Furlough/Redundancy Risk & Need To Exchange

LJS95

70Jenny2184 said:

Another one here who has pulled out of a new build as developers were pressuring to exchange. The house now won't be complete until the end of the year so it just didn't make sense committing now to a price agreed in January.  I don't have job security issues right now but I still think buying in 2020 is a risk and am willing to wait. Prices might not drop but I really don't expect them to increase so hopefullyI'll be no worse off.

I'm also thinking the new HTB rules for 2021 may mean that houses out of my price range by around £10k-20k may drop to be within my region's price cap which would make them affordable for me. So much is at play though as we dont know about a second wave, how hard the recession will hit, government policy etc. Its impossible to predict which is why I've cancelled mine. 

Sounds like a good plan. I am thinking the same and just starting a fresh at year end in the hope things have calmed down and the new HTB works in my/our favour better!

Rebecca5833 said:

hi, i work in the airline industry too and just reserved a house. I have really struggled to get a mortgage and im doing shared ownership and me and my partner earn triple the minimum salary is for the house we are buying! You will need to let the lender know you are on furlough, I have, one mortgage broker i spoke to refused as they said we couldn't have a mortgage as redundancies were coming up and to go back if my job is safe. We are in a similar position to you, as we are bit worried as the housing association is pushing to exchange contracts and I wont know if my job is safe till after

Wish you all the best!

Hi, yeah think if I let the lender know about the furlough and the risk of redundancy hanging over my head it will be a big no! So think I am going to just pull out and start a fresh later on! Hoping my developer Barratt might do something like keep part of my deposit for a future reservation or something as I would like to go back to them when I am 100% confident I could proceed without any issues.