Payslip issues - please help

mp797979

Hello

My bank is working through my application and are making a real big deal about my payslips. I have a company car ownership scheme and fuel is deducted from my pay every month and then I claim it back. I also have pension payments every month. So my payslips do have a lot of stuff coming in and out but ultimately the only fluctuations in pay depends on how much fuel is deducted and then any bonus I earn.

I work for a large blue chip company in the UK and I have sent them a company document which is a glossary of any terms on my payslips.

I'm not even using bonuses in my application, just basic salary plus my car allowance which is stable every month, every year for the 10 years I've been there, but they still just can't seem to grasp it.

In the meantime, this is delaying my survey and the EA is saying that they want to accept an offer from another buyer!

Any help please!!!

kingstreet

You seem to have done everything possible and short of changing lenders, not much else can be done. Even that would not guarantee the same thing didn't happen again.

If you are prepared to risk your valuation fee, you could ask the lender if it is willing to allow the valuation to go ahead, at your risk, before a decision is made on your application.

Not something I would normally recommend, however if your feeling is that you might lose the house for a couple of hundred quid risked early, you might want to consider it.

Moglet

Sorry to hijack the thread but is it normal for lenders to only instruct the valuation once they are happy with everything else and all that remains to be seen is if the property is suitable?

WellKnownSid

In my limited experience, the valuation isn't instructed until the mortgage company are satisfied with what you've told them, but the underwriters may still ask for additional paperwork / evidence to support what you've told them...

kingstreet

Moglet wrote: »

Sorry to hijack the thread but is it normal for lenders to only instruct the valuation once they are happy with everything else and all that remains to be seen is if the property is suitable?

In the heady days of "anything goes" mortgages, often the valuer would be instructed immediately on a purchase, as the chance of decline was pretty slim once an application had passed initial checks, or an earlier AIP had been done.

Now, there's so much navel contemplation as underwriting has gone to the other extreme in an attack of stable-door closing, valuations won't normally be done until the lender has your life history.

It's more likely to have to ask for it to be done early, where before you'd ask for it to be held until everything was in. It's the OP's call on whether he thinks it would be a good idea and worth requesting.

property.advert

Margin call. Real % of losing the property ? how near to underwriting limits is the advance requested ? credit history ? cost of survey ? LTV ? all these and others need to be weighted.

Then you have to ask whether the EA is just telling porkies. That couldn't happen could it ?

My guess is that if they are being anal about payslips versus bank receipts viewable from statements, then it is on a knife edge and near the tops of what they feel comfortable with lending. However, I don't have the information. If he earned £100,000 a year and wanted to borrow £200,000 at 50% LTV with a spotless credit history then they wouldn't be scratching around worrying about allowances here and there would they ?

mp797979

Well check this out then........they've done the survey, seem alright with payslips, but called me to tell me there is an "issue" with my wifes credit file. Checked it out and Satander have registered a default 6 months ago for no reason on a credit card that doesn't even get used anymore and has no balance!?,!!

!!!!!! do I do now!!!!

property.advert

If you do not need her income to support the mortgage she can be take off the application.

Obviously you need to get onto Santander first and then pull your credit files.

Sorry to be unhelpful but you really should have pulled your files long before applying for a mortgage. When it can all be done online, there is no excuse.

kingstreet

The question of your lender should now be about why they've messed you around for so long requesting daft bits of paper and spending your survey fee when they obviously knew about the default the minute they did a credit check?