Due to exchange but possibly redundancy

LKRDN_Morgan

My husband and I are due to exchange any day now. I've today been told my job is at risk of redundancy and need to attend a meeting next week where I'll be told the outcome. My initial thought was to pull out of the sale immediately. We're currently in rented so although I'm devastated at the thought of everything collapsing at least we'll still have somewhere to live (haven't given notice yet) Another part of me is wondering whether to stall exchange until I've got a definite answer. I don't know what to do for the best. Be honest about what's happened or would my lender find out? I'm worried about telling them when I don't even know myself.
Money wise if we pulled out now am I right in thinking we'd only incur the solicitor costs and nothing else?

jimbog

Being told you are at risk of redundancy doesn't mean you will be made redundant. Also, I would say it depends on the likelihood of you getting a new job quickly so that you can meet repayments. In that case I would say nothing and carry on.

Thrugelmir

Stall exchange. Under the terms of your mortgage application you are duty bound to inform the lender of a change in circumstances. For you own peace of mind. Little point in rushing matters. Understand fully the implications of what position your job is in.

Shakin_Steve

I would be totally honest with all concerned. You are not a criminal, you have nothing to be ashamed of, you are just one of many who just may lose their job through no fault of their own.
Definitely stall on the exchange, I'm sure the seller would appreciate you telling him now rather than after you've exchanged, especially if that will set wheels in motion with regards to his/her move.
The weekend will be awful for you, but it may all be fine. I wish you well.

AdrianC

Definitely be honest to everybody, and stall at least until you know what's happening.

Then, if it's very likely, you need to start asking the questions and answering honestly.

How would redundancy affect your household finances? How's your income relative to OH's? Can you cope on one income for a while? What are your chances of getting a new job? At what income?

jimbog

I do understand other people's views on this as being perfectly reasonable however if you were to pull out you just might find yourself stuck in rented (would you be able to afford to keep up the rent ?) and would find it hard to get a new mortgage if you were to try again in the near future.

I don't know your full circumstances and, although I'm usual quite cautious, there may be other options available to you...lodgers etc...

Thrugelmir

jimbog wrote: »

I do understand other people's views on this as being perfectly reasonable however if you were to pull out you just might find yourself stuck in rented (would you be able to afford to keep up the rent ?) and would find it hard to get a new mortgage if you were to try again in the near future.

If the wheels fall off so to speak. Then the damage done at a personal level could be far worse. Lying equates to fraud. Tarnishing ones own reputation isn't advisable.

csgohan4

You do not want to go down the repossession route when you can't pay the mortgage, that would ruin your credit history for a long long time also.

sparky130a

LKRDN_Morgan wrote: »

My husband and I are due to exchange any day now. I've today been told my job is at risk of redundancy and need to attend a meeting next week where I'll be told the outcome. My initial thought was to pull out of the sale immediately. We're currently in rented so although I'm devastated at the thought of everything collapsing at least we'll still have somewhere to live (haven't given notice yet) Another part of me is wondering whether to stall exchange until I've got a definite answer. I don't know what to do for the best. Be honest about what's happened or would my lender find out? I'm worried about telling them when I don't even know myself.
Money wise if we pulled out now am I right in thinking we'd only incur the solicitor costs and nothing else?

First off, good luck.

I wouldn't say anything yet. You don't know yourself.

Chin up and worry about the costs incurred if/when they happen.

LKRDN_Morgan

Thanks so much for the replies. Im going to tell them today but I don't know whether I should go through my solicitor or the EA?
I'm a nurse so fairly confident I could get another job but my salary would most certainly be halved. I work in a specialist area so my pay reflects that. We could still pay the rent if I was on a lower wage but the mortgage payments are £600 more than our rent so not something we could stretch to.

Thanks again for the replies. Another 6 days of being a nervous wreck!

AdrianC

LKRDN_Morgan wrote: »

Thanks so much for the replies. Im going to tell them today but I don't know whether I should go through my solicitor or the EA?

Talk to both.