Do lenders check again once application is through underwriters and mortgage offer given

FFnnaerh

Hello!

My partner and I are in the process of buying our first home and are getting a mortgage with NatWest. We are now at a point where the application has gone through underwriters and an offer letter given, solicitors are running checks and we are waiting for the vendors to complete the chain their end (they're looking to upsize).

Now that we are past the underwriting process, does anyone know for sure if NatWest will run any further checks between now and completion aside from if the offer expires?

Thanks a bunch!

MaryNB

Some lenders may run a credit check just before releasing the funds. As long as you don't take out a new form of credit between offer and completion you should be ok - don't be tempted to buy furniture on credit or take out a car on finance before completion.

hippocrates1

Yes they can do further checks 

theartfullodger

They may or may not do further checks.  (No offence) but your asking provides a great example of why they should...

What is it you're concerned they may find, please?

FFnnaerh

theartfullodger said:

They may or may not do further checks.  (No offence) but your asking provides a great example of why they should...

What is it you're concerned they may find, please?

Thanks and no offence taken.

So I may be needing to hand in my notice at work prior to completion but this would mean that my employment would end after completion as it's a three month notice period. I understand that this is mortgage fraud if I was to not inform the lender.

hippocrates1

FFnnaerh said:

theartfullodger said:

They may or may not do further checks.  (No offence) but your asking provides a great example of why they should...

What is it you're concerned they may find, please?

Thanks and no offence taken.

So I may be needing to hand in my notice at work prior to completion but this would mean that my employment would end after completion as it's a three month notice period. I understand that this is mortgage fraud if I was to not inform the lender.

Why are you leaving? Do you have a new job lined up? They unlikely to find out you’ve changed jobs. That would not come up on a credit check 

FFnnaerh

It's a private matter which I do not wish to share.

I will have no choice to be unemployed for a year from that point onwards with guaranteed employment at the end. I'm trying to decide whether to ditch the purchase or take a risk and pay as normal.

ele_91

If your chain isn’t complete yet I would be thinking you’re unlikely to complete in a few months time. I wouldn’t be spending any more on this until it is complete or presuming your offer won’t expire!

FFnnaerh

ele_91 said:

If your chain isn’t complete yet I would be thinking you’re unlikely to complete in a few months time. I wouldn’t be spending any more on this until it is complete or presuming your offer won’t expire!

The chain will definitely complete in time, the vendors have given a deadline for completion at which they will move into temporary accommodation whilst they finish their end.

lookstraightahead

Is it some kind of gardening leave? I don't understand - you will be unemployed for a year but with guaranteed employment after that? 

FFnnaerh

hippocrates1 said:
Why are you leaving? Do you have a new job lined up? They unlikely to find out you’ve changed jobs. That would not come up on a credit check 

Is it only a credit check they would do at this stage?