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  • FIRST POST
    • andycrystal
    • By andycrystal 18th May 17, 8:53 AM
    • 6Posts
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    andycrystal
    Mortgage Offer, yet to Exchange, now partner losing job
    • #1
    • 18th May 17, 8:53 AM
    Mortgage Offer, yet to Exchange, now partner losing job 18th May 17 at 8:53 AM
    Hi there,

    Hoping this forum can provide me with some advice....I know there are lots of topics on this sort of thing already so apologies for another one however feel this case is quite a bit different. See below current position;

    - Mortgage Offer received following the lender (Halifax) reviewing and being satisfied of Feb, March & April's payslips and statements of mine and my partners. Valuation on property done
    - House is progressing, vendors are buying a property without a chain and they are cash buyers (no mortgage)
    - Hope to complete by end of June
    - Partner has yesterday received news that she will lose her job at the end of June but she is trying to negotiate this to allow her another month (end of July) due to us currently being in process of buying a house
    - partner intends to be employed with new firm either at the start of july or start of august

    Questions and concerns?

    - shall we make our mortgage advisor aware or will he say he needs to flag this up?
    - Will the lender make any more checks between now and completion? if so, what are they chances?
    - how probable is it for the lender to make checks of employment between exchange and completion?
    - what happens if the lender withdraws between exchange and completion? can i apply for a mortgage with a new person for the same property should my partner be still out of work?
    - if she is in work and they withdraw between exchange and completion, can we get another mortgage easily?

    Would people just keep quiet at this stage?

    Thanks!
Page 1
    • tykesi
    • By tykesi 18th May 17, 9:16 AM
    • 1,650 Posts
    • 2,205 Thanks
    tykesi
    • #2
    • 18th May 17, 9:16 AM
    • #2
    • 18th May 17, 9:16 AM
    Keeping quiet could also be known as mortgage fraud. It will be a condition of your offer that any negative impacts on income must be declared, by not doing so, not getting the mortgage could be the least of your worries.
    2017 in 2017 - 1974.69
    • Trickzyy
    • By Trickzyy 18th May 17, 9:19 AM
    • 22 Posts
    • 16 Thanks
    Trickzyy
    • #3
    • 18th May 17, 9:19 AM
    • #3
    • 18th May 17, 9:19 AM
    Hi Andy,

    I hope I can help answer some of your points.

    Different people would approach this situation in different ways, some would tell their broker, some wouldn't. IMHO, I would tell the broker so they can let the lender know as this would technically be mortgage fraud.

    A mortgage is a huge commitment and although you may have found your ideal home, if you don't tell your lender and your girlfriend starts a new job and it doesn't work out and you can't keep up the mortgage payments, that home will be repossessed.

    Lenders typically do not check employment again once all the initial checks have been completed and the mortgage offered.
    I am a Mortgage Adviser

    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • andycrystal
    • By andycrystal 18th May 17, 9:29 AM
    • 6 Posts
    • 0 Thanks
    andycrystal
    • #4
    • 18th May 17, 9:29 AM
    • #4
    • 18th May 17, 9:29 AM
    Hi Andy,

    I hope I can help answer some of your points.

    Different people would approach this situation in different ways, some would tell their broker, some wouldn't. IMHO, I would tell the broker so they can let the lender know as this would technically be mortgage fraud.

    A mortgage is a huge commitment and although you may have found your ideal home, if you don't tell your lender and your girlfriend starts a new job and it doesn't work out and you can't keep up the mortgage payments, that home will be repossessed.

    Lenders typically do not check employment again once all the initial checks have been completed and the mortgage offered.
    Originally posted by Trickzyy
    Thanks Trickzyy - there isn't any chance we won't be able to make the mortgage repayments; its just that we wouldn't have been able to borrow enough without her salary however obviously at the time of offer and still currently, she has this income. (Plus self employed income that we couldn't put towards the figures due to not having 2yrs of accounts)

    are you saying if she starts a new job then it is ok not to let the lender know at this stage?

    have you ever heard of them checking employment after exchange or is this extremely rare?
    • andycrystal
    • By andycrystal 18th May 17, 9:30 AM
    • 6 Posts
    • 0 Thanks
    andycrystal
    • #5
    • 18th May 17, 9:30 AM
    • #5
    • 18th May 17, 9:30 AM
    Keeping quiet could also be known as mortgage fraud. It will be a condition of your offer that any negative impacts on income must be declared, by not doing so, not getting the mortgage could be the least of your worries.
    Originally posted by tykesi
    she will get a job so there wouldnt be any negative impact so things will only be same if not improve - still ok not to declare at this stage?
    • Trickzyy
    • By Trickzyy 18th May 17, 10:07 AM
    • 22 Posts
    • 16 Thanks
    Trickzyy
    • #6
    • 18th May 17, 10:07 AM
    • #6
    • 18th May 17, 10:07 AM
    are you saying if she starts a new job then it is ok not to let the lender know at this stage?
    Originally posted by andycrystal
    No, that is certainly not what I am saying, quite the opposite actually. The lender would want to know as they would reassess affordability, and want to know several other details about the new job.

    have you ever heard of them checking employment after exchange or is this extremely rare?
    Originally posted by andycrystal
    It would be rare, as part of the terms of the mortgage offer would be for YOU to let them know if there are any changes in circumstances.

    Ultimately, you can choose to do what makes you feel most comfortable, I am just trying to help with the facts.
    I am a Mortgage Adviser

    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • andycrystal
    • By andycrystal 18th May 17, 10:09 AM
    • 6 Posts
    • 0 Thanks
    andycrystal
    • #7
    • 18th May 17, 10:09 AM
    • #7
    • 18th May 17, 10:09 AM

    Ultimately, you can choose to do what makes you feel most comfortable, I am just trying to help with the facts.
    Originally posted by Trickzyy
    I really appreciate it, thanks.

    In your experience; what are the chances out of 100 would they come back and check employment status again?
    • tykesi
    • By tykesi 18th May 17, 10:51 AM
    • 1,650 Posts
    • 2,205 Thanks
    tykesi
    • #8
    • 18th May 17, 10:51 AM
    • #8
    • 18th May 17, 10:51 AM
    I really appreciate it, thanks.

    In your experience; what are the chances out of 100 would they come back and check employment status again?
    Originally posted by andycrystal
    I think the phrase
    I am just trying to help with the facts.
    Originally posted by Trickzyy
    Suggests the poster doesn't want to help or advise you to commit mortgage fraud.
    2017 in 2017 - 1974.69
    • davidmcn
    • By davidmcn 18th May 17, 11:01 AM
    • 5,149 Posts
    • 4,803 Thanks
    davidmcn
    • #9
    • 18th May 17, 11:01 AM
    • #9
    • 18th May 17, 11:01 AM
    In your experience; what are the chances out of 100 would they come back and check employment status again?
    Originally posted by andycrystal
    Or to put it another way, "I am considering committing mortgage fraud, would all of you mortgage brokers and lawyers please advise me what my chances are of being caught"?
    • Loft Boy
    • By Loft Boy 18th May 17, 11:52 AM
    • 38 Posts
    • 61 Thanks
    Loft Boy
    I am.speaking from personal experience

    A few years ago my wife and I were in the process of buying a house we had just had our first child ( had our offer accepted while we were still in hospital day after the birth. Pretty great 24 hours!

    On my return to work my new boss told.me.i.was.being put.on a pip having been there 5 years and always got.good ratings this was a shock the pip was for 12 weeks. At this point we didnt declare anything as nothing had changed and I.just thought it was someone trying.to.flex their.new managerial.muscle.


    I jump through hoops for 12 weeks all.good have a.meeting and am.told.it will be going to disciplinary and I.could be sacked. At this point I realise I.am.in a no.win situation thing is.i.knew it was a load of.rubbish and after.finding.out.that the supposed.complainants hadn't.made.complaints ( I had their.testimony on email I filed.a.grievance with Hr.

    Long story short they offered.me a lot.of.money to.go.and not go through with the grievance but.my exit.date.would have been before.completion so through various ways I dragged it.out and left.on the day of.completion

    Left work.and went to.my.new house. Do.i regret.doing it.-no
    Was it stressful - Absolutely new baby going to a place of work and having to be Nic to.someone.you would.love to throw.off a bridge and worrying about possible.loss.of.deposit etc I don't think.i.slept.properly.for.about 3 months.

    People.can.advise.you.of.rights.and.wrongs.but.som etimes.life.isnt black and white.but.if goes wrong you.will.have.to carry the can
    • tykesi
    • By tykesi 18th May 17, 12:06 PM
    • 1,650 Posts
    • 2,205 Thanks
    tykesi
    I am.speaking from personal experience

    A few years ago my wife and I were in the process of buying a house we had just had our first child ( had our offer accepted while we were still in hospital day after the birth. Pretty great 24 hours!

    On my return to work my new boss told.me.i.was.being put.on a pip having been there 5 years and always got.good ratings this was a shock the pip was for 12 weeks. At this point we didnt declare anything as nothing had changed and I.just thought it was someone trying.to.flex their.new managerial.muscle.


    I jump through hoops for 12 weeks all.good have a.meeting and am.told.it will be going to disciplinary and I.could be sacked. At this point I realise I.am.in a no.win situation thing is.i.knew it was a load of.rubbish and after.finding.out.that the supposed.complainants hadn't.made.complaints ( I had their.testimony on email I filed.a.grievance with Hr.

    Long story short they offered.me a lot.of.money to.go.and not go through with the grievance but.my exit.date.would have been before.completion so through various ways I dragged it.out and left.on the day of.completion

    Left work.and went to.my.new house. Do.i regret.doing it.-no
    Was it stressful - Absolutely new baby going to a place of work and having to be Nic to.someone.you would.love to throw.off a bridge and worrying about possible.loss.of.deposit etc I don't think.i.slept.properly.for.about 3 months.

    People.can.advise.you.of.rights.and.wrongs.but.som etimes.life.isnt black and white.but.if goes wrong you.will.have.to carry the can
    Originally posted by Loft Boy
    That's a lot of full stops
    2017 in 2017 - 1974.69
    • zx81
    • By zx81 18th May 17, 12:44 PM
    • 11,611 Posts
    • 11,624 Thanks
    zx81
    Full stops everywhere except at the end.
    • andycrystal
    • By andycrystal 18th May 17, 2:42 PM
    • 6 Posts
    • 0 Thanks
    andycrystal
    Or to put it another way, "I am considering committing mortgage fraud, would all of you mortgage brokers and lawyers please advise me what my chances are of being caught"?
    Originally posted by davidmcn
    Yes, basically. People on this forum must know how likely it is to be found out or not? Would anyone in the field be able to share?

    Anyway, we are now intending to tell our broker once she has found new employment and before exchange of the contract. We will say that she is being made redundant and that she will be starting a new job after her current one finishes - assume that will be ok?

    She should secure a job within a week or so

    Thanks!
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