Mortgages

[northernladuk]

YBS just gave me an AIP mortgage of far more than I'd ever borrow.
Based purely on PAYE and dividends.

They weren't interested in the retained profit. And very unhappy when I said I'd use DLA to fund a 20% deposit. I thought that was odd as I could easily take the cash as "dividends" and then convert to DLA after completion.

All companies frown on loans for deposits. Even if its from the entity they're are dealing with for LTV calculation lol

[Gould The Swimmer]

I was refused a 10% deposit because I am not registered on the electoral poll.. literally the only reason - otherwise my credit score was 983

That's a big no-no. Had same problem myself even though I was on the roll. There was a mismatch in my address which meant I didn't show as being on it on whatever public record the credit rating agencies use.

[BlueSharp]

Mortgage approved. Whole process from asking for a 2nd mortgage to being made an offer including review of all documents and house being revalued took two weeks.

So it appears those asking for a stamp duty extention are being held up else where in the process. Probably solicitors as they have always taken ages even before COVID!

[cannon999]

Mortgage approved. Whole process from asking for a 2nd mortgage to being made an offer including review of all documents and house being revalued took two weeks.

So it appears those asking for a stamp duty extention are being held up else where in the process. Probably solicitors as they have always taken ages even before COVID!

Solicitors are absolutely fcking useless.

[ladymuck]

Talking of electoral registers, I've noticed that on soft searches I come up as not being registered when I have been for 4+ years. I can only imagine it's because I opted out of being on the public register. I would hope a proper search would correctly pick up that information.

[DelboyTrotter]

Making the switch to Perm in April after 12 years contracting and was looking at additional borrowing to fund extension but existing deal was via Freelancer Financials - looking at my existing lender (2 years into a 5 year fixed rate), for income proof for an employed applicant they only need 1 month pay slip - been a long time since I've applied as an "employee" - I always thought it was 3 months payslips? Or is 3 months of bank statements?
Nothing of particular note at my current lenders help page:

https://www.clydesdalebankintermedia.../how-to-apply/

[Lance]

All companies frown on loans for deposits. Even if its from the entity they're are dealing with for LTV calculation lol

So it seems.

Looks like I might have to commit fraud and tell them it's a dividend when it's really a loan. Not that they'll care as long as they get the repayments.

[xenomorph]

anyone used bennison brown mortgages?

[ladymuck]

Making the switch to Perm in April after 12 years contracting and was looking at additional borrowing to fund extension but existing deal was via Freelancer Financials - looking at my existing lender (2 years into a 5 year fixed rate), for income proof for an employed applicant they only need 1 month pay slip - been a long time since I've applied as an "employee" - I always thought it was 3 months payslips? Or is 3 months of bank statements?
Nothing of particular note at my current lenders help page:

https://www.clydesdalebankintermedia.../how-to-apply/

You're not perm yet, can you not get the extra using your current status?

[DelboyTrotter]

You're not perm yet, can you not get the extra using your current status?

True - current contract ends 31st March - but normally dont they ask to see current and previous contract? Maybe with only a month covering to March might red-flag it?

Last time this was the ask:
· Copies of your previous 12 months and current contracts (signed by both parties with the T&C’s)

· Copies of both applicants previous 3 months business & personal bank statements

· If any background BTL’s – signed copy of the tenancy agreement s and proof of 3 months rental (previous 3 months bank statements)

· Copies of your previous 3 months payslips and latest years P60 (only if any applicant is employed)