Apologies if I’ve missed it, but the obvious question is: what is the price and LTV of this new house compared to your current one?
Don't really want to discuss figures but price is high, approx +40% above the property we are selling. LTV is 65%.
Reading original post. If you haven’t received your mortgage offer you must be near the start of house buying process and best action would be to abandon
Quite far advanced. We had an offer earlier in the year for a property that fell through. We have since found another one on which the previous sale had fallen through so got a good deal for moving quickly, so it's all happening fast and should be a relatively straightforward shift of the previous offer to the new property. We should have that within a week or so
I don't think waiting for a new job will help,don't they want six months/probation period/whatever to elapse before they accept you are permanently employed?
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You say you can manage 12-18 months on savings.
If you chucked this at the house instead and, say, got the LTV down from 65% to 50%, would your partner be able to take on the mortgage on their own?
Then you'll just have to get a new job probto so that you can buy food and things
I don’t think waiting for a new job will help,don’t they want six months/probation period/whatever to elapse before they accept you are permanently employed?
Nope, already covered that off as I'd been applying for a job when we first applied and wanted to be sure that wouldn't scupper it if it happened before mortgage completed. They were happy with offer letter.
Have previously had mortgage accepted on an offer letter with another lender too.
I may have missed this, but when do you get made redundant OP? These things in my experience are usually drawn out and take ages, with some employees then being extended to stay on longer.
Possible reprieve that my employer may want to extend my employment to finish some stuff off past entry date. Though reading the offer I'm not clear if the reference to "change in circumstances" would cover an upcoming changes in circumstances or whether the circumstances literally have to change before the loan is issued (I think the latter).
You're still being made redundant, only the end date has changed of the termination.
Therefore your circumstances have still changed - your still not going to have a (the) job soon, and you know it.
If theyd said ''Alter_Ego, weve recinded your redundancy notice' - then youd be fine... but they havent have they?
You’re going to go ahead with the mortgage anyway so I don’t know why you asked!
Perhaps you expected everyone to say crack-on.
I'm with muffin on this and..am out.
Yep me too
You’re going to go ahead with the mortgage anyway so I don’t know why you asked!
Perhaps you expected everyone to say crack-on.
Actually no and no. The points made have been genuinely useful so thanks and apologies if it came across that way at any point.
Perhaps nobody cares but thought I'd drop in to thank everyone again for the food for thought, it definitely helped and pointed out some things I had not considered (for and against). Had a very honest conversation with the mortgage co. today and we are working through what might be possible to salvage something, so let's see. At least it is not completely dead in the water.
