Does mortgage lender check bank statement or payslip again after issuing the mortgage offer?

roundbrown

Hi, I received my mortgage offer about 4 months ago and my solicitor said that we were nearly there, and probably could exchange the contract in the early September.

However, I have a very unusual situation with my company - when the accountant goes for his holiday (normally once a year and takes around one whole month), our payslip and the salary will be given/paid later. Normally I receive my payslip on the 5th of each month and the salary is paid on the 8th. But during the accountant's holiday last year, I hadn't received my payslip until he was back, and the salary was paid about 2 weeks later.

So I'm worrying whether the bank will ask for my latest bank statement or payslip again before exchanging or completing? If does so, can I ask my boss to write any letter to prove that the salary is just paid later this month due to the accountant's annul leave?

I know this sounds really uncommon but I'm working for a small company and no one ever said anything about this before. But since I'm purchasing a property and it suddenly becomes an issue for me.

Thank you very much.

[Deleted User]

In my case, they only asked for payslips & bank statements the once.
I think you'll be ok, would be very odd to ask for them again...
But when I got my mortgage from HSBC my salary looked odd, a letter from my employer sufficed to prove as evidence for the truth.

roundbrown

Deleted_User wrote: »

In my case, they only asked for payslips & bank statements the once.
I think you'll be ok, would be very odd to ask for them again...
But when I got my mortgage from HSBC my salary looked odd, a letter from my employer sufficed to prove as evidence for the truth.

Thank you. The EA told me the same.
But I once heard about a case that one guy was asked to provide his bank statement and payslip again just before complete. He was quite worried and didn't understand why he was asked so, but everything went good eventually. So I'm just curious that if such action is some kind of random check?

Thank you.

davidmcn

I've only encountered it where it's been a specific (and unusual) condition in the mortgage offer (in the case I'm thinking of, the lender wanted a payslip to evidence that one of the borrowers had returned to work after maternity leave).

roundbrown

davidmcn wrote: »

I've only encountered it where it's been a specific (and unusual) condition in the mortgage offer (in the case I'm thinking of, the lender wanted a payslip to evidence that one of the borrowers had returned to work after maternity leave).

Thank you for the case.

The guy's case I wrote in my previous post is some kind of "a friend of a friend" talking, so I have no idea what situation the person was really having at that time. But I guess it was some unusual condition.

Thank you.

B_DOG

Most mortgage offers expire at the end of 6 months. So if you haven't completed by then (if you're buying a new build last minute delays are common), there is the possibility that the lender asks for fresh documentation.

Another instance in which I was asked for most recent payslip and bank statement was when our broker requested an increase in the borrowing amount a few months after offer.

In any case, as long as you have a valid excuse for anything out of the ordinary and your employer is willing to provide any evidence or representations required by the lender, you should be fine.

roundbrown wrote: »

Hi, I received my mortgage offer about 4 months ago and my solicitor said that we were nearly there, and probably could exchange the contract in the early September.

So I'm worrying whether the bank will ask for my latest bank statement or payslip again before exchanging or completing?

roundbrown

B_DOG wrote: »

Most mortgage offers expire at the end of 6 months. So if you haven't completed by then (if you're buying a new build last minute delays are common), there is the possibility that the lender asks for fresh documentation.

Another instance in which I was asked for most recent payslip and bank statement was when our broker requested an increase in the borrowing amount a few months after offer.

In any case, as long as you have a valid excuse for anything out of the ordinary and your employer is willing to provide any evidence or representations required by the lender, you should be fine.

Thank you for this helpful reply.

comedyseeker123

I think it’s fishy that you aren’t getting paid on time because the accountant is away.

letitbe90

comedyseeker123 wrote: »

I think it’s fishy that you aren’t getting paid on time because the accountant is away.

I have to agree with this!

Retired_Mortgage_Adviser

OP, don't worry, it should not be a problem as long as there is adequate justification backed up with appropriate evidence as requested by the lender. Some lenders will be more a*nal than others.

The circumstances in which new payslips might be required are as described below. Another possibility is the individual broker/broking firm's compliance requirements might mandate that fresh documentation needs to collected after x months, etc.

Are you using a broker and who's the lender?

B_DOG wrote: »

Most mortgage offers expire at the end of 6 months. So if you haven't completed by then (if you're buying a new build last minute delays are common), there is the possibility that the lender asks for fresh documentation.

Another instance in which I was asked for most recent payslip and bank statement was when our broker requested an increase in the borrowing amount a few months after offer.

In any case, as long as you have a valid excuse for anything out of the ordinary and your employer is willing to provide any evidence or representations required by the lender, you should be fine.

ethank

comedyseeker123 wrote: »

I think it’s fishy that you aren’t getting paid on time because the accountant is away.

That's a breach of employment contract!