mortgage application with current bank

2bsmart

Hi,
I was windering if anyone can help me. We have applied for a mortgage with our current bank, RBS, we have banked with them for at least 7 years. Salaries are paid into and we also have a mortgage (consent to let) with them. The question i have is will the underwriters want to see payslips. We have an agreement in principle but what will the underwriters be looking at other than the valuation they have requested.

many thanks in advance

Dave_Ham

Probably just routine, I would be more concerned that you have one on consent to let(typically a short term solution) and trying to get another with the same lender.

Do not see any reason to use RBS Group of late and therefore not certain on their current criteria in relation to this...

2bsmart

many thanks

our consent to let is only because we have to move fast on a house we are interested in (friends house who is moving abroad, getting a great deal). We still have 2 years left on the mortgage so instead of swapping to BTL now, we asked for consent to let.

Why is it a concern having both with one lender? They are both small mortgages in relation to income. Do they look badly on them being with same lender? We havent tried to hide anything and wanted to be honest and upfront with them. We also have been happy with RBS and although our rates are high we like having everything in one account. However, if they turn us down we will happily look elsewhere.

Dave_Ham

Consent to let is usually a short term solution to a change in circumstances, it is good that you have not been on it for a long time.

I would not imagine it would cause you huge concern, although may make it tougher to re-broker with them on consent to let terms outside the agreed timescales.

Was not trying to worry you, just raising awareness a little that it is not commonplace to have a consent to let and residential mortgage and certainly not for the long term.

Good luck

2bsmart

thank you,
Consent to let has literally been a way of moving before either selling or getting BTL mortgage. We dont have time to sell our house and as RBS are happy to consent to let until end of current term then we thought why not. We will either sell at end of term or look for a buy to let mortgage (have enough equity in house and also rent more than covers mortgage).
Think its the unknown of the underwriters and what happens after agreement in principle. So many google horror stories.

Do you know if because we bank with RBS they will want to see payslips or will they just look over all our account info.

thank you.

Dave_Ham

Payslips are usually just protocol and following procedure so would not be worried about this.

Conrad

You are clearly concerned about the payslip issue as you've mentioned it more than once, and I'd imagine for good reason so of course it's a concern for you.

Yes they do and can ask for payslips. You can never predict whether they will be requested.

Sometimes they accept contractors that aren't strictly speaking employed.

GMS

Have you been 100% honest with regards to your income and employment? If so then there is no issue.

2bsmart

Its more because we are on a tight timescale with vendor and wondered what if any documentation they will ask for as currently we haven't web asked for anything. I couldn't really think of any other documention as I guess they won't ask for bank statements as we bank with them.
I was hoping if we knew we could just send it in advance or if they don't need it it might speed things up. We can't really make anything up as it's plain to see for our bank what we earn.

Thanks