Employer announces job cuts - impact on house moving plans

Wail

We currently have a for sale board on the front of our house as we wish to move to a bigger property. 

We (myself and OH) work for the same employer and they have announced in the public domain that they plan to achieve cuts to the size of the workforce in the next two years. However, this process is going to take a good 12 months if they get on with it and more than 18 months if they faff about. 

We have no intention of getting made redundant. Voluntary redundancy appears to be on the table but no details for this have been released.  

I expect to have a good 20% equity for a new property dependent on the amount of work required on the new property (rewires mostly, but some properties require more extensive revamping)

What do I need to declare to my broker/lender as formal consultation into our specific roles is many months away?

Am I realistically able to get a mortgage with a reasonable rate in this scenario or is stopping any marketing of the property an option that I should consider?

MWT

Unless and until you receive notification of the start of a consultation period, or other notification indicating that you are at risk of being selected for non-voluntary redundancy then there is nothing to say to a lender or broker.

A general statement that they intent to reduce the workforce doesn't require you to do anything. 

Brie

Being on notice of possible redundancy, and then definite redundancy unless I could find an alternative role within the company had NO impact on my mortgage offer or our sale and purchase of property.  I was completely honest with the bank "I am employed and am earning X".  I was about half way through the process when I went on "garden leave" but started in a new role before that ended so the employment was continuous.  

tightauldgit

You haven't had any formal communication so you have nothing that you need to disclose. It's business as usual. 

Of course you should consider your own circumstances and what would be your financial situation if you did get made redundant. Are you still going to be able to afford the mortgage?

MWT

Brie said:

Being on notice of possible redundancy, and then definite redundancy unless I could find an alternative role within the company had NO impact on my mortgage offer or our sale and purchase of property.  I was completely honest with the bank "I am employed and am earning X".

Need to be a bit more careful once you are given notice that you are in a group being considered for selection for compulsory redundancy and even more so once you are told you have been selected, as it is something you should tell both your broker and the lender as it could obviously impact on your employment.

The fact that you managed to find another job was fortunate, but that doesn't change your obligation pre-completion to tell the lender of material changes to your employment...

simon_or

Agree with MVT, there's hardly anything to declare at this stage.