At risk of redundancy between exchange and completion

Lunchbox

Rustyman33 wrote: »

Thank you marksoton, lush walrus and AnotherJoe. Some sound advice here.

For clarification, the lender received a copy of her contract last year, which clearly states that it ends in March. The company have now extended the contract to the middle of April, and in the meantime they will be seeking to redeploy their employees.

I will ask my girlfriend to speak with HR and ask whether they can confirm in writing that this is a private and confidential matter.

So she is on a temporary contract? That's very different to a permanent employee who is put at risk of redundancy. Although the lender has seen her contract, did you tell them that she wasn't in permanent employment?

Rustyman33

Lunchbox wrote: »

So she is on a temporary contract? That's very different to a permanent employee who is put at risk of redundancy. Although the lender has seen her contract, did you tell them that she wasn't in permanent employment?

We told our mortgage adviser when we first sat down with her that the contract is temporary. Questions were asked, the adviser proceeded, my girlfriend's contract was scanned to the mortgage department, and we were issued with a written offer.

Rain_Shadow

Rustyman33 wrote: »

Whilst I don't want to own up and tell them, lose our deposit and face paying the vendor's fees, I'm even more worried that if I don't tell them, we could be accused of defrauding the lender...

Those costs will be the least of your worries if you pull out now after you have exchanged.

davidmcn

In that case I don't see that there is any significant change in risk from the lender's point of view - they know that her contract might not be renewed anyway.

andrewmp

People who work here have been put "at risk" every 6 months for the last 6 years.

AlistairM

If you've already exchanged you'll be liable for 10% of the house price if it falls through with the lender.


I'd just hold on tight and hope.


Couldn't hurt for your other half to go job hunting though.


I really hope things work out. This should be an exciting time getting your first house and it's being spoilt by this.


Good Luck!

Rustyman33

andrewmp wrote: »

People who work here have been put "at risk" every 6 months for the last 6 years.

People who work where, andrewmp?

HouseBuyer77

The consequences of failing to complete are dire. Even if your lender would want to know she's at risk of redundancy the potential fall out of withholding this information is almost certainly better than not completing.

Make sure you have a plan to pay the mortgage without her salary (what costs can you cut back, could you take in a lodger?). Once you're in the house and paying the mortgage the lender is unlikely to conduct any spot checks (why would they bother if all is fine on their end?).

densol_2

She has always been at risk of losing her job ! Her contract was only till April anyway. With " redundancy" you get three months notice usually anyway. That's April !

I see no material change here whatsoever. Forget the worrying ( it's natural for house purchases ) and look forward to your new home ! Good luck

Noctu

Don't tell them.

We're with Nationwide. Moved a year ago. Hubby changed jobs in between exchange and completion and we didn't tell them - they never checked and never found out.

Ironically our neighbours moved a fortnight before us, also with Nationwide, and exactly the same thing happened to them (changed job). They never checked with them either.

We were worried about it for a little while but nothing at all came of it.