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

Thrugelmir

lookstraightahead said:

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.

Applicants sign a declaration to inform the lender of any material changes to their circumstances. Up to the bank to decide if the change has any impact on the mortgage offer. 

Up to an individual as to whether the risk is worthwhile taking as the consequences are severe. Financial relationships are built on trust.  Once broken they are hard to rebuild. 

lookstraightahead

RecoveringAndy said:

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.

I absolutely agree with you, I was just saying it's a bit imbalanced with risk assessing prospective lenders. 

lookstraightahead

Thrugelmir said:

lookstraightahead said:

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.

Applicants sign a declaration to inform the lender of any material changes to their circumstances. Up to the bank to decide if the change has any impact on the mortgage offer. 

Up to an individual as to whether the risk is worthwhile taking as the consequences are severe. Financial relationships are built on trust.  Once broken they are hard to rebuild. 

I do agree, I just think checks shouldn't stop on completion. 

teachfast

csgohan4 said:

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?

That looks suspiciously like a shady back-door blacklist to me.

csgohan4

teachfast said:

csgohan4 said:

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?

That looks suspiciously like a shady back-door blacklist to me.

Nothing shady about it, lenders, insurers use it. Someone's got to have a naughty list. 

jazzyja

FFnnaerh said:

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.

Is this for health reasons?? It sounds perhaps like it. Not fishing for anything, just wondering if you're upfront about it perhaps it can be worked out of you're going to receive certain benefits etc.

But I am no expert il be honest