home
in

Employer References

Last post Tue, Mar 31 2009, 12:47 PM by Kaylz39. 8 replies.
Sort Posts: Previous Next
  •  Tue, Mar 31 2009, 12:47 PM

    Re: Employer References

    This is actually a good sign. The underwriter is the person who gathers all the info together and asseses it all. He/She is going to make sure you can afford the payments and if not they are going to get their money. Your application has passed the inital stage and is in the final stage of acceptance.

    I have been through this and can fully appreciate how nerve wracking it is. But honestly if you are earning the money to borrow it and your credit rating isn't shocking you will be fine. I dont have the best of credit ratings, when I was young I couldnt appreicate the importance of paying bills and on time.

    It wont be long now- let us know how you get on. I have everything crossed for you!

    Good Luck :-)

    • Post Points: 5
  •  Mon, Mar 30 2009, 7:49 PM

    Re: Now the next thing

    Hi we are going through exactly the same, though my husband is a HGV driver. He has been with his employers for over 10 years and could not successfully perform his job without a large amount of overtime. His overtime is in excess of £350 a week but they are asking his employers to guarantee £200. No employer is going to guarantee overtime, even in the good old days.

    His employer is a huge manufacturing company and even in these turbulent times are recruiting staff and expanding the factory.

    From the first day of applying for the mortgage he supplied Halifax with wage slips that clearly displayed his overtime, but no-one ever mentioned that they may only pay 60% LTV on his overtime. His income has never changed since they issued the mortgage promise. This has now been going on since the begining of March. First they said everything was fine then a week later asked for 3 months bank statements and wage slips. Our Halifax mortgage advisor the told us we had the mortgage they were just cross referencing the wage slips but she had already done so, so it was fine. She didn't contact us whe she should of, we knew something was up, when my husband called her she told hime "they've asked for this employers reference". We were fuming as my husband closed a savings account to withdraw our deposit, she's cost us money.

    I have written a forwarding letter to our mortgage advisor to be sent to the underwriters at the sametime as his employers reference stating that my husband has over 3 years of wage slips with overtime stated and 10 years of P60's if they want them. Also stated he couldn't be a HGV driver for his employers unless he worked mostly during the overtime hours, the pure nature of his job ensures this.

    Can you please let me know how you got on, if you were successfull or not? As we will not be able to purchase the house we have our heart set on if they do not allow 100% on his overtime. These mortgage promises are useless and I think our Halifax mortgage advisor is useless. The house we have put a offer sold in Dec 06 new build for £179.999 and they have accepted our offer of £125k so you can see its a bargain.

    Your result may help me have a nights sleep, one way or the other, just dont expect to get an answer for 3-4 days.

    Thanks

    • Post Points: 5
  •  Mon, Mar 09 2009, 6:00 PM

    Now the next thing

    Ok we have now recieved the following E-mail

    The reference has been received and the case has been passed to the business assessors to be fully underwritten and checked.

    What does this mean???? how long should that take we are meant to get the Keys on Thursday????

    Very distressed first time buyer :-)

    • Post Points: 20
  •  Wed, Mar 04 2009, 6:21 PM

    Re: Employer References

    Great stuff, seems straight forward we are short on his basic and they need to confirm his bonus and overtime which is no issue at all, its really pants as I have an excellant job with great money but as my credit rating is not that great I can go in on the mortage.

    :-) this mortage business makes you ill - hopefully everything runs smoothly and there are no issues will let you all know thanks for the advice guys - First time buying is a nightmare!!!!

    • Post Points: 5
  •  Wed, Mar 04 2009, 2:48 PM

    Re: Employer References

    Not sure exactly but I'd guess:

    - gross annual salary

    - gross amount of any guaranteed overtime

    - confirmation that it is a permanent job

    - length of service

    Basically confirming what you put on the application form.

    • Post Points: 5
  •  Wed, Mar 04 2009, 1:39 PM

    Re: Employer References

    Do you know what they will ask her just so I can prepare her, with it being a trades office they are not best organised :-)
    • Post Points: 20
  •  Wed, Mar 04 2009, 12:18 PM

    Re: Employer References

    Luckily my bosses partner is a friend so I have prewarned them that they shall be faxing through the form, so nervous will be glad when its all over.

    • Post Points: 5
  •  Wed, Mar 04 2009, 12:13 PM

    Re: Employer References

    How long it takes will depend on how long it takes your employers to respond. A call to the HR department warning them the request is on its way might speed things up. They usually ask for proof of earnings ie. what your basic salary is and any guaranteed overtime. So long as you've been honest on the application form there is nothing to worry about.
    • Post Points: 35
  •  Wed, Mar 04 2009, 11:58 AM

    Employer References

    We are currently waiting on our mortgage being approved from Halifax, they are now asking for employer references how long will this take and what will they ask for, my partner is an electrician and has guaranteed overtime unfortunately the wage slips they took were over Christmas and new year, we were in Dubai....... First time buyer it all makes me so nervous :-(

    Can anyone help...........

    • Post Points: 35