Mortgage lender need to contact my employers

putitinmytil

Urgent Help Needed

I am a first time buyer and have an accepted mortgage offer from a lender on a property and the survey has also been completed. The solicitors are currently in the process of searches on the property.

My questions is will the lender need to contact my employers between now and the exchange/completion of contracts?

I am asking this question as I am going to be offered redundancy and am wondering if I should take it?

I really don’t want to carry on working for the company for various reasons that have made my position unbearable.

PS myself and my partner will be able to affored the mortgage repayments for a temporary period if needs be. I am confident that I would be able to find other work

clutton_2

will you be able to get another job immediately and then be able to pay the mortgage ? i might be tempted to put the house hunting on hold till i get another job

elsien

As far as I know, the employer isn't usually contacted - didn't for me anyway.

Hope you don't think this sounds patronising, but are you sure you'd be able to get another job - if you're going to be redundant, is it really the best time to be taking out a mortgage?

Curv

The lender might want to verify what you've told them by getting your employer to confirm the details. They are within their rights to do this.

But I'd seriously reconsider buying the house if there is any doubt about the security of your employment. You won't qualify for any MRI payouts as you have knowledge of the redundancy prior to taking the loan. Also, I think that your conveyancer is obliged to disclose that information to the lender as he's acting for them too... the fact that you may not be employed for very much longer is material to their decision to lend.