Job loss/change after exchange of contracts!

[Deleted User]

I haven't had a case request more payslips after offer and before offer expiry as far as I can remember. Plenty certainly asking for confirmation of no material change or new docs if asking for new mortgage product or offer extension.

Cant speak for all brokers but I wouldn't charge extra for this work and solicitors shouldn't either assuming you have been quoted a fixed fee. If its with the same lender i don't even think you need a new mortgage deed or anything.

redman1989

Not comfortable with saying who your lender is but comfortable in telling us that your partner got sacked and you willing to commit Fraud.

I personally wouldn't say anything and hope for the best.

Mortgage_Adviser

newbuildbuyer wrote: »

I'm not really comfortable putting that on a public forum at the moment.

Some lenders are happy to lend to the customers who are yet to start a new job and some require for you to be in the new job for at least 6 months.
How can we advice you what your lender's view would be if you are not willing to share that info?

JReacher1

I’m a bit confused how you can get sacked but then reemployed by the same organisation on a better salary. That’s irrelevant though.

About the change in circumstances I wouldn’t say anything as with a better job on the horizon it’s irrelevant really.

[Deleted User]

Unless you are giving them hundreds of thousands of pounds out of your own pocket you don't get to decide it its irrelevant or not

newbuildbuyer

From what I’ve read on here and in our lenders criteria it would appear our lender is one who is happy to lend as long as they have evidence of contract. I’m worried as we know we were lucky to obtain a very good rate and even our broker was not confident we would get the offer originally. We are scared of rocking the boat this close to completion when everything is litteraly ready to go.

We are awaiting written copy of partners new contract so it will be available on request. If lender was to find out in the interm period we can advise we were waiting for all relevant docs before informing them and have been busy sorting things out etc. Its only at the final stages that I feel we could be in the brown stuff if they find out.

Im swaying towards letting them know but Im getting mixed messages, everyone I ask for advice outside of this forum is saying Im mad, I should keep quiet and come clean at last minute if necessary and due to it being a better job just play dumb etc as it should have been acceptable anyway.

newbuildbuyer

Also worth a mention. Will the developer be obliged to let us delay completion if necessary or would we lose house if we don’t complete on due date?

csgohan4

newbuildbuyer wrote: »

Also worth a mention. Will the developer be obliged to let us delay completion if necessary or would we lose house if we don’t complete on due date?

Worth asking them to see

[Deleted User]

Worth noting that if you are going to disclose the issue, the sooner you do it the better.

That gives time for a full application to a different lender, should it be needed.

Of course it wouldn't be ideal, and may cost a bit more. But say your first lender finds out and axes the mortgage the day before completion - you're pretty screwed.

If they say no now, you've got what sounds like plenty of time to go get another offer.

It's hard to withdraw mortgage offers these days, so I'd also hope the original lender would proceed, as you state you appear to fit their current lending criteria.

It's people who have changes which make them drop out of criteria that need to worry the most

newbuildbuyer

Thanks.

The manager dealing with my partners new job is on holiday for two weeks, at this point the only confirmation of the role we have is via e-mail (its a solid offer as the manager is very keen to get my partner on board), we have been told my partner will be sent contract info etc once the manager returns. There is no probationary period but it does require a month long paid induction due to start September, we are pushing to see if it can be pulled forward to August but unfortunately we can't do anything until the manager returns. It's common practice in her industry for a new role to take time to arrange.

We are in a complete pickle here, I'm certain our lender will retract offer until we can provide contracts for new role so I'm not keen to inform them until we have them. At which point we will only be weeks away from completion and left with very little time if this is not acceptable.

The timing of this couldn't have been any worse.