Mortgage accepted 05/12 - trying to complete 14/12

YoungBusinessman

Well 07/12 completion date as it is...2 weeks on Friday! Bank sent my employer a letter which required a signature to confirm my salary(has RBS really never had a 21 year old applicant making £1,000 a week gross....) and confirm my employer does infact pay my tax and insurance so i dont owe HMRC a penny as of this month....

That should be with the bank tomorrow and they say if they dont require anymore documents then decision should be back on either Thursday/Friday this week...it sounds promising...as why would they bother asking employer for that if they were not going to give me the mortgage? Now they have that, surely its more or less set in stone!?

Playing the waiting game and i do not like it !

I will be really gutted if this doesnt get accepted as with it being so close to completion chances are will miss out on the place all together.

YoungBusinessman

Looks like we are getting declined on the "affordabillity" part of the underwritters assesments!

Find out for definite, on Wednesday, 9 days before we are due to complete! This is a shocking set up and can run upto 5 moves in the chain if we disrupt it! So 5 different purchases might be set on getting done by xmas then we ruin it for them all.

Thrugelmir

YoungBusinessman wrote: »

Looks like we are getting declined on the "affordabillity" part of the underwritters assesments!

Find out for definite, on Wednesday, 9 days before we are due to complete!

Why do you have to wait until Wednesday?

Have you proceeded with all the legalities before receiving a formal mortgage offer?

YoungBusinessman

They assesed out offer and more or less phoned and told me it was a no at this stage. However they were sending a letter to my employer "about my salary" and once he filled that out and sent it back they would reassess my application so it was back to being "pending".

Not sure what sort of information they have requested from employer but dont see what he could have sent them to make them change their minds.

Bit of a carry on now, need to get decision back as early as possible as if its a no we will have to go elsewhere and try to delay for a couple weeks, 21st Dec, 2 weeks later than date is for completion now would be very latest for all solicitors going on holiday, completed and moved in by xmas etc!

Very stressfull and its our first time to all this.

caeler

What Thurgelmir was trying to establish OP is have you exchanged? Did you see a broker as I'm surprised the best option they gave you happened to be the company you banked with.

YoungBusinessman

Bank doing a 5 year fixed rate 10% deposit so speaking to broker he said shouldnt have any problems considering on the face of it its less than twice my income.

Not exchanged so not legally bound to buy the place...fear of losing it about to kick in...

caeler

There are 20 working days left. My most recent mortgage application only took 10 days but the one before took 25 days. There may be time to squeeze in another application? Alternatively ask some more questions of your lender about why another letter to your employer might help them reconsider the application.

Is £52K your basic? Or do you have a low basic which is made up of overtime, commission, etc? This could be what is causing their concern at the underwriters?

YoungBusinessman

Everything i do is on pricework. Different prices for different things.

My payslip shows 3 things on the left.

an hourly rate at x making y amount
o/t - time and a half at x making y amount

the total of these two is always the same...around £1000 a fortnight.

So our £2,000 gross, minus this, gives £1000 paid under "bonus", the third column on payslip.

They implied this was the stumbling block....however, they have not seen any payslips,just my p60 from back in April.
The p60 shows gross income at £39k. As March 2012 i had 2 weeks off to go away on holiday plus over winter we didnt get 2 weeks invoices in on time so didnt get them, they also didnt make them up/amend in next pay...also April 2011-June 2011 i was still on apprentice wages.

So a whole factor of things, salary seemingly lower, i think they are seeking conformation of salary and how it is made, how secure etc. I will keep pressuring them to get an answer asap then (if its a no, as i now expect) we will have to look elsewhere and get another application in asap!

Everything done in a hurry.

gallygirl

You may struggle if you are relying on overtime to mke up your wage - even if histotically it is 'guaranteed', it could dry up. The danger is you will apply somewhere else, get turned down again then decide to go for a cheaper property but gte turned down because of the previous searches.

You went through a mortgage broker didn't you? I'm surprised they didn't alert you.

I hope you get it sorted.

caeler

Ouch. With a P60 showing £39K no wonder they are asking more questions as to how your salary is suddenly £52K pa. I hope they find what they need. Good luck.