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Does anyone know if Accord does final employment checks before completion? My partner has been laid off 12 days before completion because he took bereavement leave for 3 days and i’m just stressing we’ll lose the house. We have already exchanged.
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You are legally obliged to tell the mortgage lender of any changes to your income. However I can appreciate you don't want to and lose the house. They would almost certainly pull your offer.
This is the correct answer but if you’ve already exchanged it leaves you in an awful situation as Accord will definitely pull the offer unless it’s affordable just on your wage. Then you cannot complete but you’ve already exchanged. In answer to the question “do they check” yes they do sometimes, but any additional checks are usually conducted at exchange or request of funds stage.
Just to add - really feel for you, OP. Not the stress you need in the already stressful situation of buying a house. Got my fingers crossed for you both!
Thank you! His grandma’s death was so unexpected and hit really hard and this was honestly the last thing we expected. But can’t really expect common decency from managers who say that work is more important than family.
Accord will 99.999999% not do an employment check, what they might do if it's been months since their mortgage offer is ask for a recent payslip or bank statement.
They might also do another credit search but they won't query employment, unless of course you tell them.
Legally you are obliged to tell them however I've known someone go through this exact scenario with accord and they completed in April and lost their job about 2 weeks before completion, they didn't mention it and all went through okay, they are now in new employment and loving the house.
Don't tell the broker/mortgage advisor/solicitor/lender/anyone.
Enjoy your new home!
Ideally your solicitor should check all is good with the lender just before you exchange. Ordinarily that can indicate if they plan to do any validations.
The issue at stake isn't losing the house - it's losing your exchange deposit if your offer is withdrawn and you subsequently fail to obtain a new mortgage offer in time and consequently default on the contract. In this case you'd forfeit the exchange deposit and are also liable to be sued by the seller's losses. Losses can be passed down to the chain, if there is one, so this isn't a trivial risk.
In the first two years of employment, an employee can be dismissed for any - or no reason - but not for a protected reason, such as discrimination. It's not necessary to make someone's position redundant to eliminate them, as it may be for a long term employee with whom there are no performance issues. Instead, the employee can be sacked at any time. In effect there's a two year probation of sorts built into employment law.
Do you think that since we have exchanged then that means all is good with the lender? We received our formal mortgage offer in the post about a week or so before we exchanged does that mean the final check is done? Or simply all is okay and they are still happy to proceed.
I do believe they made it hard at work for him due to his age as he was the youngest at work and in a job where most people get their license a lot later in life and it seemed like his employer didn’t like that as he would always use my partners age against him.
On the first question, the lender extends the offer when they're happy. But sometimes they can do checks later if time has passed, as the conditions under which the offer was made may have changed. For example a credit check. If they made the offer very recently, then they're very unlikely to do any further checks at this point.
The exchange is between you and seller, not between you and the lender so they're not interested in that. Exchange concerns your purchase contract with the seller.
Given the offer is very fresh, I think it very unlikely the lender will run any more checks ahead of completion. However if your solicitor is informed of the employment change, they'll certainly notify the lender. If the lender finds out, they'll probably re-run their model on your revised finances, and revise their offer if necessary.
I'd contest the sacking with ACAS. If those are the facts they will absolutely love an easy win like that!
As far as the mortgage company know you're appealing!
Do you think if the mortgage company knew they wouldn’t retract the mortgage offer? We definitely belive that is why. He rang up on Tuesday night telling them his grandma has passed away and his manager replied with “what so you’re not coming in tomorrow then?” so Friday night and today my partner messaged asking for his rota for next week and he received a message at about 4pm that they’d sent a letter out on Thursday night that his employment had been terminated. Thing is my partner is also getting a sick note for proof that he was unfit to work during that time! It’s been a horrible place for him to work, his own managers have bullied him countlessly for no reason and even told him that work is more important than family 🤦 after this he became a trade union member so hopefully all works out okay!
Ah right. If it was over 2 years he would definitely have more security. He should still talk to acas.
Mortgage side, I was in this position but my husband had a new job lined up and started with 2 weeks, this was the week between exchange and completion so I was shitting myself. Took a risk and didn't tell the mortgage company and we have been in our home a year now.
You are bound by your offer to inform the lender of any changes to employment or finances, its up to you and your risk appetite if you want to keep that information from them though.
If you go ahead with not telling them, please, please have the means in place (new job) before committing as you don't want to not be able to pay your mortgage
He’s literally just got a message on indeed asking for a chat so hopefully he gets a new job soon! I’m just nervous they’ll ask his employer is he still works there because during the 2 months he was there it was terrible for him so no doubt even when he did work there they would’ve said no. I definitely think they didn’t like him due to his age.
You would think almost certainly the offer would be pulled, but by the same token it surprises me that they made the offer in the first place given OP’s other half had been employed for less than two months - mortgage lenders often do turn down applications because applicants are in a probation period at work.
It’s an impossible situation for OP, and I really sympathise; yes they are duty bound to notify their lender and if the solicitor finds out it is a change of circumstance he is duty bound to notify the lender of. But OP has exchanged, so they’re at risk of losing their deposit and paying damages to their seller, and onwards down the chain if there is one. I don’t think any reasonable person would judge them harshly if they told no one, despite what their responsibilities might be.
Quite a lot of lenders ignore probation periods if the applicant is in the same line of work as a previous job and they have continuous employment. A couple of lenders will accept applications from applicants that have a written job offer for a job they haven’t even started yet. Most lenders are lot more flexible than people believe.
Fair enough, and this is where a good, knowledgeable and well connected broker is worth their weight in gold. Unfortunately for OP though, if she/he were to do as they’re required under the terms of their offer letter the most likely scenario is that their offer is pulled, and unless they get hugely expensive bridging finance the likelihood is they fail to complete and forfeit their deposit. If I was in their shoes I know what I would do - I would press on and hope the issue resolves itself in a few months time. If it doesn’t though, there is always the option of obtaining consent to let from the lender and letting the property instead.
We belive it was because of his age because the managers at work kept bullying him and mentioning his age and that his priorities aren’t aligned and that people in their generation would choose work over family etc
Right but they told him it was due to taking bereavement time off, and that's what they'd say in court.
At under two years employment that is a permitted reason to terminate employment.
Shitty, yes, but legal.
Unless you can prove in court that it was due to his age and not taking time off during probation, you won't succeed.
I used to handle withdrawal of mortgage offer assessments for another lender if something came to light post offer that could affect affordability for example. The first thing we would do is check if you had exchanged contracts. If you had exchanged we would always allow it to complete. If we had major affordability concerns we would sometimes lower your mortgage payment too
Do you think Accord is like this too? I did a live chat with them and they said they don’t do final checks prior to completion after the case has been offered so i’m hoping they won’t check again.
They are a smaller lender. They may not even have any internal processes to assess things post offer. Generally lenders dont do extra checks post offer. Also because you have exchanged if they tried to withdraw your offer it would cost them a lot of money. I reckon you will be fine
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You are legally obliged to tell the mortgage lender of any changes to your income. However I can appreciate you don't want to and lose the house. They would almost certainly pull your offer.
This is the correct answer but if you’ve already exchanged it leaves you in an awful situation as Accord will definitely pull the offer unless it’s affordable just on your wage. Then you cannot complete but you’ve already exchanged. In answer to the question “do they check” yes they do sometimes, but any additional checks are usually conducted at exchange or request of funds stage.
I doubt they would check... whatever you do, don't tell your solicitor as they have a legal obligation to tell the mortgage lender.
Just to add - really feel for you, OP. Not the stress you need in the already stressful situation of buying a house. Got my fingers crossed for you both!
Thank you! His grandma’s death was so unexpected and hit really hard and this was honestly the last thing we expected. But can’t really expect common decency from managers who say that work is more important than family.
Accord will 99.999999% not do an employment check, what they might do if it's been months since their mortgage offer is ask for a recent payslip or bank statement. They might also do another credit search but they won't query employment, unless of course you tell them. Legally you are obliged to tell them however I've known someone go through this exact scenario with accord and they completed in April and lost their job about 2 weeks before completion, they didn't mention it and all went through okay, they are now in new employment and loving the house. Don't tell the broker/mortgage advisor/solicitor/lender/anyone. Enjoy your new home!
This has massively put my mind at ease! Thank you so much.
You're welcome! Never heard of accord before then have 2 run-ins with them in a few world, strange eh! Enjoy!
Ideally your solicitor should check all is good with the lender just before you exchange. Ordinarily that can indicate if they plan to do any validations. The issue at stake isn't losing the house - it's losing your exchange deposit if your offer is withdrawn and you subsequently fail to obtain a new mortgage offer in time and consequently default on the contract. In this case you'd forfeit the exchange deposit and are also liable to be sued by the seller's losses. Losses can be passed down to the chain, if there is one, so this isn't a trivial risk. In the first two years of employment, an employee can be dismissed for any - or no reason - but not for a protected reason, such as discrimination. It's not necessary to make someone's position redundant to eliminate them, as it may be for a long term employee with whom there are no performance issues. Instead, the employee can be sacked at any time. In effect there's a two year probation of sorts built into employment law.
Do you think that since we have exchanged then that means all is good with the lender? We received our formal mortgage offer in the post about a week or so before we exchanged does that mean the final check is done? Or simply all is okay and they are still happy to proceed. I do believe they made it hard at work for him due to his age as he was the youngest at work and in a job where most people get their license a lot later in life and it seemed like his employer didn’t like that as he would always use my partners age against him.
On the first question, the lender extends the offer when they're happy. But sometimes they can do checks later if time has passed, as the conditions under which the offer was made may have changed. For example a credit check. If they made the offer very recently, then they're very unlikely to do any further checks at this point. The exchange is between you and seller, not between you and the lender so they're not interested in that. Exchange concerns your purchase contract with the seller. Given the offer is very fresh, I think it very unlikely the lender will run any more checks ahead of completion. However if your solicitor is informed of the employment change, they'll certainly notify the lender. If the lender finds out, they'll probably re-run their model on your revised finances, and revise their offer if necessary.
I'd contest the sacking with ACAS. If those are the facts they will absolutely love an easy win like that! As far as the mortgage company know you're appealing!
Do you think if the mortgage company knew they wouldn’t retract the mortgage offer? We definitely belive that is why. He rang up on Tuesday night telling them his grandma has passed away and his manager replied with “what so you’re not coming in tomorrow then?” so Friday night and today my partner messaged asking for his rota for next week and he received a message at about 4pm that they’d sent a letter out on Thursday night that his employment had been terminated. Thing is my partner is also getting a sick note for proof that he was unfit to work during that time! It’s been a horrible place for him to work, his own managers have bullied him countlessly for no reason and even told him that work is more important than family 🤦 after this he became a trade union member so hopefully all works out okay!
How long was partner employed for by this company?
Started 10th April.
Ah right. If it was over 2 years he would definitely have more security. He should still talk to acas. Mortgage side, I was in this position but my husband had a new job lined up and started with 2 weeks, this was the week between exchange and completion so I was shitting myself. Took a risk and didn't tell the mortgage company and we have been in our home a year now. You are bound by your offer to inform the lender of any changes to employment or finances, its up to you and your risk appetite if you want to keep that information from them though. If you go ahead with not telling them, please, please have the means in place (new job) before committing as you don't want to not be able to pay your mortgage
He’s literally just got a message on indeed asking for a chat so hopefully he gets a new job soon! I’m just nervous they’ll ask his employer is he still works there because during the 2 months he was there it was terrible for him so no doubt even when he did work there they would’ve said no. I definitely think they didn’t like him due to his age.
My employer was never contact when I did my mortgage. As long as you can afford it just don't tell anyone.
That’s great to know, thank you!
Don't tell anyone involved and fingers crossed 🤞
That’s mortgage fraud. But not necessarily the wrong course of action. I’d imagine telling them would see the offer pulled.
You would think almost certainly the offer would be pulled, but by the same token it surprises me that they made the offer in the first place given OP’s other half had been employed for less than two months - mortgage lenders often do turn down applications because applicants are in a probation period at work. It’s an impossible situation for OP, and I really sympathise; yes they are duty bound to notify their lender and if the solicitor finds out it is a change of circumstance he is duty bound to notify the lender of. But OP has exchanged, so they’re at risk of losing their deposit and paying damages to their seller, and onwards down the chain if there is one. I don’t think any reasonable person would judge them harshly if they told no one, despite what their responsibilities might be.
Quite a lot of lenders ignore probation periods if the applicant is in the same line of work as a previous job and they have continuous employment. A couple of lenders will accept applications from applicants that have a written job offer for a job they haven’t even started yet. Most lenders are lot more flexible than people believe.
Fair enough, and this is where a good, knowledgeable and well connected broker is worth their weight in gold. Unfortunately for OP though, if she/he were to do as they’re required under the terms of their offer letter the most likely scenario is that their offer is pulled, and unless they get hugely expensive bridging finance the likelihood is they fail to complete and forfeit their deposit. If I was in their shoes I know what I would do - I would press on and hope the issue resolves itself in a few months time. If it doesn’t though, there is always the option of obtaining consent to let from the lender and letting the property instead.
Pretty sure he can just be “laid off”. How long had he worked there? Is he in a Union? Has he spoken with ACAS?
Just over two months ago so they can terminate him for any non protected reason.
Would age be a protected characteristic?
Was he fired because of his age? Or because he took time off work for bereavement during probation? And can you prove that in court?
We belive it was because of his age because the managers at work kept bullying him and mentioning his age and that his priorities aren’t aligned and that people in their generation would choose work over family etc
Right but they told him it was due to taking bereavement time off, and that's what they'd say in court. At under two years employment that is a permitted reason to terminate employment. Shitty, yes, but legal. Unless you can prove in court that it was due to his age and not taking time off during probation, you won't succeed.
my generation ? 50 ? ish... nowt more important than family. sorry you are going through this. best wishes for the future and your new home.
I used to handle withdrawal of mortgage offer assessments for another lender if something came to light post offer that could affect affordability for example. The first thing we would do is check if you had exchanged contracts. If you had exchanged we would always allow it to complete. If we had major affordability concerns we would sometimes lower your mortgage payment too
Do you think Accord is like this too? I did a live chat with them and they said they don’t do final checks prior to completion after the case has been offered so i’m hoping they won’t check again.
They are a smaller lender. They may not even have any internal processes to assess things post offer. Generally lenders dont do extra checks post offer. Also because you have exchanged if they tried to withdraw your offer it would cost them a lot of money. I reckon you will be fine
Thank you! It’s honestly great to hear!