Mortgage Lender Checking on Your Job

Dave_Ham

Interesting, would have guessed at someone else as we have done a lot of cases with Halifax recently and with clients employed by national companies but not had this crop up..

Cheers

Mortgage_Mark_2

Dave_Ham wrote: »

Interesting, would have guessed at someone else as we have done a lot of cases with Halifax recently and with clients employed by national companies but not had this crop up..

Cheers

Did you ever use GMAC's 'Star' product? It's frightening how easy it was to get a mortgage!

kingstreet

Just checked and it was Las Iguanas and not TGIs.

Sorry. Two similar cases close together.

Twiglet21

Since the new rules came in early this year banks are increasingly making more checks and this does include employment. If you are thinking of being in any way clever with the information you're providing I would avoid it because it could all fall apart at the last minute, we have just been through the process and it appears common for the bank to make a final employment and credit check immediately prior to release of funds by which time you will probably have exchanged contracts and be bound to buy it even if the bank pulls that offer which leaves you in a really sticky situation. Good luck with everything

Senior_Paper_Monitor

This popping back up reminded me I was going to look up which cases where had had automatic verification of income recently ...


Santander (from their criteria) ...


Automated Income Verification (AIV)


AIV is an automated way of verifying income through the

Credit Reference Agency (CRA) comparing Current Account

Turnover (CATO) information against an applicants stated

income. Where a joint application is submitted, both applicants

must be AIP eligible.


This agreement is on the basis that you, the intermediary, are

satisfied that the income declared is accurate and that at the

time of full case submission you have supporting evidence of

net income which meets our requirements. This information

should be retained on file for a minimum of two years from

the date of completion.






I also believe Nationwide can do similar but can't find any notes on the subject so don't hold me to that.

kingstreet

Funnily enough I had another Halifax electronic verification of income yesterday. The applicant works for a Leeds-based firm called Andrew Page Ltd.

Thrugelmir

For Companies that submit their PAYE etc to the HMRC electronically. The data is real time. So the HMRC receives a detailed breakdown of all employees.

bitmadmax

The lenders must be able to see more about current account info than we can then - Noddle and experian always say my current account balance is 0 when it's usually anything between 500-1500 over the month?

GingerBob_3

bitmadmax wrote: »

The lenders must be able to see more about current account info than we can then - Noddle and experian always say my current account balance is 0 when it's usually anything between 500-1500 over the month?

Yes, as I understand it, current account data does not show positive values, so how is this AIV working?

I would be extremely surprised - strike that; I wouldn't be surprised at all - if payroll data submitted to HMRC was made available to private companies.

Last time I applied for a mortgage (19 years ago) the BS requested a reference from my employer, so what's new?

Thrugelmir

bitmadmax wrote: »

The lenders must be able to see more about current account info than we can then - Noddle and experian always say my current account balance is 0 when it's usually anything between 500-1500 over the month?

Lenders will see account turnover data.