WWYD - redundancy after accepting offer on house

[OhBumHeads]

I could cry.

We have been looking to move for a long time (2 bed flat, now we have 2 kids and are running out of space). Tried to sell a few times but did not get any offers high enough.

The market has picked up dramatically and we have just had an offer over asking price after it went to sealed bids - hooray!

But almost immediately after accepting the offer - DP has just been made redundant. I just can't believe the timing of it.

I have a lot of faith that he will get another job really quickly (he was already interviewing after being headhunted and has two second interviews lined up already so it looks positive) but I don't know what this means in terms of the mortgage, I.e. I know that he'll probably need to be out of a probationary period before we make the application so we are looking a few months down the line anyway.

We don't really know what to do. Carry on looking (there is very little for sale so the buyer will be expecting it to maybe take a few months for us to find something anyway) and hope we can wing it with DP getting a job quickly? Wait for him to get a job then sell and go into rented so we can make the mortgage application when its a bit more stable job wise? Or pull out now :(

Would really appreciate some advice, just feeling really gutted right now

Explain the situation to the buyer and your lender once your partner has found another job and say that you will not be looking to complete until at least November if the lender gets iffy about the mortgage offer. It sounds as if your partner won't be jobless very long (did he get any sort of pay-off which could be used to increase your deposit?) and if he goes straight into another job, the three month probationary period should be up pretty fast. Don't go into rented if you can avoid it.

Similar thing happened to us earlier this year. We put an offer in on a house and had an offer on ours and within a week, DH was put at notice of redundancy. He thought we should pull out but me being the glass half full type ploughed on with it and encouraged him to do the same. He ending up starting a new job a week before we moved house and the new job is within walking distance of the new house. In regards to the mortgage, we went with a bank that we both already had an account with and because of our credit score they did not ask to see bank statements or payslips and did not ask about our employment situation. DH has been in the new job four months now and just been made permanent. If you are confident that your DH is going to get another job quickly (and it sounds like you are) then just carry on with the move.

We are in a very similar situation, and if our buyers hadn't pulled out, we were planning on winging it.
I've learnt it doesn't pay to be too considerate when it comes to moving. Put yourselves first.

We moved to our new home three months ago and now have a huge mortgage. One month ago DP was made redundant, completely out of the blue. The redundancy package will mean we have around a year before we start to panic which is slightly worrying. However, I love this house and don't regret the move - wonder if I'll feel the same in a year though!

Hope your DP finds a job soon, we have been busy looking and there do seem to be jobs out there - it's just that so many people are going after them!

Just so you know Nationwide will do a mortgage for someone who is in their job 1 day, assuming it is a similar industry.

I would proceed and go into rented if possible/necessary.

Thanks for all the responses, I feel much more confident about ploughing on n the hope DP's job situation is sorted soon. Good luck for your DP's job hunt as well Spickle, its a stressful time!

Yes Nationwide gave us mortgage on partner's employment alone even though he started a new job during the purchase and was on probation. Good luck!