Mortgage company asking for contract of employment as...

ryancarney83

...we have been provisionaly approved in principle, however my wife is due to start a new job in November. The mortgage company state this is not an issue, however require her new employer to submit the contract of employment. The employer is a small business with just two employees, and as they have not had to do this before are curious as to what the mortgage company need and if they will themselves come under scrutiny. Basically, would the mortgage company receive the written contract and be happy with that at face value?? This is make or break on our application and any advice is greatly appreciated.

Dave_Ham

This is quite unusual for Nationwide, although they will be looking for a probation period in there, or not

You may find if they google the company they may not be too comfortable with job security given the size of the firm.

Be upfront and honest and they will tell you frankly (although not necessarily quickly as the moment)

ryancarney83

Hi Dave,
Thanks for your quick reply. The company is Santander, and the contract is a permanent contract with no probation period as she has helped out now and then for a few years so they know her well, and this can be given in writing. As her new employer is an older lady, she's nervous that they wont just take the contract at face value and she will be botheree with numerous calls and letters and background checks. This is mainly for reassurance for her really...

ACG

They will just want a contract of employment. The normal type of thing - holidays, probation, sick pay, starting wage, hours etc etc.

Theyre not going to start investigating the owner for a badly worded or unfair contract.

Dave_Ham

Long day, where on Earth did I get from Nationwide from???

Santander, this is exactly the types of games they are playing currently. I would not have faith in them backing any contract, although they will not look into the employer....

Do not put too much faith in Santander as unfortunately they are looking for reasons not to lend at the moment...

littlesparkles

I am involved with a small business and we use the wizard for writing a statement of particulars for our staff on the business link website. This can act as a contract I believe.

Simon_gloster

To use a future income ie in the next 3 months, the lender will want confirmation the staff member has accepted the offer based on the terms provided ie hours, hols etc as ACH says.

It just needs to stack up with what you have told them. At the end of the day if its all guff ,they are lending to someone currently with a different/no job.

The old dear wont get hassled as long as its a professionally looking contract and not on the back of a Dartmouth tea-towel!!!

Wh05apk

I would't worry about using Abbey on a case like this, I have done several like this, normally they like to see that you are starting within 3 months, and the contract will need to be on headed paper. Provided the job is similar to current experience they are not worried about probation.