Extension build starts next week. Lost my job...

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Ive been waiting 3 years to get to this point, it’s been so painful and feel like I’m going mad at times. I really need this extension. It includes a downstairs WC and shower, wheelchair acces (for me) and an open plan kitchen diner that I will be able to use. I can’t use my current kitchen as it’s too small and not accessible.

But I lost my job!! I have about 40% of the build in savings but need to remortgage for the rest. Would you take the risk and carry on, or pull out and possibly add another year to this build? I could have a job next week, or it could take a few months and we’d have to borrow a bit more for the build.

I should carry on shouldn’t I? Help!!

It is unlikely you'll be able to remortgage without a job. Sorry if thats not what you want to hear.

I’ve gone through all the paperwork I need for the remortgage, they ask for previous payslips but don’t explicity ask if I’m still employed. I wouldn’t be lying as I’ve only just lost my job, I’ll still have the required payslips.

Just to warn you we recently changed mortgage provider and they contacted mine and dh's employers despite pay slips.

Ok, that’s never happened before for me. I was planning on remortgage with current provider.

Assuming that mortgage is all good, would you take the risk and start the build anyway?

I think it would depend on your employability ie how likely you are to get a job as well.
I think I'd risk it. I can't remember mortgage people contacting employers when not dealing providers.

I wouldn't but DH would. We've recently completed first phase of an extension and are now saving for 2nd phase as the 1st phase ended up costing a third more than expected. Everyone I know who has extended has ended up way over budget. If that would still be affordable without your wage then go for it.

Also we've just remortgaged and p60 was all we were asked for along with a copy of my contract (new job) No payslips however our wages are both paid into the bank we were mortgaging with.

Mortgage advisors only contact employers if they think the payslips look dodgy. I used to work in this field and if you’ve provided letter headed payslips, or are not switching company, payslips won’t he verified like this.

Thanks everyone. Yes wages have been paid in to same bank account as mortgage provider.

My employability is a tough one. I became disabled 6 years ago and keep losing my job since then. It’s a v long story but the short version has left me with £’s if compensation for wrongful dismissal and discrimination, hence why I have a decent level of savings.

I’ve been able to get back in to work quite quickly previously, with gaps being a few weeks to 2 months. Job insecurity is something I need to accept as a disabled worker, it’s not right or legal, but it doesn’t stop it from happening. I think for this reason I need to push on with the extension, otherwise I will always put it on hold.

I'm sorry I'd hold off until I got another job, but I am quite risk adverse.

No! It's foolhardy to commit to a huge financial undertaking that you need 60% more funds more when you have lost your job. It'll be stressful enough paying large sums to your builder as the work progresses without running out half way through, depleting all your savings and potentially still being unemployed. A mortgage application (remortgage or otherwise) will definitely ask you whether you are employed or not and you will be committing mortgage fraud if you are lying.

People you feel that you have lost your job now due to disability discrimination?

Just wondering if that's the case if you are likely to get compensation. It would depend on the costs for me but if it's for need of accommodating you rather than redecorating then I would do it as long as it's affordable long term.

Sorry your in such a sucky situation OP

Can you go ahead with the basics but not do any of the second fix stuff till you're a bit more secure? I'd still borrow the original amount planned but make the build cost less and keep the extra cash as a slush fund in case you take a while finding another job.