Mortgage Audit after completion?

dsab

We completed our House purchase a while ago without any problems, and today I got a call from our Broker asking a few questions that the Mortgage Provider had put to him relating to our applications, as part of an Audit.

We have nothing to hide or fear, but it got me thinking. What could they do if they found a problem? They could hardly take the house back, could they? Or would any problems they found just be used to improve their internal processes?

GMS

Did you provide proof of income to the broker? Was it all declared correctly?

Did you provide ID and proof of address? Bank statements?

What has the broker asked you to do? Which lender?

dsab

Yes, everything was done correctly and there was no fiddling of figures etc. We had the relevant deposit and only needed about 2x our income.

We provided proof of deposit, 6 months bank statements, 6 months payslips, P60, ID etc.

They asked for some clarification relating to my Employment, recently paid Bonus and some extras I get as part of my employment etc.

The Mortgage is with a local BS.

Crashandburn

Weird one as its a small BS. I wouldn't worry on the basis you have provided all documents.

I would have queried why the broker needed to contact your regarding this on the basis he would seem to have all the information already but probably the BS using your mortgage as an example to show the FSA they are doing it right.

All lenders are very keen to prove to the FSA that they are being so proactive with their audits which is funny as the horse had well and truly bolted years ago!