Proof of income required for a mortgage

funfunder

Re Nat west, the above information is now out of date as per their KEY FACTS sheet on their website. We know this to be true having just got a mortgage with them .

Senior_Paper_Monitor

OK, I'll rise to the bait before I get on with three applications to be processed today (only one with Natwest) .....

From today's Natwest Direct Site ....

Key facts




Thank you for continuing to choose NatWest. To help us decide whether we can provide you with the services you have asked for, please answer all the questions on this application.
Your Information

Please read carefully the section headed 'Your Information' in the Terms and Conditions which will be sent out with your Mortgage Offer if your application proceeds. This explains how we will use your information both now and after your account is opened. You will see this symbol by that section.
We are National Westminster Home Loans Limited and we are part of The Royal Bank of Scotland Group plc. We are also known as the data controller.
As our business and our relationship with you develop, the way in which we look at, record and use your information may change. In most cases these changes will result from enhancements in technology and, we believe, will be in line with your expectations. Where we believe the changes may not be obvious to you, we will give you notice of them.
Credit Reference and Fraud Prevention Agencies

We will make searches about you at credit reference agencies, who will supply us with credit information, for use in the assessment of credit products and other information, as well as information from the Electoral Register, for the purpose of verifying your identity.
The agencies will record details of the search type - credit or identification - and whether or not this application proceeds.
We may use credit-scoring methods to assess this application and to verify your identity.
Credit searches and other information which is provided to us/and or the credit reference agencies, about you, and those with whom you are linked financially, may be used by us and other companies if credit decisions are made about you, or other members of your household.
Any of this information may also be used for identification purposes, debt tracing and the prevention of money laundering, as well as the management of your credit account.
To prevent or detect fraud, or to assist in verifying your identity, we may make searches of Group records and at fraud prevention agencies who will supply us with information.
We may also pass information to financial and other organisations involved in fraud prevention to protect ourselves and our customers from theft and fraud.
If you give us false or inaccurate information and we suspect fraud, we will record this. We, members of the Group, and other companies may use this information if decisions are made about you, or others at your address(es), on credit or credit-related services, or motor, household, credit, life or any other insurance facilities.
It may also be used for tracing, claims assessment and verifying identity.

By stating a financial association with another party, you are also declaring that you are entitled to:

• disclose information about your joint applicant and/or anyone else referred to by you
• authorise us to search, link and/or record information at credit reference agencies about you and/or anyone else referred to by you.

Information held about you by the credit reference agencies may already be linked to records relating to one or more of your partners. For the purposes of this application, you may be treated as financially linked and your application will be assessed with reference to any 'associated' records.
If you decide to proceed with this application, you will be required to sign declarations confirming you accept the use of data as indicated. If you have any questions over the use of your data, please refer to the declaration at the end of this application.
We will also use your answers to help us administer the services we supply to you and any future agreements we may have with you. Our information booklets detail other NatWest services you may find of interest.
How to complete this form

• Fill in all the answer boxes that apply to you
• If you are applying for a mortgage with a partner, also fill in all the answer boxes that apply to your partner
  We use partner in this form to mean the other person who you are applying for the mortgage with

Help and advice


If you need more information about anything to do with applying for a mortgage or related insurance services

• Call in at any NatWest branch and speak to one of our Customer Advisers
• Refer to our booklet Insuring You and Your Home

Documents you will need


You may need various documents to help you complete this form. So it's a good idea to sort out the following information before you start:

• Proof of earnings

If you work for an employer

• We need to see your last three months' payslips

If you are self-employed or a Company Director
We need to see one of the following:

• Audited or certified accounts for the last three years
• Last three Tax Assessment schedules
• Last three years P60's

Your accountant should supply these for you.

The latest information must not be more than 12 months old.

• Details of your existing mortgage or home loans - these details will be on your last mortgage statement
• Bank account details - on cheque books and statements
• Estate agent's details
• Details of your solicitor or licensed conveyancer
• Tax and National Insurance reference details - on payslips or papers from the Inland Revenue

It is always possible that an individual application (you don't say whether you were puchasing or remortgaging Mr/Ms Funfunder, let alone LTV or half a dozen other factors, including whether you were changing banks) will be fastracked and require minimal documentation - however the standard requirement for most lenders (and most brokers even for a fastrack) is three month's proof of income.

The standard requirements I posted above are from the Intermediaries Packaging Documentation (and are still current and will be used for today's application).

The OP is asking for additional borrowing, unless he is actually with Natwest currently that will become a complete remortgage (which may have ERC and/or other implications) - he will need to be prepared to provide three months proof on income (minimum) together with other documentation during his hunt for the additional borrowing.

I know this to be true as I spend every day of my life doing it !

kingstreet

funfunder - lenders often accept reduced status documentation for high scoring, low loan to value cases. However, as SPM pointed out, they reserve the right to request whatever they want if they feel it appropriate to do so.

We're seeing many cases these days where there were no status requirements at the outset on "fast track" cases but which later see requests for payslips and bank statements when the case is pulled at random for an audit.

Finally, we've gone somewhat off-topic with this issue as you are talking about a first mortgage scenario and the OP is discussing a second mortgage or secured loan, which is completely different.

Crossed with SPM's post.