Help! I need advise, might have to pull out

sequin123

Hi

We sold our house in end Jan to a FTB who really want our house and were patient in the 2 months it took us to find our next house. We found this 2 weeks ago and the people who we are buying from also need to find and to date have viewed but found nothing yet.

I have just been told that my role is at risk of redundancy, therefore we wont be approved for a joint mortgage so we would feel bad if we went through the process and everyone start paying money then get mortgage turned down due to my 'at'risk' status. There is a chance though that by the time it goes through the risk will have been lifted - off the record conversations are that they hope to sort something out but no guarantees.

Now I am worried as I dont know what to do about our buyers/sellers, do I inform them as I would hate for any money to be spent and then people lose out, or do I hang tight all the while our sellers are still looking and hope that I get an answer from my employers?


I just want to do the right thing by all as I am losing sleep over this.

Thank you

DVardysShadow

There is a consultation period for redundancies - when does this expire? If it is less than a month to go, perhaps you should sit it out. If it is longer, you should tell people.

sequin123

Hi

Thanks for replying, its not a straight forward one as there are only a couple of us affected as they are looking to relocate our positions, I have been advised my 'notional' leave date will be 31 sept but in the meantime they are looking at ways to keep me perhaps in a newly created role as they say "they dont want to lose me". Also it is a v large organisation so even if I am made redundant am confident I can get something else in company - I am part-time so not the main breadwinner.

I guess I could press my employer for some timescales to help me make a more informed decision - only timescale in my mind is end June as I am on 3 months notice so they have to confirm by then as they will officially have to serve me notice.

I am just gutted as we have saved for so long, found a house we love and I just cant believe the timing

PasturesNew

If you sold, how much would you have in the bank?
Why were you choosing to sell?

If you don't like the house/need a bigger one then it might be an idea to sell and rent - if you've under £16k in savings and are laid off your rent would be paid, with a mortgage it might be down to you and you might struggle.

On the other hand, if you're banking over £16k then you'd have to pay your rent out of your savings (although there is, I believe, 6 months from selling when the money might not be taken into account as it's "house money").

If you do sell/rent and do keep your job you can relocate more easily.

It all really depends on how much you'll have left over and why you were selling.

getmore4less

How significant is your part time salary to the mortgage application?

What LV and salary multiples(single and both) and are we dealing with for the new place?

What sort of redundency package would you get? will this reduce the borrowing requirements enough.

Do you want to be increaseing borrowing at time when one of you might lose your jobs or would it be OK anyway.

sequin123

Hi

Thanks, we have looked at doing a sole mortgage application but as OH has credit card and loan it comes out £5k short of what we need. Our LTV will be 75%.

The reason we want to move is for a bigger house as we now have a 2yr old and would not want to sell to rent as if all else fails we can stay in this house as we can afford mortgage easily on one salary as we did this whilst I was on mat leave.

I am confident I will have an income, its just the timing of me being at risk falls in with when we need to apply for a mortgage and I know I will have to declare my situation. I just dont know whether to sit tight all the while the people we are buying off are still looking and hope that my company can confirm my situation before we have to submit our full application (we have had a mortgage in principal agreed)