Need urgent advice - what would u do????

betmunch

onthebreadline wrote: »

Thanks, that's what I really want to hear.

but what about my 2 main worries???

after I get them sorted I will have only 1 Main worry - will they complete on time?

Whats a BDM?

OK, I believe you only have 1 worry. Forget about not being on the electoral register, that would (should) have failed you at AIP stage if it was going to.

The wrong address on the payslip has the potential to ruin everything. You will need to explain how it happened, which I now know as I have read the other thread a bit, but most importantly you have to have the Underwriter accept the reason.

They may wish to credit score you at this address as well as your given address which is likely to bring your score down due to you not having ever actually lived there.

They will definately require some kind of writen explaination which will delay things, and likely this will be sent to a senior Underwriter for clarification on whether it is acceptable or not and if any further info is required. All delays which you dont want.

Please keep us posted on how it goes

onthebreadline

AIP Stage ??

BDM ?? This is like a different language to me.

In your opinion, do you think they will accept my explanation to the address on my payslip??

I have no problem with them credit scoring me at the address.

Written explanation - would that be from me? and is it likely to be accepted?

GMS

I answered in your previous thread on this topic about the voters roll and clearly stated that the address on the payslip may well cause issues.

You knowing the property does not mean it will not have issues. You are not the surveyor. Any number of problems could arise. You are aware they COULD choose to hold back funds. Have you any contingency plan if they do? Worse still they could impose a full retention meaning no funds released.

May be easier for you to post the answers you would like to recieve rather than duplicating threads and ignoring the answers given as they do not say what you want them to.

betmunch

onthebreadline wrote: »

AIP Stage ??

BDM ?? This is like a different language to me.

In your opinion, do you think they will accept my explanation to the address on my payslip??

I have no problem with them credit scoring me at the address.

Written explanation - would that be from me? and is it likely to be accepted?

AIP = Agreement in Principal, I thought you had this? Halifax call it a Mortgage Promise, but it is far far from a promise

BDM = Business Development Manager (or Rep!) you wouldnt know this. A BDM's job is too improve relations with Brokers so its in his interests that when they get a case like this, to make it go through quickly and easily so that next time it comes up the Broker will remember and will use them again.

You should have a problem with them credit scoring you at that address, its going to raise questions, and questions mean delays. Also, while there is nothing bad there, there is also nothing good there to prove you will pay back the money. I would keep my fingers crossed that you explain what happened and that be the end of it, sadly that is not likely in the current climate.

I cant say if your explanation will or wont be accepted, I am not an Underwriter, and sepcifically I am not a Halifax Underwriter. All you can do is reply to any questions as soon as they are asked and hope for the best.

onthebreadline

GMS wrote: »

I answered in your previous thread on this topic about the voters roll and clearly stated that the address on the payslip may well cause issues.
I am obviously trying to find out what issues it can cause, and what sort of delay. I have clearly only been given that answer from Betmunch
May be easier for you to post the answers you would like to recieve rather than duplicating threads and ignoring the answers given as they do not say what you want them to.
I posted my questions on the very first post, and have only been given an explaination of how this could refuse or delay a mortgage offer for me.

I did post on another forum - actually stated that in my first post as I thought I may be on the wrong one.

I will read over the other post as I may have missed your explanation/reason as to why this could effect my application, and what I can do about it.

GMS

onthebreadline wrote: »

I will read over the other post as I may have missed your explanation/reason as to why this could effect my application, and what I can do about it.

It is simple. From the lender point of view you have failed to disclose an address. You say you haven't as you didn't live there but why would your employer have you living somewhere you say you have never been?

All you can do is explain to the lender, as plenty have said. You have stated your version of events so tell the lender. If one person on the foum said you will be fine and another said you will be declined it has no bearing on the lender decision.

Added questions usually mean added delays. You are up against it time wise so you need to get on to it first thing tomorrow.

onthebreadline

betmunch wrote: »

AIP = Agreement in Principal, I thought you had this? Halifax call it a Mortgage Promise, but it is far far from a promise
I do have this - I call it the quote, it is headed up Keyfacts
BDM = Business Development Manager (or Rep!) you wouldnt know this. A BDM's job is too improve relations with Brokers so its in his interests that when they get a case like this, to make it go through quickly and easily so that next time it comes up the Broker will remember and will use them again.

You should have a problem with them credit scoring you at that address, its going to raise questions, and questions mean delays. Also, while there is nothing bad there, there is also nothing good there to prove you will pay back the money.
They only need to check with my bank (who I have been with for over 30 years)
I would keep my fingers crossed
and everything else !!! that you explain what happened and that be the end of it,
If only .....
sadly that is not likely in the current climate.
Speechless

Thank you for that, everyone seems so hung up on my buying property at auction, and listing all the problems that could happen. I am comfortable with buying this particular property at auction, and everything else I done.
My only 2 worries were declared from the start, but nearly everyone is trying to give me more, instead of allaying my fears, if someone states categorically - You will be refused a mortgage beacause ......
Maybe I worry too much OR Maybe not enough ??
Time will tell.

GMS

onthebreadline wrote: »

Thank you for that, everyone seems so hung up on my buying property at auction, and listing all the problems that could happen. I am comfortable with buying this particular property at auction, and everything else I done.
My only 2 worries were declared from the start, but nearly everyone is trying to give me more, instead of allaying my fears, if someone states categorically - You will be refused a mortgage beacause ......
Maybe I worry too much OR Maybe not enough ??
Time will tell.

Would you prefer ......................

You will be refused a mortgage due to non disclosure of a material fact and will be referred to an anti fraud agency which will make it difficult to obtain finance in the future?

Only the lender can tell you what they will choose to do. Purchase at auction is a risky venture which is why it is usually undertaken by professional property investors or people with cash/finance in place.

I apologise for not being the underwriter at your lender and for trying to make you aware of any further issues you may have.

onthebreadline

GMS wrote: »

It is simple. From the lender point of view you have failed to disclose an address. You say you haven't as you didn't live there but why would your employer have you living somewhere you say you have never been?
I never changed it back, when I didn't move in.
All you can do is explain to the lender, as plenty have said. You have stated your version of events so tell the lender. If one person on the foum said you will be fine and another said you will be declined it has no bearing on the lender decision.

Added questions usually mean added delays. You are up against it time wise so you need to get on to it first thing tomorrow.
Should I be phoning them tomorrow or wait for them to ask about it? - .

I do believe I have asked this before, but did not get any answeers.

betmunch

OK, back up a second. Tell me you have an actual Mortgage Promise from Halifax. Because what you are describing there is a Key Facts Information document.

A Mortgage Promise will tell you the maximum you can borrow with the Halifax, and will be produced when you have had your first credit check done. I do not believe it is headed up KeyFacts, but its been a while since I did a Halifax mortgage!

A KFI is just a quote for what a mortgage from their current range will cost you and is available without and crdit checks being done. This fits much better with what you described.

As I said in post 5, whats done is done, theres no point repremanding you over this, we can help you get out of this jam, and currently I am in a helpful mood!!!

Also its worth noting that what GMS said about the anti-fraud agency is actually a posibility, Halifax are very hot on anti-fraud measures.