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    • Westminster
    • By Westminster 2nd May 15, 6:23 PM
    • 961 Posts
    • 530 Thanks
    Westminster
    • #2
    • 2nd May 15, 6:23 PM
    • #2
    • 2nd May 15, 6:23 PM
    If it were me, I would try to un-do your resignation.

    The consequences could be severe if the mortgage company were to discover a material change in the facts between application and completion (this could happen after exchange at which point you would be in severe financial difficulties if you couldn't raise another mortgage).

    For all you know, the mortgage company will contact your employer right before completion (or check the realtime HMRC PAYE records).
    • Annisele
    • By Annisele 2nd May 15, 6:32 PM
    • 4,318 Posts
    • 4,496 Thanks
    Annisele
    • #3
    • 2nd May 15, 6:32 PM
    • #3
    • 2nd May 15, 6:32 PM
    Could you get a mortgage based on your husband's income alone? (I don't mean could you afford to pay the mortgage based on his income - I mean would a lender give you one).

    If he easily earns enough on his own, and you're happy that your existing lender will lend enough even without your income, then just tell the lender you've stopped work.

    If you've any doubt about whether the lender would lend on just your husband's income, then in your shoes I'd be trying to withdraw my resignation. You *might* be lucky and the lender wouldn't check - but you might be unlucky and have your mortgage pulled between exchange and completion.
    • ACG
    • By ACG 2nd May 15, 7:10 PM
    • 18,848 Posts
    • 10,434 Thanks
    ACG
    • #4
    • 2nd May 15, 7:10 PM
    • #4
    • 2nd May 15, 7:10 PM
    Even cancelling your resignation, you would still need to disclose any material changes you expect to happen in the future.

    So unless your husbands income covers the mortgage on his own your going to have problems... assuming you are 100% honest with the lender.
    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.
    • haras_nosirrah
    • By haras_nosirrah 2nd May 15, 7:19 PM
    • 1,755 Posts
    • 3,033 Thanks
    haras_nosirrah
    • #5
    • 2nd May 15, 7:19 PM
    • #5
    • 2nd May 15, 7:19 PM
    Withdraw your notice

    If the build is delayed and your offer runs out you will have to submit updated payslips and bank statements to get the offer extended. At this point you would have exchanged and if you cannot product payslips and your husbands income is not sufficient on his own your offer will not be extended and you will lose your deposit

    You are playing with fire
    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.
    • andyfromotley
    • By andyfromotley 2nd May 15, 7:22 PM
    • 2,014 Posts
    • 2,964 Thanks
    andyfromotley
    • #6
    • 2nd May 15, 7:22 PM
    • #6
    • 2nd May 15, 7:22 PM
    I would have hung on until after completion to be honest. Given the fairly lengthy time between offer and completion its not beyond the realms of possibility that they would do some more checks prior to completion, although i think its unlikely.

    But you are where you are, just try to undo your resignation for a few months, if not keep schtum and your fingers crossed.
    £1000 Emergency fund No90 £1000/1000
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  • brzone926
    • #7
    • 2nd May 15, 7:43 PM
    • #7
    • 2nd May 15, 7:43 PM
    Thanks a lot everyone.

    Firstly I will try to withdraw my notice. It will be very awkward after doing some handover to other people :S If it is really not happening - will again ask for unpaid leave for two months to keep my position secured anyhow. Difficult to face but house is in first priority. Hopefully again this isn't becoming a problem of not getting paid for a while?
    • Westminster
    • By Westminster 2nd May 15, 7:51 PM
    • 961 Posts
    • 530 Thanks
    Westminster
    • #8
    • 2nd May 15, 7:51 PM
    • #8
    • 2nd May 15, 7:51 PM
    Another idea would be to go back to your lenders online affordability calculator with a 0 income for you and see what that turns up.

    If the calculator still comes up with a figure equal or greater than your current mortgage offer then I suspect it won't be a factor and you can just 'fess' up at this stage.

    Did you use a broker or go direct to the lender?
    • Jon B
    • By Jon B 2nd May 15, 8:26 PM
    • 816 Posts
    • 770 Thanks
    Jon B
    • #9
    • 2nd May 15, 8:26 PM
    • #9
    • 2nd May 15, 8:26 PM
    I think you have been rather foolish to be quite honest, but we are not here to judge. You've managed the commute for "years" apparently, yet can't manage another 4 months?!


    If you've already started conducting handovers at your current employment, you better hope you are truly indispensable for your employer to accept your retraction of notice.


    You could well afford the mortgage on only your husbands income, but you haven't given us any specific details to go on, so it is hard to say.
    • Opinion
    • By Opinion 2nd May 15, 8:37 PM
    • 388 Posts
    • 339 Thanks
    Opinion
    Just wished the lender doesn't check after the approval.
    Originally posted by brzone926
    Yeah, damn them for checking the facts. Wasn't really the smartest thing to do, was it?
    • Thrugelmir
    • By Thrugelmir 2nd May 15, 8:40 PM
    • 63,105 Posts
    • 56,017 Thanks
    Thrugelmir
    Consider alternative ways of retaining your job. Flexible working hours, perhaps staying local to your job 2 nights a week. Which will save you time and be far less stressful.
    "'The mistakes we make as investors is when the market's going up, we think it's going to go up forever. When the market goes down, we think it's going to go down forever. Neither of those things actually happen. Doesn't do anything forever. It's by the moment.'" - John Bogle
    • Landofwood
    • By Landofwood 3rd May 15, 7:50 AM
    • 736 Posts
    • 627 Thanks
    Landofwood
    Just incredible. You are trying to trick a company into lending you hundreds of thousands of pounds. Do you realise how bad this is?
    • MABLE
    • By MABLE 3rd May 15, 8:19 AM
    • 3,814 Posts
    • 2,012 Thanks
    MABLE
    So the OP goes back to her employer and says something like
    "sorry I need to withdraw my resignation because of my mortgage but will resign again once my mortgage has gone through".

    If the OP is not honest with the employer then it is just adding more lies on top.
    Last edited by MABLE; 03-05-2015 at 10:57 AM.
    • lonestarfan
    • By lonestarfan 3rd May 15, 3:02 PM
    • 1,200 Posts
    • 309 Thanks
    lonestarfan
    OP - you haven't answered the question are you using a broker.
    You haven't said if it is likely that your husband would pass affordability on his income alone. Post some figures on here so people can comment eg purchase price, LTV, salaries etc
    Remember also that he employer is not obligated to agree to retraction of your notice.
    • Loopy28
    • By Loopy28 3rd May 15, 5:08 PM
    • 451 Posts
    • 274 Thanks
    Loopy28
    You need to tell the broker/advisor so they can tell you if you still meet mortgage affordability, if not you will either need to withdraw your resignation or get another job. If the mortgage really is affordable on just your husbands wages then chances are the mortgage company will think so too.
    • audigex
    • By audigex 3rd May 15, 6:48 PM
    • 551 Posts
    • 448 Thanks
    audigex
    So the OP goes back to her employer and says something like
    "sorry I need to withdraw my resignation because of my mortgage but will resign again once my mortgage has gone through".

    If the OP is not honest with the employer then it is just adding more lies on top.
    Originally posted by MABLE
    It is, although lying to her employer has the advantage of not being fraud....
    "You did not pull yourself up by your bootstraps. You were lucky enough to come of age at a time when housing was cheap, welfare was generous, and inflation was high enough to wipe out any debts you acquired. Iím pleased for you, but please stop being so unbearably smug about it."
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