Moving house and sudden redundancy

Shroom123456

I’m hoping for some advice from
you all….

We are about to exchange, with a completion date in 4 months as we’re buying a new build. All had been going well, until yesterday when my husband was told he’s at risk of redundancy. The redundancy will happen, with notice likely to be given in the next two weeks with PILON and garden leave. Finances (luckily) aren’t an issue. The issue is the mortgage. We know we should inform the lender, and as soon as we do this they are likely to withdraw the offer. It is highly likely my husband will get a new job soon (but nothing is certain). I believe once we exhange we will then be liable for various costs if / when the mortgage offer is withdrawn and we are no longer able to proceed. Thoughts?

ian1246

Don't exchange until your satisfied his employment is secure. 

Hoenir

Shroom123456 said:

 I believe once we exhange we will then be liable for various costs if / when the mortgage offer is withdrawn and we are no longer able to proceed. 

Correct including the loss of the deposit you've paid and the legal costs of the developer. 

If you read the small print of the declaration you signed in accepting the mortgage offer. You are obliged

 to inform the mortgage lender of any material change in your circumstances prior to completion. Failure to do so will result in you encountering problems with  future applications for credit. As effectively there's a  complete breakdown in trust. 

No one can tell what to do. However the downsides if matters go badly wrongly are indeed severe. 

Ideally stall the exchange until the picture becomes clearer. 

silvercar

Really difficult situation. if you can't afford the house without the mortgage I don't see how you can exchange at the moment.