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Strange question from Mortgage Provider
Dr_Eye
Posts: 36 Forumite
Having applied for and got an AIP I received a letter from the mortgage provider asking me if I commute to work!
I live approximately 40 miles from my place of work so can only assume it is fuel costs they are looking at? Affordability etc.
Seems like a strange question, any other opinions on the reason why?
I live approximately 40 miles from my place of work so can only assume it is fuel costs they are looking at? Affordability etc.
Seems like a strange question, any other opinions on the reason why?
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Comments
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It could be affordability. If you say your fuel usage on the app is £100 per month but you live 40 miles from work they may look at that. They dont know if you train, car, fly or what. They also dont know if you have a company fuel car etc."Banking establishments are more dangerous than standing armies." Thomas Jefferson
"How can I believe in God when just last week I got my tongue caught in the roller of an electric typewriter?" Woody Allen
Debt Apr 2010 £00 -
I could understand that if the app required or even included a granular explanation of my income/outgoings etc. However the only financially based questions were income and loans/credit cards/store cards etc
If they wished to review affordabilty then surely they would need to take all outgoings into consideration, such as insurance, gas/elec, council tax etc or do they assume a certain percentage of income provides for that regardless?0 -
Maybe you live close to the underwriter and he wants to do a car share
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Sounds to me like they think you may be travelling a bit too far for residential purchase and cynically want to check if it is more like a Buy To Let purchase instead.
40 miles doesn't seem excessive to me for a commute and they are probably just doing an initial check for that in case they need to ask you for justification for choice of location.I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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