First Time Buyer question about employee

M0j0

Hope someone can answer this question as im quite worried atm,

Ive applied for a first time buyer mortgage for a flat that ive had a offer of 63k accepted, im putting £10300 deposit down so its under the 85%, its been sent for referrel (man on phone said this was the case for 99% of new buyers so i shouldnt worry) my question ive been in my job 4 years 3months, last year it went into administation as the previous owners was just using the business as a cashpoint but the business is still going and will keep going as its running at a profit for the bank, but in the eyes of a mortgage provider my job isnt 100% guarenteed should i be worried?

Thankyou for any replys

ACG

I would imagine this would go down to the lender. If i had to lean one way or the other i would say it will be possible to get a mortgage - but i wouldnt want to commit to that answer if that makes sense.

Who is your lender?

M0j0

Thankyou for the reply ive applied to co-op as its my bank ive been with them for 10 years so they now my spending patterns, etc

ACG

Ive jsut had another think about this.

Theyre going to ask if your employed, who by and how long you have been there. Theyre not going to ask about the financial state of the company so unless its a well known company you will probably be alright.

Co-op will probably go for an employers reference but thats just to confirm your wage and how long you have been there.

Dont mention the financial state of the company as theyre not asking you and technically you probably dont know the ins and outs anyway and you should be fine.

kingstreet

The only potential issue is if an employer's reference has a "catch-all" question, such as "Is there any reason why the employment may not continue in the long term?" or something similar.

Unless the firm is actually laying off at this point and the OP is under the immediate threat of termination, it should go fine.

R_P_W

I don't think anyone could say their employment is '100% guaranteed' anyway.