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.

Do you have any outstanding holiday you could tack on to your employment to extend the employment end date?

Why are you waiting so long to complete? Could you push for that to come forward?

The completion date will have been contractually set on exchange so it won’t be changeable

I called my financial advisor as I had stupidly taken out credit after they had offered us the mortgage (for some work that needed found on my house in order for the buyer to go through with it) I rang NatWest panicking thinking they would withdraw my mortgage offer and he said they run no credit checks at all after the initial one.
I had read everything online that said banks do a final check but he said NatWest have never done that!

I really feel for you this is awful timing and I can quite imagine how panicked you must be feeling.

Since you have Exchanged you now just need to crack on and complete and I am sure that everything will be OK with this as all of the checks have been done etc.

Just try really, really hard and focus on getting that new job lined up for as soon as possible. Focus all of your energies on this now going forward and then hopefully everything will all work out OK.

Cut back on all unnecessary spending, ignore all future decorating plans etc and use your savings to fund the mortgage until you are on an even footing with a new job.

Good luck.

Say nothing. I was changing jobs at the time I was buying a house a few years ago - I was worried my lender would withdraw the offer on the basis that I was in a new job so I kept quiet.

Thanks all. I'm feeling a bit more relaxed today and trying to stay positive.

@Notcontent - can I ask how long it was between you losing your job and completing on the house? How recent was this? Lenders have become a lot more vigilant I believe so I'm just worried they will find out. I'm glad it all worked out for you though

In my case I was changing jobs voluntarily but there were a few weeks from when it happened to completion! It was slightly nerve wrecking but ok…

Don’t mention it. You’ll find your way to make the repayments.

@helpfulperson

Are you in the UK? I'm not sure why you would lose your deposit if you pull out. Your deposit just forms part of the money you pay to the seller and if you pull out you don't pay anything. You will lose some money on fees survey etc but ten thousand pounds worth.

If you have signed the contract and don't complete, you do lose your deposit. It's very rare that sales fall through at that point, but I have known it happen. The buyer in the case definitely lost their deposit. That was some time ago. so I can't vouch for things right now, but op needs to talk to find out for certain.

Yes if she pulls out she would lose the desposit. That's the point of it and why it's so rare to have people pull out after exchange... it's a lot to lose!!

OP I'm ao sorry you poor thing. What terrible timing. I'd also keep silent on this one. I know you'll be stressed until it all goes through but just try to channel that nervous energy into job hunting I guess. Let us know how it goes and best of luck... really hope it works out okay!