loan accepted in principle - concerns

geandre

Hi

bit of background - me and my boyfriend bought our first house april 2009 and since then we have been trying to get a loan to do some home improvements and to clear some credit card debt. we had been refused every where as we had a lot of borrowing out in our name. over the past year we have been working hard to build our credit rating.

today - through the bank where our account and mortgage etc is they have given us the loan for the home improvements. my boyfriend did it online and then i called this evening to confirm it wasnt a lie as we have wanted this loan for so long. apparently all we need to do is send 3 months pay slips - which is fine. my pay has recently increased so i need to provide the letter from my work to confirm it. the only question and concern we have is that my boyfriend stated his income as 800 which is rounded up from the past 3 months wages coming in at 776, 798, 789. his monthly income is based on salary and commission.

My question is - are the bank now likely to refuse the loan on the basis my partners income is not the same every month due to commision and also that we have rounded it up by about 25. this might sound silly but we are so desperate for this loan and any advice would be very welcome.

thank you

AMILLIONDOLLARS

It all depends on how much you are borrowing on your combined salaries, for me £800 per months seems a bit low. They are going to base it on your current borrowings mortgage etc. This could be why you are having a lot of problems getting this additional borrowing.

AMD

sscott5581

geandre wrote: »

Hi

bit of background - me and my boyfriend bought our first house april 2009 and since then we have been trying to get a loan to do some home improvements and to clear some credit card debt. we had been refused every where as we had a lot of borrowing out in our name. over the past year we have been working hard to build our credit rating.

today - through the bank where our account and mortgage etc is they have given us the loan for the home improvements. my boyfriend did it online and then i called this evening to confirm it wasnt a lie as we have wanted this loan for so long. apparently all we need to do is send 3 months pay slips - which is fine. my pay has recently increased so i need to provide the letter from my work to confirm it. the only question and concern we have is that my boyfriend stated his income as 800 which is rounded up from the past 3 months wages coming in at 776, 798, 789. his monthly income is based on salary and commission.

My question is - are the bank now likely to refuse the loan on the basis my partners income is not the same every month due to commision and also that we have rounded it up by about 25. this might sound silly but we are so desperate for this loan and any advice would be very welcome.

thank you

Was the loan with RBS or Natwest by any change?

If it was go in branch with payslips and they will finalise the application for you quicker than if you send the documents away.