is this true?

shane42

are some mortgage lenders on BTL asking for proof of income as well as the usual 25 / 40 % deposit 125% rent to loan, i heard from a friend of a friend that they cant get a mortgage because of this
i am looking at BM morrtgage 2 year fixed 4.25% £999 arangement fee

thank you

Conrad

BM expect you to earn a minimum £25k as far as I recall.

Not all lenders have this rule shane.
This is why brokers are in existence - jo public can waste months punting from one lender to another, and every AIP they make can go against them, especially if the info they give varies from lender to lender (hence the Hunter system can be used by lenders to check your background).

shane42

Thanks Conrad
i was told by a "broker" in an estate agents that BM is best for me he didnt ask about income, i am self employed and this year has been terible the year before was good, thanks for your excellent help

Conrad

BM is deffo a minimum £25k.
The EA broker I bet is quite new (he'll pretend he's not perhaps). BM do random spot checks on income even after completion, on about 20% of cases.

BM are part of the Lloyds / C&G / Halifax mob for your information - and things can be cross checked where you've dealt with them in past.

EA brokers tend to want to sell you life cover btw.

boxer691

BM screwed mine up when they sent my forms to National Hunters Limited who decided it was "suspicious" Since then my life has been pretty much screwed up

shane42

boxer691 wrote: »

BM screwed mine up when they sent my forms to National Hunters Limited who decided it was "suspicious" Since then my life has been pretty much screwed up

HI Boxer
what do you mean?
and what is national hunters ltd

thanks

boxer691

This is a company that most of the major Buiding societies use to detect fraud. The buiding society will not tell you that they have sent your form to them but BM send all of thiers. The Hunters will look over your form and if they bsee any anomolies they send it back marked "suspicious" The BM will then decline your mortgage but wont tell you why, they will refer to Third Parties information. You will then rack your brain wondering why and no one will tell you.

This company have no office that you can visit and no telephone Number, they operate from a PO Box. They claim they do this to protect thier staff from attack from Fraudsters.

As was with me, theyy often get it wrong and had they phoned my FA they would have cleared the matter up. They just dont bother. They havent got time cos they view thousands of applications dialy and guess what, they do this for no profit, they are however owned by EXPRIAN who made £ 300 million last year, You can get your data from them at a cost of £10 by writing to them. Google NATIONAL HUNTERS LIMITED or read my thread. Not a pleasant story I'm afraid

shane42

sorry to hear that thanks for the heads up!

boxer691

Thanks Shane and good luck.

Thrugelmir

boxer691 wrote: »

This is a company that most of the major Buiding societies use to detect fraud. The buiding society will not tell you that they have sent your form to them but BM send all of thiers. The Hunters will look over your form and if they bsee any anomolies they send it back marked "suspicious" The BM will then decline your mortgage but wont tell you why, they will refer to Third Parties information. You will then rack your brain wondering why and no one will tell you.

This company have no office that you can visit and no telephone Number, they operate from a PO Box. They claim they do this to protect thier staff from attack from Fraudsters.

As was with me, theyy often get it wrong and had they phoned my FA they would have cleared the matter up. They just dont bother. They havent got time cos they view thousands of applications dialy and guess what, they do this for no profit, they are however owned by EXPRIAN who made £ 300 million last year, You can get your data from them at a cost of £10 by writing to them. Google NATIONAL HUNTERS LIMITED or read my thread. Not a pleasant story I'm afraid

Then get your facts right.

The NationalHUNTER system is an anti-fraud data sharing system for use by members of the Financial Services Industry.It was founded in 1993, with the assistance of the Council of Mortgage Lenders (CML). From the initial six member organisations, the system has grown to include approximately 90 sites, all sharing application information for the purposes of fraud prevention.

[FONT=Arial, Helvetica, Geneva, Swiss, SunSans-Regular]N HUNTER Limited is an independent not-for-profit company and is solely concerned with the prevention of application fraud within the Banking and Finance community.
[/FONT]

Applications are checked against existing applications for inconsistencies and similarities that may indicate application fraud using a predefined set of rules. Any applications that warrant investigation are referred for further checks. No applications are automatically declined on the basis of National HUNTER information

boxer691

Well what have I said thats different other than what you have said? But from experience your last para is wrong.