Panicking

[Applepiee]

I was told yesterday that I'm being made redundant. My employment ends on the 27th.
This couldn't have come at a worse time. We've already exchanged contracts, due to complete on the 3rd of September. What do I do? Tell them or keep quiet? I think they will withdraw the offer if I notify them as technically I will be unemployed. I stand to lose my entire deposit if I tell them. I have savings of around 5k which I can use to pay the mortgage/bills for now. I'm confident I will be able to find another job too, just maybe not by the 3rd. I've been up all night worrying reading online about these situations. How likely is it that the lender will find out? As far as I'm aware employment references have already been made before I received the offer. I'm due to receive my final pay on the 31st. Can the lender find out from looking at HMRC records? I assume my employer will have to notify HMRC that I'm leaving when he pays me next. So scared of what will happen next.

God, that's shot timing, I'm sorry.

Say nothing. You are at a point off no return, legally speaking.

Start job hunting - presumably you have a notice period? Are you getting any redundancy Pay?

Can you rent out one of the rooms temporarily to help with costs?

Lenders spot check a certain percentage of offers they make before releasing funds ahead of completion: either by asking you for your most recent payslip and matching bank statement, or for an employer letter. There’s every chance you won’t be in the check group and if they ask for the former, you’ll presumably be able to provide it. Considering you’ve already exchanged and would lose your deposit, I’d keep quiet and hope for the best.

Oh, and HMRC aren't allowed to disclose anything to a 3rd party unless you have given permission

Usually you show the BS payslips to prove earnings. You also make a declaration that at the time of applying you are employed. Which you were (and still are).

Circumstance can change in the blink of an eye, your offer was based on your credit rating at the time and will be based on your likely hood to be able to cover the debt at the time of the offer, it’s very unlikely they revisit this information once agreed. The issue is can you cover the debt, if you can then I would stop worrying and proceed if you cannot then you need to pull out

I'm not sure if I will receive redundancy pay, I've only worked there just over a year. My plan is to apply for as many jobs as I can this week. I will have payslips/bank statements so no issues there. I know that lenders normally do another credit check just before releasing the funds, but I read on another forum that they have access to HMRC records and this is what I'm worried about

at any other stage even the day before exchange I would say to fess up. In this case do not fess up.
Hospitality is on its knees staff wise so could you get a job doing something in that industry even if just to slow down how quickly you’ll get through your savings?

Thank you @lastqueenofscotland
I worked as a support worker years ago after I left school. Plenty of care jobs around, I think I will apply for some tonight.

What are the odds of lender finding out I've lost my job other than hearing from my employer directly? (Which I hope they won't as they've already requested a reference weeks ago). My anxiety is through the roof at the minute.

Not in the industry but I'd be applying now with the hope of getting a job ASAP

What kind of work do you do? Lots of industries are really struggling to find good people so there's a good chance you will find a new job.

The problem I have is that the lender I'm using doesn't accept applications from people with new jobs. They expect 3 months payslips. Even if I find another job in time, I still don't think it would be wise to tell them.

You’ve provided all the pay slips? All documentation they request is completed? If so I’d keep quiet and find another job ASAP.

i am not sure, i am not very knowledgeable about these situations but having life insurance with the related cover you can be covered for such circumstances. i mean when you lose your job insurance pay your mortgage until you get a job.

Very few insurance polices cover for redundancy and they are normally very specific and expensive.

Op, a quick Google says you do not need to tell them after you’ve accepted a mortgage offer and before completion. Ie your situation, you’re not obligated.

@Bluntness100 unfortunately this isn't true in my case. Copied from my mortgage offer

"or a material change in your financial circumstances, which occur before completion"

in this case you better pull out.

assuming you getting your deposit back.

@bluebell34567 I will lose my entire deposit, 10k plus all fees that I've already paid. You would seriously just walk away if it was you?

@bluebell34567 no I won't, we've already exchanged contracts. If I pull out now I will lose everything :(

[quote Applepiee]@bluebell34567 I will lose my entire deposit, 10k plus all fees that I've already paid. You would seriously just walk away if it was you? [/quote]

No I wouldn't pull put

Keep quiet and hopefully you can find work - are you buying on your own or with a partner?

Personally I think silence is golden.
If you are planning on getting another job in care, DBS’s are taking about 4 working days around here.
Good luck

sorry, didnt know then stay put and keep quiet.

@twinningatlife I'm on my own unfortunately. I think I will just have to keep quiet and hope for the best.

I'm so so paranoid now after reading comments about HMRC. I'm worried they will find out just before completion. This is awful, I wouldn't wish this on anyone.

Has the valuation happened and do you have the offer?

@FFSFFSFFS yes, I received the offer nearly 3 weeks ago now

What are the rules regarding lenders pulling out after exchange? Unless you knew you were about to lose your job before you exchanged, then you've done nothing "wrong". So if the lender pulls out, can they be responsible for your loss of deposit?

I know its unlikely but any chance you could ask your employer to keep you on for a little bit longer?