Lost job shortly before exchange

marksoton

mortgagepanic wrote: »

I appreciate new jobs come with uncertainty, but we thought his previous job was secure and after 1 year 11 months it transpires it was not - so the new job doesn't seem much less secure.

Or any more secure.....

Pixie5740

Hmmm, it's a tough one. At the moment you haven't exchanged so you could tell your lender and if necessary walk away relatively unscathed. However, if you exchange and a further employment check is carried out you could be up !!!! creek without a paddle. Your mortgage offer could be withdrawn meaning you wouldn't be able to complete and the vendor could sue you.

By your own admission, your business is new and your income is irregular so that coupled with your OH's substantial pay cut.... I'm not sure it's something I would risk.

Kynthia

I'm not getting into whether you should or shouldn't do this. However if you are in rented and tge property is vacant then it makes complete sense to have exchange and completion on the same day. Usually people avoid this because they need tine to plan their move and only want to do this once exchange has happened and they know for sure that the purchase/sale is going ahead. Neither you or your vendor needs to move on completion day so why have a gap. Plus as your worst case scenario is tge lender pulling out between exchange and completion, meaning you lose all your deposit of not more, then this also avoids that risk.

mortgagepanic

Thanks all


marksoton, yes, agreed.
Pixie yes, while the repayments/affordability aren't a worry to us, the risk is huge. And it's wrong, I know.


Kynthia, that does make sense, I'd like to do that even if we weren't in this situation, I am a worrier so no gap is appealing.
Would it not raise alarm bells if a buyer asked for same-day exchange and completion?

Slinky

I may be being dim here, but why would a mortgage company offer based on your OH's salary from a job he would be moving 500 miles from. Was he planning on staying behind?

Slinky

Were they aware that any job he got in your new location was not likely to be a similar salary. If so, I'm not sure why there would be a problem if you told them he has a new job.

andycrystal

mortgagepanic wrote: »

Thanks all


marksoton, yes, agreed.
Pixie yes, while the repayments/affordability aren't a worry to us, the risk is huge. And it's wrong, I know.


Kynthia, that does make sense, I'd like to do that even if we weren't in this situation, I am a worrier so no gap is appealing.
Would it not raise alarm bells if a buyer asked for same-day exchange and completion?

whatever happened in your case? in a similar position....

Guest101

fashionvictim wrote: »

Yes of course they CAN but as my employer was a major company they were perfectly reasonable as they wanted to reduce the payroll and re-strucuture. Yes under 2 years service you do not have many rights, but doesn't mean you you just lay down and take it. - that is what it means. You cant do anything else?

If OP's partner was dismissed for doing something wrong, that would mean it would be different situation. However there is no need to horrible Guest101. I really hope you don't find yourself in a difficult situation needing advice soon.

No the situation would be the same. I'm not being horrible, I'm stating a fact. Facts are separate from feelings.


I hope I don't either, but if I was, I'd rather know the facts than have someone pat me on the back and says it'll be ok.

rentmekid

play ignorant