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Redundancy during house purchase help!

(9 Posts)
Kiwibaby123 Thu 27-Apr-17 13:01:39

My husband has been made redundant a few weeks after our chain was completed, everything was progressing swimmingly!
Now I know the legal (and moral) obligation is to update the mortgage lender, but must we now?
Can we wait until and hope DH gets his new job before we are asked to exchange contracts? The mortgage broker says this will be fine if the new jib does not have a Probation period, and usually they do!

MissDuke Thu 27-Apr-17 15:34:36

I cannot help really, sorry, but just wanted to say I am still in a probation period at work and got a mortgage no problem. I was three months into a six month probationary period. Our broker said it wouldn't be a problem at all and it wasn't!

Kiwibaby123 Thu 27-Apr-17 17:03:23

I believe it depends what bank you are with, some will consider you from day 1 of employment and others not, and we are tied to the bank we are with because they are less stringent with visa requirements (DH on a visa). Does anyone know if banks do late stage checks? I.E., after mortgage offer has gone out

Bearbehind Thu 27-Apr-17 18:16:51

My understanding is that this constitutes mortgage fraud.

Lenders can and sometimes do make checks right up to the drawdown of the funds and if they found out they could withdraw their offer and report their findings to the National Hunter register which effectively blacklists you.

I don't know how accurate this article is but personally I wouldn't risk it.

The chances of a problem are probably slim but the impact could be enormous if it did go wrong.

That's aside from the problem of actually paying the bills if your DH doesnt get a new job for a while.

MoreProseccoNow Thu 27-Apr-17 22:49:03

The same happened to us (although we're in Scotland so the legal process is different here). We withdrew from the sale.

Ironically, we were able to get a rental agreement but could not buy for a few years as DP became self-employed. We paid 1K a month rent for 5 years, which was the same as the mortgage would have been.

Bitofeverything Thu 27-Apr-17 22:56:27

I changed job halfway through trying to sort a chain (not made redundant though.) The new job had a probation period of three months. I informed mortgage company and they were fine with it. I thought not telling them would be too stressful, but they said fine within a couple of days

SnowGlobes Fri 28-Apr-17 11:24:46

Has he got a new job lined up with a starting salary? If so, the mortgage company may be fine with it.

Kiwibaby123 Sat 29-Apr-17 13:46:21

Thanks for your comments. He hasn't got another job lined up yet, it's likely to take at least a month. If we do press ahead with the sale the new job would have to have no probation period and allow him to continue to work from home 2 days a week. His working from home allows me to do a long commute to my part time job. So I think he's unlikely to find a job like that before everyone is ready to Excahnge Contracts, although he is optimistic!
I think we will end up pulling out and renting for a while longer until we are more settled unfortunately, I just need to convince the DH!

MoreProseccoNow Sat 29-Apr-17 16:21:26

Your IFA will keep you right, about what is best to do (if you're using one). Better to be honest with your lender, rather than making it your DP's decision. It might not be his decision to make.

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