Mortgage and pay slip

fu.business

Hi all,

Thank-you for taking your time to read this.
A friend of mine has an approved mortgage in place, however the bad news is he might be made redundant due to various of reasons.
He is not due to completion until mid April so he was wondering if the bank still requires any pay slip from him, as he might not be able to provide it.

Has anyone experience this and can answer me if the bank requires any more pay slip just before completion takes place? He does have the money and fun and might be getting a job fairly quickly though.

Thank-you

kingstreet

The lender asking for a payslip is irrelevant. The borrower has a duty to disclose any change in circumstances which may affect the lender's lending decision between application and completion.

If the case is subject to a random audit, the lender may request an employer's reference or make a phone call to check he works there. This can take place between exchange and completion and could result in the mortgage offer being withdrawn.

Gary123456790

Slightly off topic - but does this apply once you have an existing mortgage in place and circumstances change?

Im thinking major change like above such as losing your job. Im not sure on this officially but in reality they dont care as long as the direct debit goes out!

Gary.

kingstreet

Gary123456790 wrote: »

Slightly off topic - but does this apply once you have an existing mortgage in place and circumstances change?

Im thinking major change like above such as losing your job. Im not sure on this officially but in reality they dont care as long as the direct debit goes out!

Gary.

No. It only applies before completion.

fu.business

I see but whats the chance of them phoning the company up?
Has anyone ever experienced it because he really wantsto buy the house and fingers cross the lender won't ask for any pay slip before completion as he does have another job lined up.