The Bounty Bar Kid Posted May 4, 2016 Share Posted May 4, 2016 So everything was going well for myself and my fiancee. Wedding planning and saving was going in the right direction. We're getting married next year May. We're also planning on buying a house between January and April. Then we get told last Monday that my employer has filed for administration. Yep I work for BHS. Here's my dilemma. Will I get a mortgage if my employer is in administration or am I better off changing jobs? I don't particularly like my employer and want to leave anyway. I've been looking for a while but with no luck until recently. I'm trying to get out of retail and I've been offered a job which pays £1500 less but it's boring. Do I take it or not? Waiting back to hear from another job that I'd love and pays £4k more. But I need to answer to the boring job by Friday. I won't hear about the interesting job until next week at the earliest. Do I gamble or not? Or is it safe with a mortgage application irrespective of BHS is in administration? To make matters worse the boring job is with a friends husband so I can't just take it and then leave if I get another job as I'd be letting them down. I guess I really wanna know if the administration thing would affect my chances of getting a mortgage. Cos that'll help me decide. Quote Link to comment Share on other sites More sharing options...
The Bounty Bar Kid Posted May 4, 2016 Author Share Posted May 4, 2016 Cheers for any advice BTW. Quote Link to comment Share on other sites More sharing options...
Ricey Posted May 4, 2016 Share Posted May 4, 2016 You've got precisely zero chance of getting a job with such a high profile employer in administration would be my assessment pal. As a former mortgage underwriter that would be my view on an 'assessed' case. If you could get an automated application accept you might sneak through the radar. Sent from my SM-G925F using Tapatalk 1 Quote Link to comment Share on other sites More sharing options...
The Bounty Bar Kid Posted May 4, 2016 Author Share Posted May 4, 2016 You've got precisely zero chance of getting a job with such a high profile employer in administration would be my assessment pal. As a former mortgage underwriter that would be my view on an 'assessed' case. If you could get an automated application accept you might sneak through the radar. Sent from my SM-G925F using Tapatalk Cheers. Thought so. Quote Link to comment Share on other sites More sharing options...
Bockaaarck Posted May 4, 2016 Share Posted May 4, 2016 (edited) If you want some straight forward advice, I'd say the following. No job is forever, as your current circumstances show. Having been offered a job, which may be boring, at least it's an offer. So that's your immediate problem almost addressed. Slightly less pay, slightly less interesting, but you should / could be sorted. Now the mercenary in me says, if you accept the offer, they'll have to draw up and send you a contract, but you haven't yet signed it. Well that might take a week or more. By the time you get the contract from the first job, you should know about the other job. If the second job makes you an offer (get something in writing). Then if it's something more interesting, something with more opportunity, more potential. Then take the offer from the second company. Then politely inform the first that, unfortunately your circumstances have changed. And you won't be taking up their offer after all. It sounds a bit rough but you have to look after your own interests. If you don't get a positive response from the second company, You can then fully commit to the first job which has been offered Edited May 4, 2016 by Bockaaarck 2 Quote Link to comment Share on other sites More sharing options...
Sarnie Posted May 4, 2016 Share Posted May 4, 2016 (edited) I'm a mortgage broker. No chance, IMO........... Edited May 4, 2016 by Sarnie 2 Quote Link to comment Share on other sites More sharing options...
GMballistic Posted May 4, 2016 Share Posted May 4, 2016 If you want some straight forward advice, I'd say the following. No job is forever, as your current circumstances show. Having been offered a job, which may be boring, at least it's an offer. So that's your immediate problem almost addressed. Slightly less pay, slightly less interesting, but you should / could be sorted. Now the mercenary in me says, if you accept the offer, they'll have to draw up and send you a contract, but you haven't yet signed it. Well that might take a week or more. By the time you get the contract from the first job, you should know about the other job. If the second job makes you an offer (get something in writing). Then if it's something more interesting, something with more opportunity, more potential. Then take the offer from the second company. Then politely inform the first that, unfortunately your circumstances have changed. And you won't be taking up their offer after all. It sounds a bit rough but you have to look after your own interests. If you don't get a positive response from the second company, You can then fully commit to the first job which has been offered ^^ That's what I'd try BBK. I know you said "it's a friends husband, ...don't want to let them down" etc but imo you need to look after yourself & your fiancee. If you didn't take the job with your friends husband then there is no doubt in my mind that someone else will take it. Plus they'll get over it and should respect your decision if they're any kind of friend. Quote Link to comment Share on other sites More sharing options...
The Bounty Bar Kid Posted May 4, 2016 Author Share Posted May 4, 2016 Cheers for the replies and advice guys. Definitely got some thinking to do. Quote Link to comment Share on other sites More sharing options...
rtbiscuit Posted May 4, 2016 Share Posted May 4, 2016 Following all the news the chances of BHS being bought out look high and their time in administration looks to be short. could just sit tight and wait on the 2nd offer Quote Link to comment Share on other sites More sharing options...
The Bounty Bar Kid Posted May 5, 2016 Author Share Posted May 5, 2016 Took a conference call yesterday and apparently we'll know by the end of the week if we've been bought or not. Quote Link to comment Share on other sites More sharing options...
Stutopia Posted May 5, 2016 Share Posted May 5, 2016 Even if you were to change, wouldn't you go straight into a 3 month probationary period anyway? We weren't keen on them when I was in secured lending. Sit tight and wait for the right job. Good luck. Quote Link to comment Share on other sites More sharing options...
Mattbowles Posted May 5, 2016 Share Posted May 5, 2016 I always think.. What would the person I'm 'letting down' do in my situation... They might not like it but if someone offers you 4k more not many people would expect you to turn that down. Hope it all works out for you. Quote Link to comment Share on other sites More sharing options...
Ekona Posted May 5, 2016 Share Posted May 5, 2016 That's a shitty situation to be in. Sympathies dude. In simple terms, no matter what happens here you're at least three months away from even being able to think about applying for a mortgage. Quote Link to comment Share on other sites More sharing options...
350zedd Posted May 5, 2016 Share Posted May 5, 2016 This is the problem when working for friends or family, emotions always play a part. However, I would take the first job and if a better offer comes up later, then go for that. Circumstances change all the time, and it would be unreasonable for your friends not to accept your predicament, if a better paid job came up. Best of luck 1 Quote Link to comment Share on other sites More sharing options...
grahamc Posted May 5, 2016 Share Posted May 5, 2016 Take the crappy role, you should have a probation period during which your notice period to them will be very short. Which makes it easy to move on if the other role comes up. Quote Link to comment Share on other sites More sharing options...
The Bounty Bar Kid Posted May 5, 2016 Author Share Posted May 5, 2016 (edited) Well I've got an interview for the interesting job. Fingers crossed. Quick question. Does anyone know if LTV will affect the final mortgage amount I'm offered? I've got a 270 deposit and want to buy a house for 580. Will they lend me more as I've got a big deposit? Or will I still be limited by our joint salaries, irrespective of how much we can put down? Edited May 5, 2016 by The Bounty Bar Kid Quote Link to comment Share on other sites More sharing options...
Ekona Posted May 5, 2016 Share Posted May 5, 2016 AIUI, they look at more than just the regular 3.5x joint these days, it's all about 'affordabilty' however they wish to define that. However, at near enough 45% LTV I can't see you having any issues as soon as you get past your 3 month phase with the new company. Quote Link to comment Share on other sites More sharing options...
The Bounty Bar Kid Posted May 5, 2016 Author Share Posted May 5, 2016 Obviously not looking for property for a few months, til things are sorted but came across my perfect house to bring up two kids in Quote Link to comment Share on other sites More sharing options...
Ekona Posted May 5, 2016 Share Posted May 5, 2016 If it's still available then... Quote Link to comment Share on other sites More sharing options...
ioneabee Posted May 5, 2016 Share Posted May 5, 2016 wow - not even married yet and you've got 2 kids on the way Quote Link to comment Share on other sites More sharing options...
The Bounty Bar Kid Posted May 5, 2016 Author Share Posted May 5, 2016 If it's still available then... New build houses. Phase 1 have been sold. I'm interested in a late phase 2 or an early phase 3. They'd be ready by the time I need to buy. Quote Link to comment Share on other sites More sharing options...
The Bounty Bar Kid Posted May 5, 2016 Author Share Posted May 5, 2016 wow - not even married yet and you've got 2 kids on the way I've been looking forward to having kids of my own for the last 14 years. Can't wait 2 Quote Link to comment Share on other sites More sharing options...
gangzoom Posted May 6, 2016 Share Posted May 6, 2016 Well I've got an interview for the interesting job. Fingers crossed. Quick question. Does anyone know if LTV will affect the final mortgage amount I'm offered? I've got a 270 deposit and want to buy a house for 580. Will they lend me more as I've got a big deposit? Or will I still be limited by our joint salaries, irrespective of how much we can put down? Your LTV is excellent, I know friends buying in a similar bracket aiming for 90%. Don't be tempted to up the borrow more than what you need to get the right house. Factor in what your repayments will be like if interest rates went back up to 6-8% pre 2008 crash. Hope your job situation gets sorted, but it's really impressive to see you have managed to save so much!! As for kids, all I can say is they make you as happy as you can be, but also make you worry/tired/fustrated all at the same time....and I've only had ours for 3 weeks. 1 Quote Link to comment Share on other sites More sharing options...
Commander Posted May 6, 2016 Share Posted May 6, 2016 FML - Everybody else is thinking it so I'll ask... How did you save up 270k for your first house working in retail?! 3 Quote Link to comment Share on other sites More sharing options...
jumping350 Posted May 6, 2016 Share Posted May 6, 2016 (edited) Thats one hell of a deposit, if it were me I would go for a cheaper house keeping my LTV at the same rate and buy a lambo Sorry to hear the dramas buddy hope all works out but at least you have a great starting point with job offer and the deposit you got Edited May 6, 2016 by jumping350 2 Quote Link to comment Share on other sites More sharing options...
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