Unconditionally exchanged but wife faces redundancy

withy89

So... I'm hoping for some advice.
My wife and I are buying our first home (newbuild) due to be completed at the end of April. We've had our mortgage approved and  contracts been unconditionally exchanged.
Problem being my wife is now under consultation for redundancy and if they cant find her another position within the business (this is looking very unlikely) she will be made redundant at the end of March and they Intend to pay her In leui of notice. (12 weeks notice and her statutory redundancy pay).

My questions are:
1) Will my mortgage lender find out if we dont say anything and just carry on as normal? 

2) What would happen if I told the lender and they retracted their offer (how much would we be liable to pay)? 
What would happens if we dont say anything and get caught out? 

Please dont judge... I realise some of these point are really immoral. Our whole life savings are invested at this point. We literally have put every last penny we have into this. 

yksi

I am really sorry to hear of your wife's predicament. If I understand right you mean that it's unlikely she will be kept on? So in view of the fact that affording this has cost you every penny you have, and you are about to lose a massive chunk of your income, why are you even considering continuing? Which will lose you more money: pulling out now and suffering a significant chunk, or being unable to keep up repayments in a few months' time and having your home repossessed and losing the whole lot?

[Deleted User]

It might not happen 
If it does - does she have a very high earning specialised job that would be hard to replicate, or a job that could easily be found 
As you have exchanged, personally Id carry on as I was 

Crumble2018

If you know you can keep up with repayments, personally, I'd keep quiet and carry on. If I lost my job now, we'd struggle, but would go without food before defauting on our financial commitments.

csgohan4

or do the right thing and tell the lender as per the conditions you signed up to for any material change
the lender may ask for payslips before completion and if found out, withdraw your offer and put you on the fraud register, good luck getting any credit

https://www.nhunter.co.uk/

Thrugelmir

All the downsides will fall on you if matters turn pear shaped. Failure to inform the lender of a material change in circumstances will be taken very seriously. The declaration you signed on the mortgage application binds you legally to being truthfull. 

What course of action you take is entirely up to you. You should consider seriously whether you can manage financially and see yourselves through to better times. 

Crumble2018

I actually didn't read that properly and took it that she would be under notice from the end of March. But having read it again, she will actually be unemployed by the company when you complete?  If so, then it's pretty risky not to tell them.

kingstreet

Are you using the HTB Equity Loan scheme?

withy89

kingstreet said:

Are you using the HTB Equity Loan scheme?

Would that make a difference out of curiosity? 

SouthLondonUser

You really are between a rock and a hard place.

Check the terms of the mortgage contract. If you don't tell our lender, you are probably in breach of the mortgage contract.

If you do tell, you are in breach of the purchase contract you have exchanged: the seller can go after you and, if they later sell for a lower price, they can go after you for the difference! There is case law for this.

EimearF

Dont say anything until you know what is happening. At the minute nothing has actually changed and your wife could secure another job before the end of the month or they may find a job for her in the same company. 
this is a horrible situation for you both, but dont do anything on maybes.