Tranche 1 Redundancy

StevieB1976

Hi all,

Unfortunately I have been advised that I am on the Army list of selected people for redundancy, to be announced on 01 Sep 2011. I am not going to volunteer, but if I am made redundant I wil miss out on my Immediate Pension by 6 weeks (time served 17 yrs 300+ days), gutted!

On top of that I have been recently saving up to purchase a house and have the 10% deposit together, but the question I have is this? Will I be able to apply for a mortgage at this stage even though I have been warned of possible redundancy?

My chance of redundancy is 50/50 according to the list of people, not sure what to do, any advice greatly appreciated.

samm1551

It never used to be a question that I had to ask as a mortgage adviser if I remember rightly (had 2 years off as hubby on overseas posting) BUT it was asked in the letter I sent to employers to confirm employment and salary. Someone please correct me if I am wrong.

Also unless the mortgage company have had their head up their arrse the last few months they will know that the Ar,y are due to suffer redundancies and may ask anyway.

Personally, if you can afford to, I would wait until you know what is happening before you commit unless you have other means of paying the mortgage (partner working etc).

My husband would be in exactly the same position as you if he was made redundant in a few months, my heart goes out to you.

Me xx

peteuk

Firstly, may I say it is a tough situation you face, so good luck.

Secondly, in my opinion anyone would be mad to volunteer unless they have something special tucked up their sleeve, taking VR means you are released quicker, so if you are saving the extra months pay is going to be needed.

Now do you buy and ride the storm and hope your not choosen, or do you wait to then find out. I am sure that any insurance company providing PPI would jump on the "you knew you might be made redundant" to get out of paying (again my opinion)

I personally would wait, see where the land lies in September and take it from there, although your time might be up with in the next round of chops, by then you should be eligable for your pension.

samm1551

Pete puts forward a good point on the pension front there.

Trying_to_be_good

I thought the Army had ruled out those who'd just miss their immediate pension point - sorry to ask the obvious, but are you absolutely sure, using your exit date as 29 Feb 12, if applying, or 31 Aug if not volunteering? I only ask as OH is in a different Service field, so have looked into it.

StevieB1976

Thanks for the comments so far,as I said in my initial post, I have been advised that I am in a redundancy field and I am not going to volunteer. Therefore if I am made redundant in tranche 1, I will finish at 17 years 300+ day service and no immediate pension as I have not reached my 18 year point. (Not giving my actual IP date (personal OPSEC!!))

My question was really regarding mortgage approval when I have been advised that possible redundancy looms? Could I now be refused a mortgage because of my position? If so why are the MOD saying that we can apply for LSAP when that may put us in a false sense of security? I am not only concerned for my family but everyone in this position.

Any advice would be greatly appreciated

many thanks

samm1551

Technically yes you could be refused.