Mortgage application Requests

schoey123

Hi,

Leeds Building society have sent me a list of items they require in order to process my application, they include the two items below, I need some guidance on how to respond.

1) Provide proof of funds available to pay my loan of £10,673
2) Provide an exisiting tenancy agreement for my buy to let property

On 1) the loan was used to buy a car, if i had funds i wouldnt need a loan! I'm going to say the loan is repayable of 5 years, 60 instalments of £180, interest is fixed so no benefit in paying the loan off early. Worse case i would sell the car to repay the loan, I've made 4 instalments to date without a problem.

On 2) my current tenants moved out at the end of June and the property is being actively advertised. How should i respond to this request ?

Thanks

Dave_Ham

Did you do this direct or via a broker..?

It would appear that they have indicated you will repay the loan and this could cause you a problem, similar the second request does not look good either given the need of rent to mitigate the financial commitment..

Aside from rates, this is not a good Leeds case...

ACG

With regards to the car, if you were earning say £2-2.5k less than you actually are, would you still be able to afford the property?

As dave says, it would seem the option to clear the loan on repayment has been chosen.

As for the property. That will be an issue as it currently stands you have to support 2 mortgages.