I’ll try and make this short and sweet. I’m buying a property on my own, put the offer in 8 weeks ago which was accepted. All searches and the report have come back really quickly, but my solicitor has an enquiry which might take a couple of weeks to resolve. My mortgage offer is all set. We were confident I would be in by the end of this month but I doubt that will happen now. She is going to ring me tomorrow with an update so I’ll have an idea then of how long it will take to sort this out. The property is vacant and there’s no chain so we can do a same day exchange/completion which should speed up the process. At the time that I applied for the mortgage I was in a full time job, temporary but an ongoing contract. The mortgage lender was happy with this as I was able to provide payslips and I’d already been there for 11 months. Unfortunately, nearly two weeks ago I was informed by my manager that they would not be extending my contract and I’ll be finishing with them on Friday. I’m gutted and I really don’t know what to do. I have asked for an extension just to get me through the house move but it’s not possible.
I have enough savings which will cover the bills for around 3 months and I already have a few interviews lined up over the next few weeks as well. The reason I haven’t passed on this information to my solicitor is because I thought we would have completed in the next two weeks, therefor there would only be a 1 week gap between me leaving my job and getting the keys. Unfortunately because of this delay that might not be the case now, but we might still be able to complete within the next 3-4 weeks. If I get a job before completion my lender will still not accept anyone who hasn’t been in their job for 3 months or more, so I would have to start all over again and there is a possibility that I’d still not be accepted by another lender anyway. Properties within my budget don’t come up very often (in this area or further afield, I actually waited a year for this one to come up) so it’s not a case of just being able to buy the next best thing. I was thinking of waiting until the end of the month and if there is still no movement then I will pull out.
If they find out, the obvious consequences will be that I’m black listed for trying to commit mortgage fraud and I will lose my entire deposit (can someone clarify, what happens if it’s a same day exchange/complete, will I still lose my deposit?). I will still have to pay over 1k in solicitors fees. Just to clarify, I’m not asking for advice or tips on how to do this, but given my circumstances, would you wait it out and see what happens? Now that I’ve had my mortgage offer, what are the chances that the lender will find out? The timing is typical.