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Applying for mortgage (quit job after giving info)

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  • Applying for mortgage (quit job after giving info)

    Hi,
    Have a friend who has applied for a mortgage. Bank giving pre approval and requested 3 months bank statements, employment contract etc. Since he got approval he has left his job and had put an conditional offer on a property. Does anyone know if he is legally meant to tell the bank he has quit his job?

  • #2
    This has been asked before, so do a search on this site. Use xxxx siteropertytalk.com

    But basically, yes he has to tell them. The terms of the mortgage will say so.
    Last edited by Perry; 09-07-2016, 01:18 PM. Reason: disabled smilies
    Squadly dinky do!

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    • #3
      Sounds like the guy is trying to pull a fast one on the bank.

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      • #4
        Its called disclosure.
        www.ilender.co.nz
        Financial Paramedics

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        • #5
          I hope s/he are not over leveraging themselves and are going to have enough cashflow to sustain the new mortgage after quitting their job.
          www.PropertyMinder.co.nz
          # Property Management
          # Ad Hoc Tenancy Services / Rental Inspections / Terminations and Notices

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          • #6
            Does this mean we are meant to tell the bank whenever we change jobs, take time out, have a baby etc? Could the bank re call a loan if we lost a job even if we could keep making repayments?

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            • #7
              Originally posted by nicsa122 View Post
              Does this mean we are meant to tell the bank whenever we change jobs, take time out, have a baby etc? Could the bank re call a loan if we lost a job even if we could keep making repayments?
              At time of application you are supposed to disclose anything material that could affect your ability to pay. Pregnancy is amongst these as is changing jobs. Once the loan has settled and things change, then they change.
              www.ilender.co.nz
              Financial Paramedics

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              • #8
                I discussed this matter with the bank when i was thinking of leaving my day job
                They said we do need to be informed if your income falls by 15pc or more (eg tenants do not renew )

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