Redundancy prior to exchange - help?!

rebeccatom

My OH got made redundant after we had submitted all of our paperwork. We had enough funds to be able to live on my wage for as long as it took for him to get a new job. So we made the decision that we would not tell them but if they asked for updated info at or before exchange that we would tell them.

They didn't ask we exchanged and have been home owners for two years. He soon found work and everything worked out well.

We only did it as we were 100% sure we could afford it all on my wage and our savings otherwise we wouldn't have done. You have to make your own decision.

dannyrst

I didn't think you got a pay off for redundancy if you are offered another role by the company which you refuse?

dimbo61

You could have got the news about the redundancies two weeks after you moved into your new home.
What do you tell your lender then ?

kingstreet

dimbo61 wrote: »

You could have got the news about the redundancies two weeks after you moved into your new home.
What do you tell your lender then ?

Nothing. There is no duty of disclosure, post-completion.

kingstreet

I'm a protection specialist more than a mortgage broker.

If you had a heart attack between applying for life cover and the plan being put into force what would you do?

Tell the insurer?

Keep quiet?

PixelPound

If you are waiting for exchange, then most likely the lender won't do any more checks or at most a CRA check. You are supposed to tell the lender of any changes, and redundancy would count.

Now, all judgements aside, if you tell them then they will withdraw the offer. Depending on the lender, if you could apply and get another job they may allow you to proceed (I guess they would need a confirmation on whether new job had probation period and reassess affordability).

If you don't tell them and they find out, then ... (see above posts by people). So how would they find out? How close are you to exchange/completion? Is there a chain involved? If no chain, then great, but what if there are 2, 3, or more months delay - you could exchange and prior to completion your lender wants a bank statement as its been a while? If no wage in, that could raise a concern. Of course, they may not ask as they've already given the offer, but lenders are strange beasts

A relatively quick exchange/completion before you are made redundant would mean you could proceed without saying anything, it is semantics of whether you knew before completion (its before completion, not before exchange that is important), after all something could change and redundancy not happen, etc. There is the risk of how quickly you could get a job, after all whilst you are niche market, is the redundancy of your role replicated elsewhere i.e. less jobs of that type coming up or more candidates from similar jobs also going through redundancy. That's for you to weigh up.

Its all risk vs reward

GRBWA

Personally I wouldn't tell them.

Hardly likely to sue you if they find out.

Your choice and all that but I wonder if the clean shirts on here would come clean if they were in the same scenario.

roje

I wouldn't tell them either, unless there was a risk that I couldn't meet the repayments. Most people find a way, even if they have to temp for a while or call on family for help.

PixelPound

kingstreet wrote: »

I'm a protection specialist more than a mortgage broker.

If you had a heart attack between applying for life cover and the plan being put into force what would you do?

Tell the insurer?

Keep quiet?

Surely that's different, how so? Well it would be on your medical records, unless you had attack, but never sought medical attention. Any subsequent claims would then have the "pre-existing condition" raised and so claims would be null and void. If you never made a claim, then obviously they wouldn't know, but there is no point having insurance if you can't claim because it will go null/void.

Once you complete on a mortgage, then assume you meet all the payments, it doesn't matter your job situation. Should a new job be secured and then only last a year or two, any redundancy in a previous job wouldn't count, so long as the current job isn't in a probation period.

PixelPound

dannyrst wrote: »

I didn't think you got a pay off for redundancy if you are offered another role by the company which you refuse?

the_girl hasn't been offered an alternative post, just been told there are alternatives she can apply for. If she doesn't apply, she'll get redundancy, and if she applies for the alternative post and doesn't get it, she'll get redundancy.