Am I insane? Help!

[diamons843089i]

I'll keep this short as I want some advice and don't want to bore people away.

Context: DP and I have been looking to buy a house this year. Been renting a while, DP is frustrated at spending money on rent. He has a comfortable job and salary.

I was made redundant in March, but found a new job in a couple of weeks. A great house came on the market, we went to see it, thought about it, put an offer in which was accepted. Applied for a mortgage was this was accepted.

Situation: My new job isn't going well, and I've heard they are notorious for getting rid of people during probation. I've been there a couple of months, but managers are already picking things apart and expressing concerns. To be fair, it's a very different job for me compared to what I was doing and I am doing my best. But the stress of feeling like I'm going to be fired every day has prompted me into applying for new jobs already.

Problem: I'm worried about what my job will mean for buying the house and getting the mortgage. If I lose my job, the bank will not give us a mortgage based on just DP's income. The structural survey is happening this week, but I'm having nightmares....what happens if we exchange and I lose my job before we complete? Losing 10% deposit would be beyond devastating and I don't think we'd get over it.

I've said to DP, maybe we should wait until I have a job where I'm permanent and off probation. He really doesn't want to rent for years, and what if I get made redundant again? I never thought I would be made redundant from my previous job. There are few secure jobs nowadays.

So I'm asking for advice. I am so worried about everything right now, I called the bank anonymously and asked what would happen if I get a new job after having a mortgage approved and they said they would have to assess the application again. This is all so stressful.

Is the mortgage enough that just one of you can pay it off?

@tellseveryonerealfacts DP could pay it off alone, but the bank wouldn't give us the mortgage in the first place based on just his income.

I was in a similar situation in that my contract ended 2 months after we were due to exchange on the house, but our mortgage provider didn't ask to see proof of permanent contract, but our last 3 pay slips so it was awarded on an affordability basis - is this the case with yours? I actually had a job interview for a permanent job the day before we completed and moved in (stress!!) The question is, if you were made redundant again, could you afford the mortgage repayments and everything else until you find a new job?

We had the same, it is about affordabilty and presumably you would look for a new job if the worst happened.

If the mortgage has been accepted, how will they know if anything happens between now and you buying the house?

@jonsnowscloak DP can afford to pay it alone, though it would be tight. Did you tell the mortgage lenders the situation, and did they check with your employer after you exchanged and before completing?

When we moved into our rented flat the estate agent contacted my employer so I'm wondering if banks do the same.

My DP got a new job 2 weeks before we completed, we just didn’t tell the bank about it, they’d already accepted the mortgage, his new salary was more than what they’d based their decision on too so we would definitely be able to afford the repayments so didn’t really see the point. Someone will probably be along to tell you that you should be honest about it though 🙄

If you've had the mortgage approved already on the basis of evidence you provided i.e. payslips and so on then you don't need to tell them anything further about your employment status.

No we didn't tell them, luckily I got the job! They didn't do checks as far as I'm aware, guessing because they can take the house if you default on your mortgage! It was worrying because we would have struggled if I wasn't working but I would have found something else pretty quickly. I wouldn't tell them as it sounds like you would be able to afford it in the short term if you don't get kept on. You could unexpectedly be made redundant from a permanent job the month after completion - it happens and that wouldn't be your fault either!