Mortgage lenders and evidence of salary

Jonesy127

I am about to return to work after being unemployed for 9 months, following redundancy.

I would now like to remortgage. Does anyone have a view on how long I would need to be earning before a lender will consider lending to me? I assume there would be a given amount of time they would want to see wage slips, etc.

Senior_Paper_Monitor

Varies by lender (from 1 day to 6 months) - in almost all cases a high allergy to 'probationary periods'.

Wh05apk

Senior_Paper_Monitor wrote: »

Caries by lender (from 1 day to 6 months) - in almost all cases a high allergy to 'probationary periods'.

But less so than there used to be, Abbey for example totally ignore.

GMS

Abbey want to see a copy of the employment contract if the employment has strated within the last 5 weeks.

Wh05apk

GMS wrote: »

Abbey want to see a copy of the employment contract if the employment has strated within the last 5 weeks.

Unless it fast tracks!

Just had a case, both apps literally started in last week, got copies of contracts etc ready to send off, but it fast tracked, was amazed as both first time buyers with little credit, admittedly only 75% ltv but I was expecting them to be awkward.

Castleman

Wh05apk wrote: »

Unless it fast tracks!

Just had a case, both apps literally started in last week, got copies of contracts etc ready to send off, but it fast tracked, was amazed as both first time buyers with little credit, admittedly only 75% ltv but I was expecting them to be awkward.

Wow, what does fast track mean - how quickly can they get through?
as to what we're looking for...see my other thread here:https://forums.moneysavingexpert.com/discussion/3565069

thanks!

pph

Santander didn't care about probation periods, just consistent earnings before the new job.

HSBC only want the last three months statements, but did ask about probation period.

These are both to get the initial offer in principal by the way, not for the full post-credit check offer. But both indicated the process was pretty much the same.

Wh05apk

Castleman wrote: »

Wow, what does fast track mean - how quickly can they get through?
as to what we're looking for...see my other thread here:https://forums.moneysavingexpert.com/discussion/3565069

thanks!

Fast track, just means the lenders do not wish to see copies of proof of income, because the risk to them is low, and your credit score high. They are not "self cert" although they used to be abused in a similar way, brokers still have to retain the evidence, just not send it all off, this can potentially save a few days in the process.