Proof of salary on re-mortgage

ian-d

If I was to re-mortgage with the same mortgage lender and same advisor, would they ask me to prove my salary as I've changed from being employed, to being employed of my own company, or would they just be happy to continue as normal, knowing that all payments are up to date and have never elapsed?

If I have to give evidence, what kind of thing will they require, as I pay myself the minimum under the tax threshold in salary, with the rest in dividends.

manikm

hmmm normally no - but not sure in this case

MarkyMarkD

If you aren't moving house, you aren't remortgaging, you are simply switching mortgage product, and no lender will require any details of income as the risk to them isn't changing unless you increase the amount borrowed.

Dan_1976

Woolwich and a very select few will treat this as a remortgage but it is highly unlikely. If it a product switch with 90% of lenders they will not ask any questions.

ian-d

I didn't think they should, give that payments continue as normal and I'm not asking for further funds, just a review of the best package for my existing mortgage value, as I'm coming out of a fixed rate. Thanks for the advise, I may take along a little bit of paperwork, but nothing much.

Doublespresso

Can the experts comment on a similar situation however the remortage is with a new lender?

Rabiddog_2

A new mortgage lender will OF COURSE want to see all std proofs of income and outgoings. Why wouldn't they? .I'm no expert tho.

thejoose

If you are changing lender then they will definitely ask for proof of income.

arkie

New lenders will want to see proof of income, although not if your case is 'fast tracked' which means you only have to prove income if asked, your broker should ask for proof and keep it on file., to cover themselves against mortgage fraud and as per FSA guidelines
As for paying yourself in dividends, I do exactly the same, lenders understand and I didnt have a problem. The will require accountant references etc

ian-d

arkie wrote: »

New lenders will want to see proof of income, although not if your case is 'fast tracked' which means you only have to prove income if asked, your broker should ask for proof and keep it on file., to cover themselves against mortgage fraud and as per FSA guidelines
As for paying yourself in dividends, I do exactly the same, lenders understand and I didnt have a problem. The will require accountant references etc

Thanks arkie, I may get some information ready and have asked my accountant, but intend (as daft as it might seem) sticking with the same mortgage provider to gain a new deal, as I like their service, their financial advisor plus the ability to overpay by £500 per mortgage (my mortgage is split into two so can overpay £1000 per month!). Plus the money is accessible should I ever need to get it back!

minimike2

Dan_1976 wrote: »

Woolwich and a very select few will treat this as a remortgage but it is highly unlikely. If it a product switch with 90% of lenders they will not ask any questions.

Woolwich do not. Its a simple rate switch process.