Need advice on my remortgage

julie11_2

Hi I am new to this site and am here as I am in a state of anxiety about what to do next.

I am a single Mum with 3 children and I split with my ex husband last January 2010. My ex and I have agred that he will transfer the equity in our house over to me and I will keeo the mortgage going and live here with the 3 children, 7, 3 and 2. I have been paying mortgage and all the bills ever since, even though he is still on mortgage in name. I have been a Nationwide customer for 22 years and the current mortgage with nationwide is for 111k on property worth around 215k. I'm self employed since Jan 2010, so only 3 mths of wages year ending 2010 and not done the tax return for 2011 yet. Maintenance payments have been received since Feb last year so Nationwide will just need letter from ex to state will continue to pay as been paying over a year so they assume it will continue, benefit letters; their branch mortgage advisor stated he would think my SA302 for last year should suffice as proof of income as I am existing customer and have been paying the mortgage alone for last year already. I didn't really want to file tax return until jan so spoke to Halifax on off chance and their Mortgage advisor advised she thought I would not need proof of income as less than 60% ltv and also small income amount. Consequently I got an 'agreement in principle' to cover my existing loan but I wanted 12k added to pay off ex and for home improvements. Halifax came back to me with an offer of up to 132k, of which I said just the additional 12k please. Valuer booked and I guess done valuation, as today verification team came back and said they want SA302, benefit letters and court order for maintenance payments. I explained that the consent order is awaiting confirmation of my mortgage offer before being stamped by court, but maintenance has been agreed and signed for in it, so can get a copy or comfirmation from my solicitor, benefit letters ok. Mortgge advisor said she could let them have year ending SA302 showing 3mths and see what they say, but I didn't feel this was a good idea and felt that maybe I should file 2011 also. To this she replied there is still not certainty that it would get agreed and she would hate me to get turned down at last minute, so I am nervous. At moment it is not a decline just a no proof of income if I cease the process.

Obviously even though I have good ltv, I am a new customer to them, so am worrid if I file return and provide all this, they still could say no. Also as they have now done a search on me and found my credit rating really good I might add, if I go back to Nationwide, they will se this mortgage search and this may worry them.

Or, do i approach a broker and see what someone else may offer. I have heard Nationwide are seriously fussy. I am going round in circles racking my brain what to do. Has any one any advice of experieinces that may help me decide what to do next.

Many thanks

Wh05apk

You will find it very difficult having only just gone self employed, Halifax were presumably trying to do a fast track mortgage, and have been caught out, you may be able to get it through with Nationwide, if your benefits/maintenance are sufficient, but I think you will be struggling.

julie11_2

Wh05apk wrote: »

You will find it very difficult having only just gone self employed, Halifax were presumably trying to do a fast track mortgage, and have been caught out, you may be able to get it through with Nationwide, if your benefits/maintenance are sufficient, but I think you will be struggling.

I was self employed prior to this going back 3 more years, but with a different business in the area I lived before I moved, also I had a good accountant and the income is showing lower than now. I'm not sure these accounts would be any good, also given the fact I only did 3 months for new business during 2010 tax year. My accounts for 2011 would be sufficient.

I am so worried. I am booked in to see a broker on Sat to see what he thinks. I feel a bit mislead by the Halifax as they seemed so positive and blase about it; I thought I was home and dry.

Thanks for your thoughts.

Wh05apk

julie11 wrote: »

I was self employed prior to this going back 3 more years, but with a different business in the area I lived before I moved, also I had a good accountant and the income is showing lower than now. I'm not sure these accounts would be any good, also given the fact I only did 3 months for new business during 2010 tax year. My accounts for 2011 would be sufficient.

I am so worried. I am booked in to see a broker on Sat to see what he thinks. I feel a bit mislead by the Halifax as they seemed so positive and blase about it; I thought I was home and dry.

Thanks for your thoughts.

Be oopen and truthful to the broker, and they will do their best, I suspect Halifax were just trying to play their system, hoping it would not get picked, and you have to prove income, fast track as they did, are simply a processing tool, whereby they do not have to forward proof of income, but they should still have it, and be able to provide it, hopefully you have not paid anything to them?

julie11_2

Wh05apk wrote: »

Be oopen and truthful to the broker, and they will do their best, I suspect Halifax were just trying to play their system, hoping it would not get picked, and you have to prove income, fast track as they did, are simply a processing tool, whereby they do not have to forward proof of income, but they should still have it, and be able to provide it, hopefully you have not paid anything to them?

Thanks I will. No I have not paid anything to Halifax and I thought it all sounded too good to be true. After reading some threads on here, I think I am more worried than before! People being messed around by the likes of Abbey/Santader when they used to be one of the easiest lenders to use. I won't go there then. lol

Must be a hugely stressful job being a mortgage adviser these days; as for the underwriters I reckon it depends what side of the bed they got out of. lol.

Cheers,