Buying and job under threat?

cloo

Thanks Modgepodge - it's good to hear something a bit reassuring.

I'm going to try speaking to the Money Advice Service and see what they say. I know it doesn't look great from the lender's perspective but we do have other assets in terms of capital and family support that I really want to know if there is some way we can avoid pulling out of this purchase when everything might be fine within a few months.

I have enough savings to pay the new mortgage for c8 months, it looks like.

Missko

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zarf2007

cloo wrote: »

Thanks Modgepodge - it's good to hear something a bit reassuring.

I'm going to try speaking to the Money Advice Service and see what they say. I know it doesn't look great from the lender's perspective but we do have other assets in terms of capital and family support that I really want to know if there is some way we can avoid pulling out of this purchase when everything might be fine within a few months.

I have enough savings to pay the new mortgage for c8 months, it looks like.

really, do not say anything unless you want the mortgage pulled. with MMR rules they are looking for any excuse not to lend and you will give it to them.

while the idiots in their ivory towers advise 'honesty is the best policy' I doubt their home has ever been under threat and if it was they would act the opposite to their advice.

Let me ask all of the ivory tower dwellers this question, if you and your children were starving and you found a bundle of money in the street (with no purse or wallet) would you hand it in to the police like a good citizen.....yeah sure you would.

These financial institutions are the same ones whose 'casino' arm nearly broke the economy and walked away without a scratch, i for one would not lose an ounce of sleep by being economical with the truth when it comes to them.

keep quiet, use your savings and get a new job asap....

onthehill

I have the impression that you are supposed to tell them. Years ago, i was in the middle of buying a house. After mortgage all approved i got a new job (complicated reasons meant a job change was advisable) and happened to mention this to my solocitor. That is when I found out that he also worked for the lender (the first naive me knew of this apparently common practice) and told me that he would have to tell them. Even though the new job paid more money this caused real problems until the new employers gave a glowing report about my importance to their business. Lender was clearly concerned about security of the new job. All went through in the end but it told me that this is an important issue that my lender at least took very seriously.

Running_Horse

I was at the start of a redundancy process when I bought my last house and kept quiet because the outcome was extended and uncertain. In the end I got a lump sum and a better paid job elsewhere. Not sure it would be allowed these days, and I'm older with fewer employment opportunities. But at the time it was the best option and outcome.

gazter

If i was in the situation? No chance.

Cyberman60

I was self-employed and between contracts, but got my accountant to draft me a letter based on my prospective earnings for the next year.

Got the mortgage but I never worked again....... :eek:

Thrugelmir

cloo wrote: »

I'm going to try speaking to the Money Advice Service and see what they say. I know it doesn't look great from the lender's perspective but we do have other assets in terms of capital and family support that I really want to know if there is some way we can avoid pulling out of this purchase when everything might be fine within a few months.

Your choice.

Mortgage fraud is a criminal act that involves obtaining a mortgage by making false claims on your application and it is becoming increasingly common. Even if you tell a 'little white lie' when applying for your mortgage, you are still committing mortgage fraud. If you omit information, under-represent your income or financial situation, or don’t disclose any information regarding your financial obligations such as loans or credit cards, you could be putting your home at risk, while at the same time breaking the law.

Lenders share data through National Hunter. Once on there. You are in deep trouble.

http://www.nhunter.co.uk/

cloo

We'll know which way things are going in four weeks. I think there's nothing for it but to carry on, as we still don't know how things will turn out. But if the axe does fall we'll pull out and start again in spring, by which time we'd hopefully be sorted and at least we have a big chunk of money from having sold my old house this summer that we can go into if things get difficult, and that will give us options. I think it's just easier to accept that's what we'll have to do rather than tying ourselves in knots.

It's just so depressing as we wanted to move three years ago, then I was made redundant, and took 6 months to find another job then we were set to go for it 18 months ago, then my other half was let go and now we've finally got everything in place it may happen again.

Yorkie1

Has your lender contacted your employer for a reference yet? If that hasn't happened yet, how will you explain their comments to your lender?