • By Kynthia 14th Jun 16, 6:40 PM
    • 4,861 Posts
    • 6,844 Thanks
    Kynthia
    I'm not getting into whether you should or shouldn't do this. However if you are in rented and tge property is vacant then it makes complete sense to have exchange and completion on the same day. Usually people avoid this because they need tine to plan their move and only want to do this once exchange has happened and they know for sure that the purchase/sale is going ahead. Neither you or your vendor needs to move on completion day so why have a gap. Plus as your worst case scenario is tge lender pulling out between exchange and completion, meaning you lose all your deposit of not more, then this also avoids that risk.
    Don't listen to me, I'm no expert!
    • mortgagepanic
    • By mortgagepanic 14th Jun 16, 6:56 PM
    • 12 Posts
    • 6 Thanks
    mortgagepanic
    Thanks all


    marksoton, yes, agreed.
    Pixie yes, while the repayments/affordability aren't a worry to us, the risk is huge. And it's wrong, I know.


    Kynthia, that does make sense, I'd like to do that even if we weren't in this situation, I am a worrier so no gap is appealing.
    Would it not raise alarm bells if a buyer asked for same-day exchange and completion?
    • Slinky
    • By Slinky 14th Jun 16, 7:18 PM
    • 4,186 Posts
    • 17,028 Thanks
    Slinky
    I may be being dim here, but why would a mortgage company offer based on your OH's salary from a job he would be moving 500 miles from. Was he planning on staying behind?
    • Slinky
    • By Slinky 14th Jun 16, 7:45 PM
    • 4,186 Posts
    • 17,028 Thanks
    Slinky
    Were they aware that any job he got in your new location was not likely to be a similar salary. If so, I'm not sure why there would be a problem if you told them he has a new job.
    • andycrystal
    • By andycrystal 18th May 17, 10:23 AM
    • 6 Posts
    • 0 Thanks
    andycrystal
    Thanks all


    marksoton, yes, agreed.
    Pixie yes, while the repayments/affordability aren't a worry to us, the risk is huge. And it's wrong, I know.


    Kynthia, that does make sense, I'd like to do that even if we weren't in this situation, I am a worrier so no gap is appealing.
    Would it not raise alarm bells if a buyer asked for same-day exchange and completion?
    Originally posted by mortgagepanic
    whatever happened in your case? in a similar position....
    • Guest101
    • By Guest101 18th May 17, 10:29 AM
    • 13,452 Posts
    • 13,010 Thanks
    Guest101
    Yes of course they CAN but as my employer was a major company they were perfectly reasonable as they wanted to reduce the payroll and re-strucuture. Yes under 2 years service you do not have many rights, but doesn't mean you you just lay down and take it. - that is what it means. You cant do anything else?

    If OP's partner was dismissed for doing something wrong, that would mean it would be different situation. However there is no need to horrible Guest101. I really hope you don't find yourself in a difficult situation needing advice soon.
    Originally posted by fashionvictim


    No the situation would be the same. I'm not being horrible, I'm stating a fact. Facts are separate from feelings.


    I hope I don't either, but if I was, I'd rather know the facts than have someone pat me on the back and says it'll be ok.
    • rentmekid
    • By rentmekid 18th May 17, 10:57 AM
    • 41 Posts
    • 14 Thanks
    rentmekid
    play ignorant
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