I need a mortgage - tricky situation

ACG

Hi,

Ive found a place im really after.

My situation is this...
Im 24, i do own half a house with my mum but she is living in there.
I want to move out on my own now. I have a 10-12% deposit (i cant get to 15% in time for the house im after). Ive applied to RBS who seem to want blood.

I sent in 10 months pay slips to confirm my job which shows my wage and bonuses. I also send in my letter of employment from a part time job i do on the side, which confirms my wages. However they want my P60, which i dont have and cant find for love nor money - without it, they are saying they can only count 25% of my bonuses towards the mortgage - how daft is that - my pay slips show exactly what a P60 will - and i work for a massive reputable company, so its not like they would be forged, i also bank with RBS so they can clearly see the money coming in my bank from my employer

. I have to have the mortgage going through by next week so dont have the time to get a copy of my P60 (especially with RM playing silly beggars).

I dont mind applying for a mortgage with another company, but 90% mortgages are hard to come by and i dont want to get to the point where i get messed about like RBS seem to be doing.

Is there any mortgage companies i can go through?

Cheers

sammyjammy

They are not messing you around they are asking for information that they need for you to satisfy their requirements.

Surely its quicker to give them a copy of P60 than apply for another mortgage and expect it to go through within a week?

incher

Your payroll people should be able to give you a duplicate copy of your P60 almost immediately. Why not ask them to do so tomorrow?

ACG

They requested proof of income. They have 10 months payslips, they can have 20 if they want, i can get all of that tomorrow. They have access to my bank records for the last 3 years, again they can see all this tomorrow if they want. What will a P60 show that my pay slips and bank statements dont already. To me thats messing me around when theyre asking for information they already have.

As for my P60 i requested it from HR on Friday, they told me 5-7 working days to action my request then however long withthe post - Royal Mail being on strike i imagine will hold that up.

RBS managed to underwrite it in 48 hours which i was really pleased with, sadly not with the response i wanted but they told me how to appeal which because of my works HR department and also my fault for losing my P60 probably wont go through in time, which is why im thinking a new application with another company who dont count bonuses as 25% without a P60 might be quicker. I have really exhausted every avenue with RBS even speaking to an underwriter to see if there is anything else that can be done.

Which is why im looking for a different mortgage company.

mortgage-adviser-now

ACG wrote: »

They requested proof of income. They have 10 months payslips, they can have 20 if they want, i can get all of that tomorrow. They have access to my bank records for the last 3 years, again they can see all this tomorrow if they want. What will a P60 show that my pay slips and bank statements dont already. To me thats messing me around when theyre asking for information they already have.

As for my P60 i requested it from HR on Friday, they told me 5-7 working days to action my request then however long withthe post - Royal Mail being on strike i imagine will hold that up.

RBS managed to underwrite it in 48 hours which i was really pleased with, sadly not with the response i wanted but they told me how to appeal which because of my works HR department and also my fault for losing my P60 probably wont go through in time, which is why im thinking a new application with another company who dont count bonuses as 25% without a P60 might be quicker. I have really exhausted every avenue with RBS even speaking to an underwriter to see if there is anything else that can be done.

Which is why im looking for a different mortgage company.

There are only a handful of Lenders in the 90% market. Most of those wont like the other property with your mum in it.

You can ask RBS to accept an employers reference in lieu of the P60 - they may fax one over and you can get HR to deal with it promptly.

Trying to change horses in the middle of the race is always best avoided.

ACG

Ive asked RBS if they can do that. They said no.
I worked in the Protection market so have a vaue idea of how the mortgage market works from the Mortgage/Financial advisors i work with. I had no intention of buying anywhere until i seen this place come up. I know i should have kept my P60, and still have them from 2007 and 2008.
It seems like every way i try to get around this P60 thing they are dead set against it. The mortgage advisor from RBS that submitted the mortgage has so far ignored about 2-3 calls (when his phone is actually on) and 3 answer phone messages.

sinead1_2

try a credit union, we just got approved for a 90% mortgage with one. RBS are no help, everytime we ask them for lending they turn their back on us.