Lost job shortly before exchange

hazyjo

How much is your 'contingency'? You might find if in thousands that it's better put towards a bigger deposit. There's no obligation for anyone to have any savings (I don't) when buying a house. It would bring down the payments, and might make it affordable. You could also think about lengthening the mortgage term - that might also give you a bit more to play with.


Jx

PasturesNew

You will not lose your deposit if you pull out now. There is no deposit until exchange, until that point it's your pile of savings.....

The deposit is only a real deposit once you have exchanged. You have NOT exchanged, so your money is not a real deposit, it is still your pile of savings.

All it will cost you will be the solicitor fees and any searches, surveys, etc you've spent so far.

Guest101

mortgagepanic wrote: »

hazyjo, unfortunately with the contingency included we still wouldn't get a mortgage, and we're already taking the maximum term!


Guest - the deposit was gifted so we aren't permitted to use it on rent.

Yes you are, you can use it on whatever you want. It's a gift, it's your money.


Or is it a loan in reality, and you're already deceiving the lender?

mrginge

mortgagepanic wrote: »

hazyjo, I will be working full-time at the end of the fixed term, so we'll be earning more (combined) than my husband was when we were approved for this mortgage

you said you won't be able to get a mortgage for the same amount in two years time.

Now apparantly you can because your earnings will have increased.

Sounds to me like you're just here because you want people to tell you that it's ok to commit mortgage fraud.

cashbackproblems

I personally would go ahead as you are so close to completion and all the salary checks have already been done, its not likely they will find out. Plus it sounds like you can afford it which is the main thing.

Grenage

Why is renting in this new and affordable area so unlikely?

Guest101

mortgagepanic wrote: »

Guest, I do appreciate your input, but I must clarify, I am really, really agonising over this, there's just no way I see it as 'minor' - I would absolutely never have seen myself taking this action.
In inner city London where we are, the social housing you refer to is a B&B. I have made all these enquiries already, please believe me.
We agreed with the lender that my husband would be looking for a new job once we had moved, they were happy with that. I work from home so relocating doesn't affect me.
Of course a child doesn't need a purchased home - what he does need is to get out of the place we now find ourselves in, and the prospect of renting in the new, affordable area is very unlikely. I wish it wasn't as it would solve our dilemma.

There may be a supply and demand issue in the new area, but there will be homes to rent in the new area.


Social housing is not a B&B long term, it's a maximum 40 days I believe


Like I say do whatever you want - but don't expect everyone to support criminality.

tomtontom

mortgagepanic wrote: »

Grenage - there is a serious shortage of both rental and properties for sale in this area, so it's not ideal but we have chosen it because it's cheap and there is family there. There's also a massive waiting list for social housing. We have looked into these options. Of course there is a possibility that a rental property might come up. That is a gamble in itself (though obviously will not have such serious consequences)

You managed to find a property to buy, which you claim are also also in "serious shortage", so why not a rental? Or are you just looking for people to tell you what you are planning is ok, somehow justifiable?

If you think it's ok, give your solicitor a ring and run it past them? I'm sure they'll be happy to be a party to your fraud.

LittleMax

mortgagepanic wrote: »

Fortunately for us, the repayments and other outgoings would be so low that we could manage, even on my PT wage alone

So why are you getting a mortgage based on one person's earnings only?

mortgagepanic wrote: »

no, the new job is significantly lower paid, sadly, and the mortgage offer is on his earnings alone. Our deposit is quite good,
72% LTV

Why not be honest and ask them to recalculate mortgage based on your earnings too?

Edit - I see you answered this whilst I was posting...

AdrianC

mortgagepanic wrote: »

there is a serious shortage of both rental and properties for sale in this area, so it's not ideal but we have chosen it because it's cheap and there is family there. There's also a massive waiting list for social housing. We have looked into these options. Of course there is a possibility that a rental property might come up. That is a gamble in itself (though obviously will not have such serious consequences)

I'm very surprised that higher-paid employment is going to be so easily available. I presume that your own from-home self-employment is somehow totally remote from any geographical restrictions? Presumably, just post/courier/internet-based, with no requirement to ever visit clients, even new or potential ones?