Proof of income required for a mortgage

Silver_Starfish

A friend of mine wants to get a second mortgage or a loan but can only show three months income. Does he have any chance at all or do all lenders now insist of 12 months? Thanks in advance.

Thrugelmir

If only 3 months income them presumably has debts?

Silver_Starfish

Yes I would imagine so.

_Andy_

Silver_Starfish wrote: »

A friend of mine wants to get a second mortgage or a loan but can only show three months income. Does he have any chance at all or do all lenders now insist of 12 months? Thanks in advance.

Is your friend employed or self-employed?
if employed, any trial/probation period?

funfunder

Nat west only ask for 1 month good luck to your friend x

Senior_Paper_Monitor

No - Natwest ask for whatever they deem fit to ask for in the circumstances - as does every other lender

Senior_Paper_Monitor

On the subject of Natwest - their STANDARD requirements ....

Documents required to verify client income

EMPLOYED APPLICANTS

Latest 3 months consecutive personal bank statements

for main account*
PLUS (if salary not mandated)

P60
OR
3 months consecutive payslips

SELF EMPLOYED APPLICANTS

• Latest 3 months consecutive personal bank statements for

main account*

PLUS

• Latest 3 months consecutive business bank statements*

PLUS ONE OF THE FOLLOWING:

• Latest 2 years’ finalised accounts

OR

• Last 2 years Inland Revenue tax assessments

Accountant’s certificates will no longer be accepted

.... first sniff of any background issues and further documents will be requested as they see fit.

handytips

Get him to ring a mortgage broker and not a secured loan broker, for the simple reason the Mortgage Broker is regulated. Should be ok with 3 payslips, however may have a problem is your friend has only been in the job 3 months. They are probably better off asking the mortgage lender for a further advance before going down the loan route.

kingstreet

What's the purpose of the loan, starfish?

You also need to answer Andy's questions about your friend's employment.

Silver_Starfish

_Andy_ wrote: »

Is your friend employed or self-employed?
if employed, any trial/probation period?

Sorry for the delay in responding Andy. He is employed, there is no official probation period although it is obviously easier to get rid of someone after a few months than a few years.

Silver_Starfish

kingstreet wrote: »

What's the purpose of the loan, starfish?

You also need to answer Andy's questions about your friend's employment.

Principally to pay for some work on overseas property that need some attention I believe.