Re mortgaging

stoneystretton

Hi
We are in the process of remortgaing with our bank, who we have been with for 12 years. The house is worth 400000k and we have a mortgage of 180k.
As my husband is paid in cash, and we don't pay all of it into the bank, each time we fix a rate or make other changes, the bank require a letter from his company confirming his employment. His employer has sent this off as usual, but my husband tells me the bank telephoned his employers and requested verification that my husband is an employee and that the phone number was correct.
They haven't done this in the past. Is there something wrong, or is this a change to usual practice?
I am grateful for any advice.

Poundcounter

stoneystretton wrote:

The house is worth 400000k and we have a mortgage of 180k.

Looks like a shortfall of £399,820,000. Could be tricky.

sarkin

I cant see the problem, the lender is checking that he still works there. If this is a fast track case the lender will look more closely at say 1 in 10 remortgages, you may be the one.

stoneystretton

Thank you
We didn't ask for a fast track remortgage by name, but did ask for it to go through quickly (that makes it a fast track then?). What other checks are carried out if it's a 1- in - 10 spotcheck? Won't this delay it?! lol
I was just interested as to why they phoned OHs employers when they haven't before
Many thanks for your help

regularsaver1

This is a normal employment verification that is often done when income references are used - to confirm that the reference is genuine