Redundancy just before exchange of new build

Lemoncello26
Lemoncello26 Posts: 1 Newbie
in Mortgages & endowments
I have just been made redundant during the processes of buying a new build. The completion date of the house has been extended from Oct 24 to Jan 25 and my mortgagee offer expires in Dec 24. I am hesitant to exchange as I do not want to be in a position of owning money if I was to loose the mortgage offer. I am hoping to get a new job in the next 6 weeks. 

Any advice on how I can keep the house would be appreciated?

Comments

  • silvercar
    silvercar Posts: 49,298 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Name Dropper
    Whatever you do don't exchange. You need to declare the redundancy to the lender as a change in your circumstances, so your mortgage offer could be pulled.

    The way to keep the house is to keep quiet with the house builder (and instruct your solicitor to do the same), get another job and notify the lender to see if they will still honour the mortgage offer.
    I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
  • ACG
    ACG Posts: 24,446 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Your solicitor should not be getting you to exchange if you do not have a valid offer. 
    When should you be exchanging? 
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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