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

Badger85

We've got our mortgage through Natwest and have requested draw down on the mortgage for completion next Friday. We've had no further checks since we received the mortgage offer if that helps 

hippocrates1

How will you afford the mortgage for a year? At the end of the day just make sure buying Thai house is worth the financial stress. A house is only a good investment if you can afford it.

lookstraightahead

teachfast said:

The OP didn't ask for a load of life advice and made it clear they didn't want to discuss the work circumstances beyond what they disclosed. 

In answer to the question asked: some lenders do a credit check before draw-down, sometimes. They can also do a last minute audit of the file and ask for more information, but I understand this is rare. The other reason may be that the solicitor gets wind of something and would be obliged to tell the lender. Credit reference agencies themselves hold information about current employment, so if that has changed then a credit check would reveal that. 

As always, honesty is the best policy, within the legal and contractual framework you have in front of you. You don't have to disclose facts beyond those the paperwork makes clear that you must.

Agreed, but as you say if the solicitor gets wind of things they might have to disclose, so it's not about life advice it's about understanding the situation.

It's like me asking "can I eat tomatoes" 

so in answer to the question. Yes they can. They can run checks at any point, they can ask for more info, and if your solicitor hears anything, they might be obliged to pass it on.

Angela_D_3

Youll be fine andf woth the current rental situation if you can afford the mortgage buying will be a lot less stressful than renting 

Angela_D_3

Credit references do not hold employment information 

GDB2222

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.

So, the plan is to commit mortgage fraud, and you are just asking how likely you are to be found out? Have I understood the question correctly? 

TBG01

GDB2222 said:

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.

So, the plan is to commit mortgage fraud, and you are just asking how likely you are to be found out? Have I understood the question correctly? 

Astonishing isn't it.

OP admits to knowingly committing mortgage fraud yet the majority of the response is 'Yeah it's fine'. 

csgohan4

Be careful OP,  the lender can and will ask for pay slips

Being on a fraud register for life is not pleasant, getting any form of credit will be difficult

https://www.nhunter.co.uk/

If you are unable to make mortgage payments and the lender finds out you lost your job before completion, they may take  a dim view on this and recall the whole loan and repo in the long run.

Can you afford the mortgage without working?

lookstraightahead

It does seem a bit weird though that people change their jobs all the time - I suppose they should be telling the banks, but I bet no one does.

so really, although it is fraud, the risk (to the bank) is no greater than anyone they give a mortgage to.

RecoveringAndy

It is absolutely not a good idea to continue without discussing with your mortgage lender.

lookstraightahead said:

so really, although it is fraud, the risk (to the bank) is no greater than anyone they give a mortgage to.

Firstly, fraud is fraud. It's crazy to think of it any differently.    If the risk to the lender is no greater, then you'll be able to clearly outline your circumstances to the lender. They'll come back, agree that there is no issue and things can proceed without the worry of "getting caught" at the last minute.

I have been here. I had to disclose a criminal matter which put me in a precarious position to my soon to be mortgage lender. I was honest, provided the details they wanted and then I waited to be rejected.  In the end, they were ok with it. Things proceeded without worry.

Do not stick your head in the sand. The consequences down the line can be really severe. Ending up with fraud markers etc will scupper not just the chances of future mortgages but any credit, contracts and bank accounts.