Buying our first house at the same time of a redundancy

Chandler85

I know things have changed because Thomas Cook have gone bust.


But at the time of his post, Thomas Cook existed and whether or not it might of in 3 weeks weren't relevant to HSBC, where anyone works could go bust in a couple of weeks. HSBC would have also presumably known he worked for Thomas Cook as he would have submitted proof of earnings.


Given Thomas Cook wasn't bust but was in trouble, the Op wasn't committing or even trying to commit Mortgage Fraud.

Mutton_Geoff

I would also argue there hasn't been a "material change". Your partner has a skilled job in the service industry for which, within a period of weeks a replacement role can be found. People change jobs all the time and although TC may have gone out of business, other airlines will pick up the slack and employ more people.


With cabin crew skills, it should be pretty easy to find another job swiflty, even if it's not the same industry, it's temporary and not the same level of salary. If the OP sums still stack up with their partner on a minimum wage, then I'd say still go ahead.

Larac

I work for a well known Telco who is going through a major transformation (ie redundancy programme) which is due to complete to rollout by March 2020. I have colleagues who are unable to re-mortgage until their fate is known Banks are well briefed - so if you work for a large corporate which is in trouble, you are not going to be able to hide it. IMHO best to be upfront as no one knows what is around the corner.

System

Mutton_Geoff wrote: »

I would also argue there hasn't been a "material change". Your partner has a skilled job in the service industry for which, within a period of weeks a replacement role can be found. People change jobs all the time and although TC may have gone out of business, other airlines will pick up the slack and employ more people.


With cabin crew skills, it should be pretty easy to find another job swiflty, even if it's not the same industry, it's temporary and not the same level of salary. If the OP sums still stack up with their partner on a minimum wage, then I'd say still go ahead.

If posters are so sure that it is not mortgage fraud to keep HSBC in the dark about the applicants' redundancy, there should be no problem with discussing it with their solicitor. The fact that posters are encouraging the OP to avoid asking their solicitor means they want the OP to go ahead and do something dishonest.

Advice to go ahead and do something that may be mortgage fraud, without first taking legal advice, is bad advice. Why would they want to get the OP into potential trouble???

Crashy_Time

Chandler85 wrote: »

I know things have changed because Thomas Cook have gone bust.


But at the time of his post, Thomas Cook existed and whether or not it might of in 3 weeks weren't relevant to HSBC, where anyone works could go bust in a couple of weeks. HSBC would have also presumably known he worked for Thomas Cook as he would have submitted proof of earnings.


Given Thomas Cook wasn't bust but was in trouble, the Op wasn't committing or even trying to commit Mortgage Fraud.

Unlikely, the financial system is in trouble but it isn`t that dire yet IMO.

Crashy_Time

Diocletian_II wrote: »

If posters are so sure that it is not mortgage fraud to keep HSBC in the dark about the applicants' redundancy, there should be no problem with discussing it with their solicitor. The fact that posters are encouraging the OP to avoid asking their solicitor means they want the OP to go ahead and do something dishonest.

Advice to go ahead and do something that may be mortgage fraud, without first taking legal advice, is bad advice. Why would they want to get the OP into potential trouble???

Maybe they don`t intend for this to happen but there is a general narrative on here from many regulars IMO that buying property is the be all and end all goal, whatever else is falling apart in other areas of life...sometimes you just have to stop and take proper stock of what is going on, and maybe make another decision for the time being.

AntRyan10

UPDATE: Good news!

I've spoken to the bank in question today, and they've agreed to continue with the mortgage offer as long as we're comfortable with the monthly mortgage payments (which we are). Therefore our purchase can continue as normal along with the safety in mind that they won't pull out because we've made them aware of the situation (and before you ask, yes we recorded multiple conversations of them agreeing to this).

For now, there's still the task of looking for another job for my partner and getting over the inital shock and sadness of the airline going under, but at least we can concentrate on the house and not have to worry about that.

Thanks again for all your help and advice on the matter, really appreciate it!

Crashy_Time

AntRyan10 wrote: »

UPDATE: Good news!

I've spoken to the bank in question today, and they've agreed to continue with the mortgage offer as long as we're comfortable with the monthly mortgage payments (which we are). Therefore our purchase can continue as normal along with the safety in mind that they won't pull out because we've made them aware of the situation (and before you ask, yes we recorded multiple conversations of them agreeing to this).

For now, there's still the task of looking for another job for my partner and getting over the inital shock and sadness of the airline going under, but at least we can concentrate on the house and not have to worry about that.

Thanks again for all your help and advice on the matter, really appreciate it!

Good luck.

System

It's good to do it all above board, and at least it's one less worry off your mind. Good luck!

ethank

AntRyan10 wrote: »

UPDATE: Good news!

I've spoken to the bank in question today, and they've agreed to continue with the mortgage offer as long as we're comfortable with the monthly mortgage payments (which we are). Therefore our purchase can continue as normal along with the safety in mind that they won't pull out because we've made them aware of the situation (and before you ask, yes we recorded multiple conversations of them agreeing to this).

For now, there's still the task of looking for another job for my partner and getting over the inital shock and sadness of the airline going under, but at least we can concentrate on the house and not have to worry about that.

Thanks again for all your help and advice on the matter, really appreciate it!

Great news. Congratulations!