Bad Situation, need advise

[cgyITguy]

So here is the situation, I just bought a house with the GF. It is a fairly large mortgage but still well within our means. Our offer was accepted, we had the inspection which passed. I waived all the conditions and gave them a substantial deposit. We are all set to get possession in July.

Problem is I just talked to my boss and he said before you go out a buy a house I should understand that the economy is very slow at the moment and business is slowing down :eek:

So I can read between the lines on that one. From the way he was talking it didn't sound that i was in eminent danger but it could just be a matter of time. To top it off I was told by the mortgage broker that I should not change any jobs until possession.

So now what do I do ? should I try to gut it out at least until possession and then look for other jobs ? should I start looking right now and switch if given the chance ?

(I do really really love my job, it pays well and is probably the best job I will ever have in my life)

[CMW403]

that doesn`t sound very promising. you told your boss you were buying a house and he replied with ``before you go buy a house you should understand that the economy is very slow at the moment``

i think you should probably start job hunting

[Sadboy]

Do you have a nest egg you can fall back on if you lose your job?
How long have you been with your girlfriend?

[cgyITguy]

Been together 5 years, she may as well be my wife for all intents and purposes. She makes decent money and we can probably squeek by in a pinch, although I am the primary income

[cgyITguy]

Also in terms of a nest egg, i did have a substantial amount of savings, (if i had just been renting, probably could have lived a few years without a job) BUT i kinda gave it all towards the house

[Kloubek]

You really need to sit down and get your thoughts in the open with your boss. Tell him you are concerned because until now, you thought it WAS safe to buy a house - and you have already done so.

What you're basing it on now is reading between the lines - you need the facts.

[cgyITguy]

Ya I kinda did that later in the day, He said it would be the last thing he would want to do to let me go, and he didnt mean to freak me out or anything, but he just wanted me to be aware

Doesn't really ease my conscious that much though

[chosen-juan]

Why not get another job for the evenings to play it safe?
At least that way, you'll still have a source of immediate income, and its a win win situation.

If you lose your job you can somewhat tough it out, but if you end up keeping it, you'll have some extra money. Although youll have to put in more effort it would still work.

[extm88]

Banks are taking mtgs away even after being approved if you over extend yourself between being approved and taking possession.
in other words do not go finance new furniture or a new car for the driveway.
Same thing goes work jobs. Do not change/quit or retire until possession lol!

[Xtrema]

Don't worry. As long as your mortgage is approved and your GF doesn't lose her job and you can collect EI, I'm sure you can hang on for a while.

At least you have 2nd income as safety net.

But you should pay attention to your company's financials, especially if it's an IT outsourcer (assuming you're an IT guy). There is severe pressure to most IT rates just like Engineers. And IT spending is always 1st to cut in a recession.

For now, just go over your budget with a microscope and try to live leanest possible and maximum your cash savings, just in case.

[grampafunk]

What is your job?

[Jlude]

Originally posted by Kloubek
You really need to sit down and get your thoughts in the open with your boss. Tell him you are concerned because until now, you thought it WAS safe to buy a house - and you have already done so.

What you're basing it on now is reading between the lines - you need the facts.

Exactly. Don't lose sleep over something you're not sure about... go find out. Your boss is human, has house/family/mortgage... he'll know where you're coming from... he'll either give you a good heads up or he'll put your mind at ease. Won't know until you ask.

[superboss]

Whatever happens man, good luck.