Losing job whilst in the middle of buying a house

BeeBrookes

We have just had an offer accepted on our dream home and our mortgage accepted but my partner has just been hit with the fact he may lose his job in the next week or so!

We are in the very early stages of buying the home and really don't want to lose it, he hasn't lost his job yet so we weren't going to inform our mortgage advisor until we absolutely had too.

My partner has a number of interviews already lined up so the likelihood of him getting another job that is similar if not more pay is high but obviously he will be in a probation period.

We are having our mortgage with HSBC with a 15% deposit, my salary alone would cover the mortgage repayments but not if they include bills etc in affordability when making the decision.

Are we going to lose our dream house? any advice would be greatly welcomed!

enthusiasticsaver

I think I would be wary of taking on a mortgage you knowingly wont be able to afford. It may also be considered as fraud as the mortgage was approved on the basis that your partner has a job. You could possibly leave it for a bit in the hope one of the interviews proves fruitful but if he does not get a job before the mortgage goes ahead it would be unwise to proceed. Sorry.

lisyloo

has just been hit with the fact he may lose his job in the next week or so!

What does this mean?
I've been given formal notice that I'm going through a redundancy process many times and not been made redudant.


What exactly has he been told?