Meant to complete next week, but my job could be on the line!

Darkslider

We exchanged contracts almost two weeks ago, with a completion date set for the end of next week. This week at work we were told the business (a visitor attraction in the tourism and leisure industry) is struggling and some of the staff may have to prepare for reduced working hours and/or unpaid leave. No further info is forthcoming at the moment.

I'm regretting agreeing to such an extended date between exchange and completion now, it was meant to be a nice deed to give our vendors more time to complete their move that might have now backfired! Thought I'd put a few questions to the MSE hive mind:

Are lenders likely to be increasing their last minute employment checks at completion due to the current situation? (Especially given my listed profession)

Are they likely to just ask if I'm still employed at the firm? Or will they enquire as to my working hours or current salary to check there's been no changes? 

What obligations do my bosses have to proffer this information?

Will a temporary reduction in hours or a period of unpaid leave effect my affordability enough to have the mortgage offer withdrawn?

For what it's worth my partner and I are confident we can manage on her (extremely secure) salary until I find a new job if the worst happens. Our main concern is getting the house purchase over the line so we don't lose our life savings in the deposit, fees and whatever our vendors might claim!  I shan't be informing my lender yet as there has been nothing confirmed and definitely no 'material change' in my employment status at this moment in time.

Thanks in advance folks! 

Thrugelmir

My guess is that you'll hear sooner rather than later from your employer. Events are moving at a pace. Sit tight for the moment before taking any action. As difficult as it may feel. 
Amazing how much you can cut back on if one really needs to. In order to manage through difficult financial periods. 

ACG

It is unlikely your lender will be checking employers and employment. A lot of banks are still sorting their own processes out.
Your employer is not really obliged to do anything. At the minute this could be a short term problem or it could mean they have to close permanently... It is impossible to say. 

Nobody knows if your job affects affordability or not, you can check the affordability calculator on the lenders website. 

Darkslider

ACG said:

It is unlikely your lender will be checking employers and employment. A lot of banks are still sorting their own processes out.
Your employer is not really obliged to do anything. At the minute this could be a short term problem or it could mean they have to close permanently... It is impossible to say. 

Nobody knows if your job affects affordability or not, you can check the affordability calculator on the lenders website. 

Thanks for your advice, hopefully you're right and all the lender's are too busy establishing processes and dealing with current borrowers to scrutinize new applications too closely!

We're borrowing quite close to the top of our affordability, enough that I think were I required to drop down to a 3 or 4 day working week it would result in the mortgage offer being withdrawn.

As you say it's a very small chance, but when our savings and gifted money from both parents is hanging in there balance, plus potential vendors fees we might be liable for even a small chance is too big to be comfortable!

I suppose I've just got to wish the next 6 working days away as quick as possible with no changes.

enthusiasticsaver

If you have already had your mortgage offer, which presumably you have then there will be no further employment checks. Just cut right back on everything. My daughter and son in law are in the same position. They complete tomorrow but my daughters employer is talking about maybe reducing hours so she can cover her childcare and due to reduced workload. Luckily they have a buffer and it just means they will have to cut back and delay some things they wanted to do on the house.