Mortgage Question

[Chacharaawr]

I’ve been in a new job for a month or two. I work for a really small company - basically it’s just me and my boss. I’m applying for a mortgage using the income from my new job.

My mortgage advisor asked for bank statements, payslips and my employment contract. My employment contract was only a line or two long - nothing formal. My mortgage advisor said that wouldn’t be good enough to get my mortgage.

I told my boss this and they gave me a new, more formal contract that we both signed. This was sent to the bank who have agreed my mortgage application. But now I’m worrying is what I did in getting a new contract ok?

Any advice?

As long as the formal contract is an accurate reflection of your terms and conditions of employment you have done nothing wrong. Your employer is required to give you a written statement of the employment particulars (not quite the same as a contract but contains the information that would normally go into a contract) within two months of you starting work. All you have done is get your employer to comply with the law.

prh thanks for the advice. Surely it has to be accurate if both me and employer has signed it? One of the terms has been changed (under advice from mortgage advisor on what the bank would want) on the length of my contact but now it’s been signed by me and my boss doesn’t that mean that is my new basis for employment?

Basically before the wording was unclear whether the contract was ongoing or not. Now it’s clear.

It makes it hard for your employer to argue that it isn't the contract so yes, you are fine.

I agree and in fact you and the employer are in a stronger position as you have a proper written contract with clear deatils in it so it is fine. Dating is sometimes an issue. Contracts should be dated the day you sign and then can have an earlier effective date if you want tyhem to but people should not lie about the date they signed. I had someone on Friday very keen we dated something 31 August 18 but they were not signing on that date so I insisted we did that properly. We had an effective date of 31 August and then they signed now and made it clear they signed now, not back in August.