Dilema

Tabbycatz

Hi Everyone,

I need advice please.

I am halfway through buying a house and have discovered by accident that my company may have plans to make me redundant shortly. I found this out by chance and whilst there is a small chance it may not happen it could. Currently my work do not know I discovered these plans.

Since I found out I have been looking around for other jobs just to see what was available so I could stop panicking and have found a job that would be perfect for me. I think there would be a very good chance I would get the job if I applied for it (although obviously not guaranteed) because the skill set needed is quite unique and I have everything they need.

Our survey is not booked until two days after the first interviews would take place so there is a chance I could be offered the job before the survey is done and the mortgage offer comes through. I'm guessing I would need at least another two weeks minimum before exchange after the valuation/survey anyway.

If I don't go for the job I may find that I get the mortgage and the house but lose my job shortly after and I would have lost out on a job I would really love. I can get a job doing something and would still be able to pay the mortgage if I lost my current job but I'd like to do something I would love. If I do go for the job then chances are the mortgage offer will get pulled and we will lose our dream house.

Any advice or opinions would be really helpful right now. At best my current job only has a couple of years left in it before the company closes at any rate.

moneyistooshorttomention

Well - at the least it's a case of "Don't ask = don't get".

To me it's an obvious one to apply for this other job and then keep fingers crossed that you can just proceed as per plan with your house purchase (ie because you get the job).

I've had several redundancies (or "redundancies") back some years back. I'm now retired thankfully.

With the first one - it just came absolutely out of the blue. But when it came to subsequent ones - I'd been sensitised to the fact something like that "could happen to me" and I was on the lookout for any signs of it.

One of those times I'd worked out logically there wasn't enough work for me and I checked the employers financial records surreptitiously to see how well (or otherwise) they were doing. Now I don't know whether I had been "set up" by him to do just that - so I "took it better" when I was told several weeks later or whether they didn't think I would take the chance to check:cool:. My analysis of their records indicated it would be logical for them to make me redundant.

You could be in that position. They might have deliberately "set you up" to check things out - and they hope you take yourself off without waiting to get a redundancy pay cheque in your hand. OR it might be "one of those things" that you realised and you have had the sense to keep a weathereye open and they have no idea that you "know".

Either way - it makes sense to me to ask for that other job.

Do you have much potential redundancy money you would be due for if it comes to it?

marksoton

I'd be going for the new job.

FYI 2 weeks between survey and exchange is very optimistic!

Tabbycatz

Hi, they definitely don't know that I know - in fact they are doing everything to keep it from me until it suits them to tell me. I suspected something was up earlier this year regarding a restructure and have been keeping an eye open since I came across some paperwork that led me to put two and two together and then go check something else and confirm it. I was right. I thought plans may have been put on hold but they are full steam ahead now.

None of the other staff are aware of this at all. If I was to leave before they wanted to go it would probably inconvenience them quite a bit. Normally I would feel bad about this but on the basis they have been sneaking around protecting their own interests at the expense of mine I won't lose much sleep over this. They know perfectly well if they were straight with me and told me their plans I would most likely stick with them until they needed me. Because of all the sneaking around and the fact that I know they are hoping I don't find out so I don't leave early so they are not put out I don't care.

I would be due a bit of redundancy but I suspect I would get the minimum allowance. I'd rather go get another job I love and have that than the redundancy though.

My issue is that I think because I have been granted the mortgage on the basis I have been with this company a while and presumably the new job would have a probationary period the mortgage offer would get pulled. The mortgage is with my bank so they would see any change in wages immediately.

I really don't know what to do. Get the house I love or a job I would probably love but maybe not both. I am really confused as to what to do. Maybe I should apply and worry if they offer me the job - they might not hire me!

marksoton

Personally i think you're over thinking the whole thing. I'd prioritise my employment first. Especially if your work is of a niche nature.

moneyistooshorttomention

Personally - I think you'll regret it if you don't go for the job.

If your skills are as specialist as all that - then that basically means two things:
1. Any firm that wants you will really want you - ie because they'd find it difficult to find anyone else with your particular set of skills.

2. On the other hand - you do need a specialist niche re what jobs you can ask for and I don't know just how often a job in that particular niche is likely to crop up.

Houses, on the other hand, are more readily replaceable with an equivalent one to buy instead if need be.

Worth checking just how many months payslips you might need to provide re being given a mortgage based on this possible new job - think it might be 3 months worth??? I'm guessing it might be worth your while to pay a visit to a mortgage broker and suss out the possibilities re if you change job part way through all this.

I'd agree with what you say about owing your current employer nothing. I bet they knew you were househunting and there was a risk they would land you in a "betwixt and between" situation on a house if they didnt tell you. But they still chose not to tell you...so, in your position, I'd be out their door too fast to shut it behind me if this other firm offers you the job.

keith969

Go for it. Employers seem to expect loyalty from employees but forget it's a two way thing. As to losing the mortgage offer - this is a risk but losing your current job is a certainty, so the decision should be a no brainer.

Crashy_Time

http://economictimes.indiatimes.com/news/international/business/will-deutsche-bank-become-the-next-lehman-brothers/articleshow/54610704.cms


In the present environment I would hold off on taking on debt to offer for a house.

moneyistooshorttomention

Things have been "hanging" in the air re Society's finances basically since 2008 imo. Sometime/somewhere along the line - who knows?

So one takes reasonable precautions to protect oneself from anything Society might get up to basically - but you can't put your life on hold for evermore waiting for things to "get back to normal". By now I know I have no great faith that Society ever will "get back to normal" during the rest of my lifetime...

I swopped house in 2013 wondering about what Society might get up to that might affect my finances. But I reminded myself that I was putting myself in basically a safer position by moving and just took the precaution of telling my "legal" person that both Exchange and Completion (done weeks apart) on the house I was selling and the house I was buying were to be done "to the second" basically at the same time. Very much so with Completion - they were told very firmly that Completion will be literally within seconds on both houses at the same time. I was that nervous in case banks "crashed" after one house had Completed but the other hadnt otherwise.

So - one keeps a weathereye on what Society is up to (in case it affects oneself personally) imo - but OP is obviously very much of that mindset anyway. OP strikes me as a very practical person and I imagine will be keeping a wider weathereye - and not just on their own employer.

Davesnave

moneyistooshorttomention wrote: »

Things have been "hanging" in the air re Society's finances basically since 2008 imo. Sometime/somewhere along the line - who knows?

So one takes reasonable precautions to protect oneself from anything Society might get up to basically - but you can't put your life on hold for evermore waiting for things to "get back to normal". By now I know I have no great faith that Society ever will "get back to normal" during the rest of my lifetime...

I swopped house in 2013 wondering about what Society might get up to that might affect my finances. But I reminded myself that I was putting myself in basically a safer position by moving and just took the precaution of telling my "legal" person that both Exchange and Completion (done weeks apart) on the house I was selling and the house I was buying were to be done "to the second" basically at the same time. Very much so with Completion - they were told very firmly that Completion will be literally within seconds on both houses at the same time. I was that nervous in case banks "crashed" after one house had Completed but the other hadnt otherwise.

So - one keeps a weathereye on what Society is up to (in case it affects oneself personally) imo - but OP is obviously very much of that mindset anyway. OP strikes me as a very practical person and I imagine will be keeping a wider weathereye - and not just on their own employer.

Don't encourage him.

moneyistooshorttomention

Not encouraging Dave:rotfl: - just aware that by the time one gets to our age there have probably (make that definitely in my case...) been times where wider Society has had a negative impact on one's financial plans
(but then that starts as a woman in my agegroup with State Pension Age having been revised upwards....and then the list continues from there...:().

Always worth looking out for any possible "opportunities" Society might come up with as well being the counterbalancing feature on that - ie finding ways to get large lumps of extra income at intervals over the years to supplement a low salary:beer:

Keeping a weathereye open works both ways...