Risk of Redundancy before Exchange

agiisab

getmore4less wrote: »

You think they won't find out that she may be redundant.

Is this an employee rate?

Surprised you did not think this was relevant in the first post.

Which lender?

I think that they don't cross reference information to see if any of their 7 employees - out of 400 - who might be made redundant have applied for a mortgage in the past weeks, no.

The new mortgage is not based on an employee rate

I did think the fact the Lender and her Employer are the same was extremely relevant in the first post but like I said, I wasn't able to edit the post to include this information. Apologies!

need_an_answer

agiisab wrote: »

I think that they don't cross reference information to see if any of their 7 employees - out of 400 - who might be made redundant have applied for a mortgage in the past weeks, no.

what makes you think they wont check?


They wont check now because until it is agreed that she will be made redundant there is no grounds to check,however if the outcome of the meeting next week is that she will be made redundant....then then mortgage is likely to be reviewed.

That doesn't mean its going to be refused but it will be taken into account.

agiisab

need_an_answer wrote: »

what makes you think they wont check?


They wont check now because until it is agreed that she will be made redundant there is no grounds to check,however if the outcome of the meeting next week is that she will be made redundant....then then mortgage is likely to be reviewed.

That doesn't mean its going to be refused but it will be taken into account.

In my opinion, they have no reason to check until they receive notice from us that any of our circumstances are changing. Which I could be very wrong in thinking, however, I know we are obliged to inform them once it's confirmed next week which we will definitely do.

wesleyad

agiisab wrote: »

In my opinion, they have no reason to check until they receive notice from us that any of our circumstances are changing. Which I could be very wrong in thinking, however, I know we are obliged to inform them once it's confirmed next week which we will definitely do.

I'd agree, although your GF will have the best knowledge of their operating procedures than any of us. Really though, once the mortgage has gone through the vetting procedure and been ok'd, I'd see no reason for the case to be reopened.

The lender wouldn't think (or rather would be very unlikely to) "we've just made some people redundant, maybe we should check all our upcoming mortgages incase any of our employees are on the list"

need_an_answer

wesleyad wrote: »

The lender wouldn't think (or rather would be very unlikely to) "we've just made some people redundant, maybe we should check all our upcoming mortgages incase any of our employees are on the list"

The mortgage dept wouldn't do that off of their own back,but if they are told to evaluate all staff mortgages current and pending for a list of employees whom are being made redundant they will.

Usually in the larger financial institutions the staff mortgages are dealt with separate to the public ones and held on a ring fenced part of the system and will therefore need to be transferred back to customer mortgages if appropriate


Nothing is likely however to happen until the redundancy is confirmed in writing.

Its also worth remembering that there are probably likely to be other roles offered in the organisation if suitable before a compulsory redundancy is offered, so that could buy you a month or 2 whilst that goes through and the final notice is issued

agiisab

Thanks everyone for all your replies! They've been very helpful.

As an update, GF talked to HQ and connected with someone from Management. They have reviewed the offer/our file and confirmed whether or not she is made redundant, the Mortgage Offer will not be withdrawn and we can proceed with the purchase. Great news!

getmore4less

Get that in writing.