Mortgage company won't need salary info...

Lally

...so says my IFA. Is this correct? I collated all my Husband's salary details, details of our outoings etc only to be told that because we have a 58% LTV, they won't need this info. I am scared something is going to muck up.

Is he right? He hasn't chosen a lener or specific deal for us yet, he is talking in general. My buyers want to complete in 4 weeks so that is the timescale we are looking at to buy the new house. Which was surveyed today.

Wutang_2

Why would your advisor seek to mess things up?

Lally

Wutang wrote: »

Why would your advisor seek to mess things up?

Oh, I meant to quote you not thank you lol. I didn't say he would seek to, I said I was scared...I need this all done quickly and I read the timescales thread so I know it can be done. I just want to know if this is standard? Will they not care about his earnings if the LTV is so low?

Tiddler_2

Different lenders have different rules/requirements about seeing proof of your income. To be honest your adviser should still want it for his own records even if the mortgage lender doesn't need it. (The lender does actually reserve the right to ask for it at any time)

It seems strange that a survey has been done before a lender has been chosen, because if the lender also wants a valuation then you are paying twice for the same service.

With regards to timescales it is possible to choose a lender based on the fact that you need a quick completion. The fact that you need a 4 week completion is possible but without the right lender would be unlikely. The service speed of lenders can vary significantly and even the same lender can have different turnaround times depending on which office your adviser feeds into.

Assuming that you have a good clean credit history & affordability isn't a problem, I have always had good quick offers when needed from Halifax, Nationwide & Accord Mortgages. I would avoid Woolwich & Royal Bank of Scotland. These are just from personal experience over the last few months.

herbiesjp

This sounds a bit strange

If a lender or deal has not been chosen yet then why is he so sure he willl not need the information

A good experienced broker will ask for as much information as possible, in order not just to meet FSA/compliance requirements but exceed them.

In terms of treating customers fairly, he woudl most definitely need this information when justifying why a certain product has been recommended above another

Also as stated above, how has the survey been done, if a lender or deal has not been chosen?

Where did you find the broker? Is he charging a fee?

Lally

Thanks guys. He was recommended by a friend and colleague. Fingers crossed that everything goes to plan.