Losing job after mortgage approval

ACG

Never underestimate the law of sod... his laws catch up with you when you least want it to.

Fletchasketch

ACG wrote: »

Likelihood of them finding out is probably quite slim - especially if you are still there at completion... but thats not to say they will not find out.

As to what will happen if you have another job, as i said it will depend on the lender. Have a look at their lending criteria for employment. Some say through probationary others say 3-6 months others just say to be employed.

Thanks, appreciate it. From what you're saying, do mortgage companies actually call employers and ask for confirmation of employment then?

Thrugelmir

Fletchasketch wrote: »

Thanks, appreciate it. From what you're saying, do mortgage companies actually call employers and ask for confirmation of employment then?

As has been said previously. Your call. Failure to disclose is fraud. Lenders share their data by means of an organisation called NationalHunter.

http://www.nhunter.co.uk/

So you can see how seriously the matter is taken. Financial relationships are build on trust. Break the trust and suffer the consequences.

holly_hobby

Sorry to hear of your job news ... timing could be better just before christmas !

With regards the lender and employer checks, they can and do perform ad hoc status checks right upto completion .... and if they call the employer and are told you no longer work there, you may lose your deposit, and end up being put on the CIFAS (industry fraud) register to boot - which can affect both future financial and employment applications ... so its pretty serious.

Baring that in mind, its really not worth taking the chance of they not finding out ... either pre or post completion, it'll still be cited at best as non-disclosure, and more likely fraud.

Even if you do find another job by the time of exchange/completion - you will still need to advise the lender of this, as a change of employer (esp if the salary is lower) is a significant material change to the original application.

Of course, you will decide to go your own way on this, but at least you'll do so knowing what can happen if the lender gets wind, and it all goes toes up ....:o

I sound like my granny, but honesty really always is the best policy ....

Hope this helps .. with good luck in the job hunt

Holly x

ACG

Lenders are more likely to write to an employer than call them up, but i think some of them do call.

As Thrugelmir says, if you do get found out and it does get reported you get put on a list, that list can prevent you getting a mortgage in future.

holly_hobby

We would tend to telephone on a follow up check, or if it was felt the payslips /reference recd may not be all it seemed.

But both methods are used

H x

Fletchasketch

God this all sounds horrific. Thanks for your advice of course, seems I have no choice but to come clean. It's heartbreaking to lose this flat.

Thrugelmir

Fletchasketch wrote: »

God this all sounds horrific. Thanks for your advice of course, seems I have no choice but to come clean. It's heartbreaking to lose this flat.

Personally I would be more concerned about secure employment. Any property can become a home.

Fletchasketch

Different people different circumstances though. People are biting your hand off in my industry to offer you a job, whereas there's about 30 people after every decent 1 bed flat in my area.

holly_hobby

Listen, you may not lose the flat....

You may secure a new role pretty sharpish, and if you'll be employed in the same sector within an identical or similar role, there are several lenders (inc possibly they one you're currently with), whom will look to set aside and will accept any probationary period, but the important thing is that you do not proceed to exchange before this has all been bottomed out.

So alls not lost, you may just be taking a slight d-tour and slightly longer route ...... of course whether the vendor will wait for delayed exhange etc may be another kink in the chain ...

Dont lose heart, its not all negative, but equally we don't want you to lose money or worse by just steaming ahead gungho.

We are here and are trying to help ..... even if we can't always say what you'd wish to hear

Holly xx