Mortgages whilst in job probation

AlecEiffel

pjread wrote: »

I hear things like this all the time, but I never quite understand why. Surely you either pay rent or a mortgage, and unless the plan is to be homeless you're about as committed to either.

(in fact, if the worst really came to worst I'd probably rather be in mortgage arrears than rent arrears...)

Short term wouldn't be a worry as my wife is secure (as anyone can be) in her role and on a good salary. Mortgage payments on my calcs are less than the rent we pay so it would be covered and affordable in the short term. My worry would be length of time out of work and other living costs etc if it took a while to find a job, as we wouldn't have a large savings pot behind us as we did have prior as it would obviously largely be spent on the deposit. This was the main reason we wanted six months for me to get established in new company, see out the probation etc, then take on the commitment, its just come about a little earlier than we would have hoped. Shall think!!

oxfordmark

Do lenders accept faxed copied letters as proof?

Caladan

pjread wrote: »

I hear things like this all the time, but I never quite understand why. Surely you either pay rent or a mortgage, and unless the plan is to be homeless you're about as committed to either.

(in fact, if the worst really came to worst I'd probably rather be in mortgage arrears than rent arrears...)

True, but arrears on a Mortgage are far more serious than arrears on rent (which quite often wont even show on your credit report). Also, if you fail to pay your rent and get kicked out you can find somewhere else to rent. If you default on your Mortgage and get re-possessed good luck finding another property to buy and a lender willing to lend to you.

Can't afford to pay rent anymore? Go on a jolly and rent a room for £70 a week.

Can't afford your Mortgage anymore? Say goodbye to your credit score, your ability to Remortgage onto a better deal anytime soon, and possibly your house.

Caladan

amnblog wrote: »

Looking forward to finding an employer that will do that!

It is indeed quite rare, I've had a few in my time though (usually things like GPs going into a new surgery where they already have a track record and the probation is really just a formality).

kingstreet

oxfordmark wrote: »

Do lenders accept faxed copied letters as proof?

No. They will want to write to the employer directly for a reference. Copies of faxes from applicants and brokers are too easily amended and lenders are wise to "photoshop".

oxfordmark

Agh!

When we applied for the Nationwide mortgage on the phone, the lady said we should request and send the reference from her employer ourselves due to it being quicker, she almost made out they wouldn't be sending any requests. So, my partner asked them for the reference, she asked for:

To include our mortgage application number
History at the company (before, during Uni)
Position she is in now
Salary

After i called Nationwide today, the man said they sent a fax and they should respond to that. But we just found out that her employer's head office have followed the instructions WE requested and are sending a letter to to the location my partner works at. Knowing this i called Nationwide and she said we can fax it to them once received.

Is the information we requested enough to approve the mortgage?

This really has been confusing!

kingstreet

All I can tell you is what our service centre tell us. I can't tell you if some plan between you and your branch contact is a "workaround."

Nationwide will write, fax or email a request for a reference to the employer. The employer fully completes it, signs and stamps it, ensuring no boxes are unticked and mails or faxes it back, where it is added to the case file.

As mentioned, we are not allowed to involve ourselves in the process. We can provide an email address or fax number of an individual and Nationwide will use that, but its return cannot be via us or the applicant.

oxfordmark

kingstreet wrote: »

All I can tell you is what our service centre tell us. I can't tell you if some plan between you and your branch contact is a "workaround."

Nationwide will write, fax or email a request for a reference to the employer. The employer fully completes it, signs and stamps it, ensuring no boxes are unticked and mails or faxes it back, where it is added to the case file.

As mentioned, we are not allowed to involve ourselves in the process. We can provide an email address or fax number of an individual and Nationwide will use that, but its return cannot be via us or the applicant.

When i say "branch" i mean the branch of the company my partner works at, not a Nationwide branch.

Is what we asked for ok though?

kingstreet

Ah. I see.

A Nationwide employer's reference requests;-

employee's name
employee's address
employee number

then

Job title
Length of service & Higher rate taxpayer
National insurance number
Tax office & Tax reference number
Basic wage/salary weekly/annually

Regular overtime/bonus/commission £ are these payments likely to continue Y / N

Is the employment open ended, fixed term, temporary/casual, other

Name and signature of referee
Company stamp
Date

I've just copy-typed this from a reference I just happen to have in one of our client files. I cannot tell you if what you have will be accepted. On our reference, the individual left their name off and did not tick the box for continuing bonus, so it had to be done again.

oxfordmark

kingstreet wrote: »

Ah. I see.

A Nationwide employer's reference requests;-

employee's name
employee's address
employee number

then

Job title
Length of service & Higher rate taxpayer
National insurance number
Tax office & Tax reference number
Basic wage/salary weekly/annually

Regular overtime/bonus/commission £ are these payments likely to continue Y / N

Is the employment open ended, fixed term, temporary/casual, other

Name and signature of referee
Company stamp
Date

I've just copy-typed this from a reference I just happen to have in one of our client files. I cannot tell you if what you have will be accepted. On our reference, the individual left their name off and did not tick the box for continuing bonus, so it had to be done again.

Hey

Thanks!

We didnt ask for the NI number or Tax number to be included in the reference, but we are sending Nationwide her last payslip (from the company we are requesting the reference from.)

Is that ok? Gosh HEADACHE!!!!!