My partner and I both were made redundant as soon as we started a mortgage
As the title states, my partner (26) and myself (27) just took out a mortgage… We’ve moved into the new place but haven’t even paid the first month yet and our workplace suddenly announced that we’re being made redundant due to outsourcing our roles to an overseas office as Labor will be much cheaper there.
We both work for the same company, but we work in different teams performing slightly different roles. Now we’re uncertain about how we’re going to proceed with paying off the mortgage since we’ve only been working here for less than 2 years each and our redundancy payouts are quite small.
We went right down to the bottom of the barrel to buy this house so savings are incredibly minimal. Does anyone have any advice or have you been in a similar situation?
Netizens’ comments
- I’ve been there. I went and signed my mortgage paperwork with a cardboard box in my car that was filled with my office stuff after being freshly fired from my job. They asked me if anything had changed and I lied and said no.
Now, that was 25 years ago but my solution will probably be your solution – get another job asap. This will probably not be your favorite job ever but it will pay enough for your mortgage. It’s scary but you’ll do fine, you were both employed, you can get new jobs if you hustle. Best of luck! - If I were in your shoes I’d try to find anything to pay the bills and mortgage for the time being. I don’t really see what other option there is.
- Sometimes you have to grind your way to the next position. There is no shame in this. It will make you stronger, and more appreciative of what you have.
- I’m sorry this has happened OP, but this is why finance advice inevitably tells you to have an emergency fund in place prior to buying a house.
- Secure any job you can get, deliver food if you have to, rework your resume and realize you have a new job…. finding a job.