Help please: at risk of redundancy & contract exchange

27sum
27sum Posts: 5 Forumite
edited 16 November 2018 at 11:13AM in Redundancy & redundancy planning
Hi,
Please advise. I am about to exchange contract for a new built house next week. This week at work have been told that my team is "at risk" of redundancy and our consultation period will end by mid of next month.

Comments

  • Peelerfart
    Peelerfart Posts: 2,177
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    Well the answer would appear to be, don't tell your lender.

    This does not constitute advice or guidance in any way.

    You seem to be hell bent/convinced that redundancy, or the threat of this is a minor inconvenience,and I hope you're correct.

    Good luck

    OP
    Space available for rent
  • TBagpuss
    TBagpuss Posts: 11,198
    First Post First Anniversary Name Dropper
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    Your mortgage offer may well include a provision requiring you to tell the lender if there is any significant change in your circumstances. If you don't, and they find out, the lender could withdraw your mortgage offer even though you have exchanged contracts. obviously the longer between exchange and completion, the more likely it is that they will find out.

    Bear in mind that if you exchange, you have to complete.If you can't (for instance, because the lender has pulled your offer) you would lose your deposit.

    In a worst case scenario, could you afford the mortgage if you are made redundant?

    I'd say your best bet is to put exchange on hold, until you know the outcome of the consultation. That way, the worst that can happen is that you lose out on this house and anything you've already paid for by way of searches etc. If you go ahead and either the lender finds out and pulls the offer, or you are made redundant and can no longer afford the house, you could stand to lose a lot more.
    All posts are my personal opinion, not formal advice Always get proper, professional advice (particularly about anything legal!)
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