Help please: at risk of redundancy & contract exchange

27sum

Hi,
Please advise. I am about to exchange contract for a new built house next week. This week at work have been told that my team is "at risk" of redundancy and our consultation period will end by mid of next month.

stueyhants

I’d keep quiet, at the moment you still have the job and that is all they need to know.

AnotherJoe

As above, I'd tend to that since in effect youve been told you wont be made redundant.
However to play devils advocate, houses dont seem to be selling at the moment so there woudl seem to be little risk in waiting 3 weeks. If you did get made redundant and got a new job might it be somewhere else entirely and youd have to move?
p.s. a couple more questions. is this a FTB, or are you selling a place as well and are you taking on a bigger financial committee that you'd have if you didnt buy this house??

27sum

Hey, thanks for the reply. It is FTB and reason I want to go ahead with the deal with or without redundancy is that I pay similar amount of rent anyway. Plus I have done this before where I stayed in another location on weekdays for job and see family on weekend. So yeah if I get job elsewhere will take that until I could find something local.

So do you think even if lender comes to know that I am “at risk” it won’t wait until situation gets clearer and pull straight away?
Thanks
Sumit

Brock_and_Roll

Its more of a personal decision OP as the lender is unlikely to know.

If you get redundant, how many months pay will you get?
What other savings to you have?
How long will it take to get another job?
Will new job be on similar money?

If the answers to the above are not very positive, do you really want to take on a 25 year mortgage facing the real risk of going straight into a default situation with all the knock on consequences?

AnotherJoe

27sum wrote: »

Hey, thanks for the reply. It is FTB and reason I want to go ahead with the deal with or without redundancy is that I pay similar amount of rent anyway. Plus I have done this before where I stayed in another location on weekdays for job and see family on weekend. So yeah if I get job elsewhere will take that until I could find something local.

So do you think even if lender comes to know that I am “at risk” it won’t wait until situation gets clearer and pull straight away?
Thanks
Sumit

Yes I do i think they will pull immediately, they dont like uncertainty best you could hope for is they will tell you to wait which you can do yourself.