Made reduntant before completion???

lilybugs

What happens to the mortgage if you've exchanged and before you get to complete, you're made redundant? Is the mortgage still valid or do you need to reapply for a new one for your new situation?

silvercar

Are you going to be able to get another mortgage sorted before completion? I would have thought unlikely given the usual timescales. If you don't complete you are going to incur financial penalites to add to your problems.

The question is do you want to still move? If the answer is "no", then talk to your solicitor and he will have the major hassle of sorting it all out, it may be your obliged to move out of your current home as you've sold it with vacant possession. As to your purchase, if you can't get a mortgage, you won't be able to complete leaving very unhappy sellers and you looking for rented.

If you do want to move as planned then the easiest answer is to keep quiet. You applied for the mortgage in good faith, you received your offer and didn't know any different. Least said, soonest mended.

nickmanc

This happened to my girlfriend when we bought our first place. We just kept quiet hoped she got another job before too long - luckily she did within a month, and with a much better salary!

Hello

If I remember rightly if you don't complete after exchanging you could be up for penalties, however if you go ahead are you sure you can afford the repayments before you find another job?

If you don't want to compromise yourself with your Solicitor, who may be under obligation to make your situation known to the sellers, I would recommend one of these free 30 minute consultations with a different one to find out your options first.

Good luck!

silvercar

Remeber your solicitor is probably acting for your mortgage company as well as you. If you told him something like this he may be obliged to inform the mortgage company. I think this would definitely count as info he would prefer not to know!

lilybugs

Thanks everyone.

This hasn’t actually happened to me. We've just exchanged (at last) and have 6 weeks to completion. My job is always a bit up in the air and even more so just now. We could afford the repayments on just my partner's salary but I just wanted to ensure that if I did loose my job, I wouldn't have to reapply for a mortgage and possibly miss the completion date.