Help made redundant days before exchange

Whoknowskt89

I believe wording is normally along the lines of
If your circumstances change or aware of anything that will impact you in the next 12 months you must let us know

nubbins

Em0208 wrote: »

Hi everyone and thank you all for your replies, it looks like exchange will be delayed by a few weeks now, I am trying to get my OH to see the bigger picture. I am unsure at what point we would need to inform the lender, he says a solicitor has said that we are not obliged until employment ends, if he is on a 3 month notice he won't be technically unemployed until June, so would knowing that he was being made redundant still class as fraud and therefore need to be disclosed to the lender. I think it does but he is adamant it's not fraud.

Doesnt work for Fujitsu does he?

Harryp_24

pull out!
1) you cant go into a mortgage knowing you only have enough to cover 6 months of payments.
2) its fraud
3) you can always buy another house further down the line. If you get caught committing fraud you will not be lent to again for a very long time. (also if you havnt completed youll lose your deposit, mortgage, house ect.)

you have a lot more to lose lying than stopping the purchase.
What if he hasnt got a job in 6 months. So now you cant fund the mortgage and youve just lost your house and any money that goes with it.

And even if he does get another job, What if its 100 miles away?
its really such a huge risk for ultimately not a lot. (you will have plenty of "dream Houses")

dk5294

If you want someone to say, "yes, it's perfectly fine. They won't find out." No one can. If you pull the offer and the house sells to someone else and then your husband gets a new job would you regret not waiting? Are you willing to look for a job? Being out the game 3yrs is neither near or there these days, especially if you don't mind call centre/shop keeper work.

If you continue and you get your house and neither of you have a job, do you have anyone who can help support you?

The risks are high on either side. Has your husband been given anything in writing to say that he's actually going to be made redundant? A company I worked for once claimed to be making redundancies every time a contract came to renewal, 9yrs later and those who were 'advised' about these redundancies are still there. Going through the same every 18 months.

A company my friend used to work at made redundancies in July and August and then gave you your job back in September, after you'd taken your 2 weeks summer holidays and they didn't have to pay you holiday pay. These are HUGE companies I may add, who are extremely popular.

hazyjo

Okay I'm going to be harsh. Your husband needs to push his pride and ego to one side.

Risk is one thing - but I don't know why either of you can't seem to grasp that he wants to gamble with your credit (don't think for one moment you will get another mortgage if they do find out), the roof over your head, and your family (and quite possibly your marriage if this all goes ***s up!

Okay, risk a £100 bet down the bookies, a little dabble with a few grand on the stock market, or start a venture of sorts. But to gamble with what he wants to gamble with, I would be having major rows with him if he wanted to be so selfish.

Lots of good advice above. Try not to go with what you think is the easiest option today. There will be other houses.

dk5294

I will also add, that if they get wind of anything they'll start hunting. My husband is buying a house which he will live in, alone. We're amicable and I was and still am helping him with the process and although we are separating we don't know what the future will hold BUT I had to sign a form consenting that they can check my credit file at anytime in the next 12 months to show I'm not residing in the property. I also had to provide bank statements and payslips to show I was financially independent and we were not residing as a married couple, despite living at the same address. They were great with us once we explained but they made it VERY clear they'll be watching.

gettingtheresometime

Another thought to consider - do you have mortgage redundancy cover?

I assume it would cover you for your present mortgage but would it cover your new mortgage???

6am

Harryp_24 wrote: »

pull out!
1) you cant go into a mortgage knowing you only have enough to cover 6 months of payments.

What if the chain was ready a few weeks ago. They would have exchanged and completed by now. 6 months of payments is fine, it is more than some people have.

hazyjo

6am wrote: »

What if the chain was ready a few weeks ago. They would have exchanged and completed by now. 6 months of payments is fine, it is more than some people have.

They also may have been a little more understanding. To know they committed fraud in order to get the mortgage, I really can't see that going down to well... The OP isn't working and there's a child to consider. Are you seriously suggesting they should go ahead?

martindow

pinkshoes wrote: »

Is there any possibility that he can take one of the offshore jobs in another country? Not ideal, but it wouldn't be forever!

That's a good idea if the salary is comparable. Presumably the motivation for moving the work out of the country is that it will be carried out more cheaply. Probably mainly because local salaries will be lower.