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gruffydd

Ahem! I'm Being Sacked, So Looking For A Mortgage

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Just recovering from a conversation with a guy I sometimes work with at one of my clients. Firstly, he's being sacked. Secondly, he's looking for a mortgage 'while I can still get one.' :blink:

PS How long is it these days before lenders will look at lending yer a mortgage once you've started a new job. He seemed to think it was 12m???? Sounds like an over-estimation to me.

Edited by gruffydd

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Just recovering from a conversation with a guy I sometimes work with at one of my clients. Firstly, he's being sacked. Secondly, he's looking for a mortgage 'while I can still get one.' :blink:

PS How long is it these days before lenders will look at lending yer a mortgage once you've started a new job. He seemed to think it was 12m???? Sounds like an over-estimation to me.

Not a chance. The mortgage company will contact his employer and they will almost certainly give an indication of how secure his job is. In the current climate he won't get a bean.

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Guest theboltonfury
Not a chance. The mortgage company will contact his employer and they will almost certainly give an indication of how secure his job is. In the current climate he won't get a bean.

Will they? Who would be responsibe in a medium sized company for deciding how secure his job is. I've never heard this before?

I doubt anyone would go on record as saying his/her job is unsecure.

Edited by theboltonfury

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Not a chance. The mortgage company will contact his employer and they will almost certainly give an indication of how secure his job is. In the current climate he won't get a bean.

A chance for Northern Rock or HBOS to demonstrate 2007-style lending!

If my job goes, I'll have to buy somewhere so as not to see my savings killed again. The tax-and-benefits situation that makes that work is one of the main drivers of HPI.

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Will they? Who would be responsibe in a medium sized company for deciding how secure his job is. I've never heard this before?

I doubt anyone would go on record as saying his/her job is unsecure.

Indeed. Ask for a financial employment reference from the HR department where I work and you get a standard letter detailing years of service, salary and additional payments from eastern Europe. - automatically generated I suspect - you get an email with a button in it authorizing them to release the data then you get a copy of what they sent out. They must do hundreds a day - I doubt they take security into account - how would they know?

As for how sensible it is loading up on debt just before loosing your job - many will think it's mad but if you have locked equity and are confident you can find something else before your savings and the new loan runs out then it may just work out. It's a gamble, but so are many things in life.

Edited by impatient_mug

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Will they? Who would be responsibe in a medium sized company for deciding how secure his job is. I've never heard this before?

I doubt anyone would go on record as saying his/her job is unsecure.

Yes they will. I have been contacted by a number of banks asking for references and it is a legal obligation to tell the truth. If this guy knows he is being sacked then his employer will certainly know and the bank will literally be told that his job may not be secure.

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Just recovering from a conversation with a guy I sometimes work with at one of my clients. Firstly, he's being sacked. Secondly, he's looking for a mortgage 'while I can still get one.' :blink:

PS How long is it these days before lenders will look at lending yer a mortgage once you've started a new job. He seemed to think it was 12m???? Sounds like an over-estimation to me.

Makes sense, fuhrer Brown will pay it during unemployment anyway. He should get a few BTLs as well. Gordon will pay for them too, he need never 'work' again.

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Guest theboltonfury
Yes they will. I have been contacted by a number of banks asking for references and it is a legal obligation to tell the truth. If this guy knows he is being sacked then his employer will certainly know and the bank will literally be told that his job may not be secure.

So if a person is not being sacked, then would they ask anyway how stable his/her job is? Then some bureaucrat may have to give an assessment on someone they may not even know.

I can't believe that happens.

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I have seen one of the reference request letters banks send to employers a long time ago.

It basically asked to confirm they were permanent, salary and they were not under notice of being terminated.

I don't think "might be sacked" comes into it, they are either under notice or not.

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Guest theboltonfury
I have seen one of the reference request letters banks send to employers a long time ago.

It basically asked to confirm they were permanent, salary and they were not under notice of being terminated.

I don't think "might be sacked" comes into it, they are either under notice or not.

That's what I thought. They are not after the opinion of some Doris in HR.

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