nowhereboy Posted July 1, 2019 Author Share Posted July 1, 2019 Gangzoom, financially we are fine, the only problem being we've wiped out all savings on house purchase and if sale falls through we would need to find a large sum of money to pay to the vendor, this is a help to buy purchase so if sale falls through we need to pay remaining 5% to make it up to 10% deposit. My partners new job will pay 3k a year more than previous one with a further 3k rise in two years time. So no worries regarding bill paying or keeping up mortgage payments. I could pay all the bills on my wage if worst came too anyway. Sarnie, I'm not comfortable disclosing lender on a public forum at the moment. We are due to complete just weeks after her current role ends which means if payslips were required we could still obtain one right up until we move. The only way I can see them finding out now is if they were to actually pick up the phone and ring employer or write to them. I do find this unlikely as they did not do this prior to giving out the offer, it wouldn't make sense from a layman's point of view to start doing that now. I would really like to know how likely lenders are to start digging things up and checking things out at this stage but it would appear people in the industry don't like to disclose this information (which I understand). 1 Link to comment Share on other sites More sharing options...
sipar69 Posted July 1, 2019 Share Posted July 1, 2019 Feel your pain. Currently selling two properties and buying a third. Such a stressful experience! 1 Link to comment Share on other sites More sharing options...
TT350 Posted July 1, 2019 Share Posted July 1, 2019 (edited) Well, my 2p. It's a month. You can get through it. Especially when you consider what you would lose if you throttle back or jump ship. It's 30 hard days, but those bricks and mortar will be yours for as long as you want. It's a house that will become your home. Imagine starting again. Much worse of financially though through losing all your current investments. Having to trawl the estate agents, possibly all the mucking about with offers and counter offers if you go for an older house and also it being taken off the market at the last minute. Also, when my ex and I were looking at new builds, we got to customize everything. Lights, fixtures and fittings, carpet, wallpaper etc etc. I was terminated from the relationship with no negotiation, though so, we ended up pulling out. I live in a 2 bed Victorian terraced house. She lives in a brand new 5 bed detached house with triple garage in a gated community! She actually wanted me to sell my house and put it towards the new house. Good job I didn't, I'd be homeless now! Lol so yeah her and her new fellas are happy as larry in their big new house lol. Point being, a house soon becomes a home. Don't give up. Get through that month any way you can. I've lived in REAL poverty in the past. Not had any food for days. Chosen between food, heat or lighting. You'd be surprised what some people call poverty. I had a mate who used to get so depressed because he only had £400 a week spare. He really panicked about his "poverty". So, if you can have a good look at your finances and make a list of EVERYTHING that is non essential (not just a bit inconvenient) and implement it, you should be able to manage a month. You can do it, and a month will fly by. Edited July 1, 2019 by TT350 1 Link to comment Share on other sites More sharing options...
nowhereboy Posted July 1, 2019 Author Share Posted July 1, 2019 (edited) Thanks TT (long time no speak by the way). We have made our decision and will be sticking with it. I’ll be sure to let you guys know how we get on. Whatever the outcome I’m prepared for it, lifes a bitch sometimes and if it bites us in the arse we’ll get over it. Cheers Edited July 1, 2019 by nowhereboy 1 Link to comment Share on other sites More sharing options...
veeg33 Posted July 2, 2019 Share Posted July 2, 2019 16 hours ago, gangzoom said: Once committed the mortgage company has it in their self interest to keep things going, that's very different from taking on a new customer with changing risk profile. If you were lending a complete stranger £1000, and the day before handing over the cash they told you they have lost their job but its OK because they have another one lined up, would you just shrug your shoulders take their word for it and proceed as planned? Mortgage companies like to know the risks, been made redundant and than having to change jobs by definition risky, at the very least there is going to be a reassessment. A 5% deposit must also mean to the mortgage company the risks are already high. Really difficult situation to be in, if things are as tight as thinking about putting bills on the credit card than backing out of the house (for now) probably is a good idea regardless of mortgage conditions. But if its just an case of change in job/role which lots of people go through all the time with no actual risk to income than its a different matter. But how a mortgage company will judge the risk may be much stricter than how most of us view job security, the only way I suppose your know is if you tell them. Horrible situation to be in, though I know what I would do if I was 100% certain of secure income stream, and I wouldn't be stressed at all - not beyond the normal house buying stress. I think you don't get the point here. Regardless of new customer or existing customer, the risk is there and they are both equal. No one can guarantee an existing customer will meet their monthly payment. I'm not borrowing £1000 to a stranger, I've done all my checks in advance before i pass the money out, just like a lender would do. If the 'stranger' can proof they can afford to make the repayment, I can't find a reason why I won't honour the offer for a loan. Same goes to any lender. Equally, if a person looses their job at any point of the mortgage contract, I'm sure the bank will ask for evidence if he/she can still pay. If they can't proof a new job, i'm sure the bank will ask for any funds/savings remaining and how long will it last and worst case will repossession his/her house. They are a business, not charity after all hence as long as you can show your affordability, you'll be fine. As OP said, he's going with help to buy, hence only 75% mortgage rather than 95% mortgage. It is not at high risk as you stated. Link to comment Share on other sites More sharing options...
Ekona Posted July 2, 2019 Share Posted July 2, 2019 FWIW, @Sarnie has made some excellent points and ones I'd not considered. I retract my previous advice of keeping schtum. 1 Link to comment Share on other sites More sharing options...
Keyser Posted July 2, 2019 Share Posted July 2, 2019 (edited) Just read this Been there done that (the stresses of moving house that is) - I heard of a very similar thing I can vouch for the validity of the tail, They actually went into the lender to tell them, This was 1 week before completion, the lender said it would require the offer being re-assessed, delays etc etc so the lenders rep gave them some "off the record" advice - If you don't tell us we won't know - Completion came and went the wife started a new job 2 weeks later, never missed a payment lender earned huge amounts of money from setup fees and interest, they moved into their new house and life went on and no one got hurt. Not saying it's right but it happens @nowhereboy Hope you get it all sorted mate Edited July 2, 2019 by Keyser 3 Link to comment Share on other sites More sharing options...
Wayne370Z Posted July 2, 2019 Share Posted July 2, 2019 (edited) When we moved 3 years ago we moved 120 miles away so it was fairly obvious my wife wouldn`t be keeping her job although her earnings were on the application, We just told them she would find a way to carry on with it until she found a new one. They weren't really concerned about it and never questioned or checked up on what had happened with her job. Seems to me, and although there may be some very rare examples to the contrary, in general as long as the re payments are being made lenders simply aren`t interested in what`s going on with you. Edited July 2, 2019 by Wayne370Z 1 Link to comment Share on other sites More sharing options...
nowhereboy Posted September 11, 2019 Author Share Posted September 11, 2019 Update! Been super busy the last few weeks, pleased to say we completed our house purchase at the end of last month and all went through with no problem what so ever. Thanks for all your input as always guys 7 Link to comment Share on other sites More sharing options...
Stutopia Posted September 13, 2019 Share Posted September 13, 2019 Glad everything worked out for you mate. 2 Link to comment Share on other sites More sharing options...
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