Do banks check with employers if you are relocating?

Mindfull74

We are looking to relocate. I want to use my current salary so that we can get a small mortgage. We have about 270k deposit and need to borrow about 50-60k
Obviously, I do not want my current employers to find out and am anxious as to whether the bank will check on employment details as I am moving 60 miles away. My dh is disabled so his earnings are purely pip/esa.
Any help/advice gratefully received.

glosoli

The bank will ask if you anticipate any changes to your income and employment circumstances, and if you then explain you are getting a new job then yes they will want to know the details of it, such as income, nature of the contract and whether there will be any probationary period or not. They need to ensure that the mortgage is affordable into the longer term.

They wont be interested all that much in your current employment if your going to be changing jobs.

Mindfull74

Thank you. I am hoping they won't check as want to temp for a bit once we've moved..

ACG

You will likely be committing mortgage fraud. Unlikely to get found out but a lot to lose if you do.

I'm not judging but if you go into it with your eyes open, you can not moan if it gets found out.

fewcloudy

ACG wrote: »

You will likely be committing mortgage fraud. Unlikely to get found out but a lot to lose if you do.

I'm not judging but if you go into it with your eyes open, you can not moan if it gets found out.

Huh? Why is not wanting your current employer to know you will be leaving sometime, committing mortgage fraud? Surely if the lender is told everything i.e. relocating/temping plans then that is fine? Temping as well as working in current job would only bring in more cash I'd have thought. Not wanting your current employer to know that you are leaving/moving/temping seems fair enough to me.

glosoli

Effectively the original poster wishes to give the impression to the mortgage company that she will be continuing to work for the same employer even after they relocate, whereas if the mortgage company knew about her actual intentions they would require further information for the new employment to ensure the mortgage is affordable, and a temporary contract is unlikely to be sufficient and will lead to a decline/fail affordability checks.

During the course of the interview she will be explicitly asked whether she has any changes to her income or employment circumstances, even though she should answer yes to this, based on what she has said she will say no, therefore that is how mortgage fraud enters the equation.

fewcloudy

glosoli wrote: »

Effectively the original poster wishes to give the impression to the mortgage company that she will be continuing to work for the same employer even after they relocate, whereas if the mortgage company knew about her actual intentions they would require further information for the new employment to ensure the mortgage is affordable, and a temporary contract is unlikely to be sufficient and will lead to a decline/fail affordability checks.

During the course of the interview she will be explicitly asked whether she has any changes to her income or employment circumstances, even though she should answer yes to this, based on what she has said she will say no, therefore that is how mortgage fraud enters the equation.

I see. Well, I think the original post is a bit ambiguous then, as I read it to mean it was all about not wanting the current employer to know anything, rather than the mortgage company.

glosoli

Yes it was unclear however post #3 clarifies it.

elsien

I don't think the Op is planning to commit mortgage fraud - post 5 clearly says that they plan to give full information to the lender but don't want the employer to know.
OP - you may find that temping is not considered secure enough for mortgage repayments as although the salary may be equivalent/higher, it's not guaranteed.

glosoli

Post #5 wasn't by the original poster.

Owain_Moneysaver

Mindfull74 wrote: »

We are looking to relocate. I want to use my current salary so that we can get a small mortgage. We have about 270k deposit and need to borrow about 50-60k
Obviously, I do not want my current employers to find out and am anxious as to whether the bank will check on employment details as I am moving 60 miles away.

The bank is likely to check with your employer your current salary and status of employment. They shouldn't disclose to your employer the location of your new address - but they might mention it in general terms especially if they think it's outside commuting distance and affects your stability of employment.