Anyone had experiences with Abbeys Fast Track mortgages?

papermoney

Our IFA has suggested we consider this but i'm not had experiences with a fast track mortgage before.

Anyone used this and been successful?

_Andy_

On what basis has your adviser suggested this is suitable?
I take it you have proof of income?

papermoney

I have proof of my income but my husband doesn't have 3 years of accounts.

Dan_1976

I thought they stopped doing them, or have made it very hard??

Fast track mortgages are going to bit us on the bum soon, later this year or next!

papermoney

Seems not. Although only 2 companies offer them Abbey and Woolitch (not sure on the correct spelling - sorry).
After doing a bit of research I think we'll stay clear anyway.

_Andy_

How many years accounts does he have?
If he doesn't have proof of income that the lender thinks is suitable than you shouldn't be applying for a fast-track product.

papermoney

He has 2 years (but they are rather dire as he was unwell for part of the year so the accounts are not as good as this years will be).
We have just been looking for another IFA as im not sure the one we have spoken to is giving the best advice, so decided it won't hurt to speak to someone else.

nw_man

I believe Abbey reserve the right to see proof of income anytime up to 6 months AFTER completion.

Pity the applicant who cannot provide this.

Pity the broker who cannot provide this.

In fact, actually dont pity either, as they will get what they deserve.

papermoney

Best to steer clear then. Just thought i'd check first.

jill2002

You do not 'select' a Fast track mortgage with Abbey. The credit score tells us whether it is or not.

Anyway, two years accounts are sufficient for a 'non fast track' Abbey mortgage, so why worry if you can prove income anyway.

papermoney

Thanks - i'm not overly worried, as it is I don't think it will work for us as my OHs accounts are not that good for last two years. We both have good scoring (normal experian one). Im waiting for the IFA to call back.