Will the mortgage lender need to contact my employers between now and the exchange/completion of contracts?

Question

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.

Additional information: Myself and my partner would be able to afford the mortgage if needed be until I found other work

Answer 1

In my experience, the mortgage company will check your employer BEFORE making an offer. Once the offer has been made and accepted, then the mortgage company doesn't really care where you get the money from as long as you pay it. I would stop worrying. It shouldn't be a problem.

Answer 2

Almost sure that you will find all financial solution at: loanhome.info/-

RE Will the mortgage lender need to contact my employers between now and the exchange/completion of contracts?

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.

Answer 3

Century 21 Mortgage

Answer 4

The lender will typically verify your employment when you first apply and again just prior to completion. When they ring your employer to verify just prior to completion and are told you've been made redundant, guess what happens to your mortgage?

You should also review the agreements you've signed to date with the mortgage company or bank. It almost certainaly states that you must advise them of any facts or circumstances that would affect your income or ability to make the repayments. Redundancy would certainly qualify as circumstances affecting one's income!

Answer 5

most lenders will probably check with your employer before they many any offer to you.. they want to make sure you can afford the loan...I would stay with the job you have for now.. found a great site with tons of mortgage information, everything you need to know about a home loan.. good luck
http://www.derekbeisner.com/

Answer 6

Why would they? They just need evidence from salary slips dont they?

if they did contact your employer and he gave info about you which you had not previously authorised it would be a breach of confidentiality. Maybe you agreed to this when you were accepted for the mortgage?

Answer 7

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Answer 8

If your loan application has been approved then your employers would already have been contacted. This is standard procedure. You would have had to forward copies of your pay advice slips and taxation records etc.