FTB help please

Keeran_2

Hi,

I just registered if i could get some help by some of the experts here. this is my first time so please be kind to me!
I am a first time buyer, gross inc of 42k, I work as a sales co-ordinator, since the past 6 months (permanent), thought i have been working on and off on a temp basis. Got a MIP with halifax for 210k. the mortgage will be in my sole name as my husbands credit history is bad!!(CCJ etc)
Saw a property, offer accepted. went to my mortgage adviser (at the haliax branch) and gave her all the property info/solicitors and paid the survey fee of 430£ on 9th march. I submitted my one months payslip and passport copy.

Next week the adviser calls to tell me that she had a problem with her system and she had to shut down my account completely (?) and had to re-open a new one, which has led to a signfiicant number of searches on my credit file and my credit score has come down from 900's to 803!!!! I was asked to open a reward acc with halifax and also a credit card was issued (again more credit searches!!!!)

Well just got a call on thursday that she got an email, and they need some further documents P60 for 2012, proof of deposit, 3 wage slips and bank statements.

P60 -- I spoke to my employer and he told me he will give it to me end of may!!!! and he can provide me a statement of earning on the company head which would serve the purpose! what do u guys think ?

bank statements ---- I have noticed, the company name on the payslip and the name in the bank acc from which the money comes from is different. my employer uses one of this old account to make all the payments. which got me worried! :mad::mad::mad: Do you think the lenders think I am a risk.... ????

Proof of deposit --- deposit, my dad will be giving me some amount as a gift which is yet to come to my account from an Indian bank. I do have all the necessary documentation. A declaration from dad saying it is a gift to my daughter. Would that be a problem? It has already been transferred to my account last week and should be on the way hopefully! Fingers crossed!

I just dont know what to do.. with the bank statements and payslips..? anybody has any advice?

Just that have been reading so much online abt haifax declining the mortgage after survey!!

Any help would be appreciated please!

thank you!

Dan-Dan

I cant really help other than to say i think they want LAST years issued P60 ...your employer must think you mean the one thats due to all PAYE people at the end of this coming finacial year?

hamster2013

Hi

1. P60 just says how much tax you have paid - it is all your declared revenue to HMRC so it is not necessarily linked to what is coming in your account every month if its not declared as such by your employer - all banks ask for P60 so its nothing new - if you have not been working for long enough with your current employer, you can explain the bank and see if they will accept an alternative, its up to their discretion
you can ring HMRC as well as get your annual statements for past 3 years, i did that for myself to show my rental income that was declared otherwise the bank would not take it into consideration.

2. different in names of company and pay can be suspicious, but if explained, should not be an issue - as most small companies dont have as well structured setup as they should.

3. proof of deposit: this can cause some delays - with recent breakdowns on money laundering and huge fines banks have faced, they will get extra cautious, especially if money as you pointed out is coming from India. Evenif to you its a gift, that is fine, but they can question where the funds are coming from, as in where did your father get them from. And depending on the amount, you might have to pay tax on it, as this is not inheritance (your dad is still alive).
the thresholds are pretty low if i recall, something ridiculous like 5 grand (ridiculous in relation to the property prices) - i would not declare it as a gift, but a loan your dad is giving you but that just puts your borrowing at risk - i would seek expert financial help on this one to be honest.

shonzyd

your p60 for 2012 would have been issued by your previous employer last april (2012) if youve only been there in your present employemnt 6months - im not sure why you even asked them. You must have that already from last year its got nothing to do with the company you now work for - as someone has already said your employer must think you mean 2013s in which case you wouldnt get it til april/may. but if the bank have asked for 2012 think you need to do some digging in your own paperwork

RockPaperScissors

This article might help with "gifting"

http://www.money.co.uk/article/1004329-how-do-i-gift-money-without-being-taxed.htm

Keeran_2

Thank you so much for replying everyone!

P60 --- I have been wprking permanently nly since the 6 months, before that I was working on a temp basis and was not frequent. I spoke to my employer and he says though he cannot give me a P60 since I havent been working hlaf of last year, he is happy to give me a statement of earnings, if the bank really wants!!!

Am still waiting for the money from India to reach my account!
I am planning to submit my papers once I get all the money in my account!

Fingers crossed and hopefully it will go through!!!!

shonzyd

Keeran wrote: »

Thank you so much for replying everyone!

P60 --- I have been wprking permanently nly since the 6 months, before that I was working on a temp basis and was not frequent. I spoke to my employer and he says though he cannot give me a P60 since I havent been working hlaf of last year, he is happy to give me a statement of earnings, if the bank really wants!!!

Am still waiting for the money from India to reach my account!
I am planning to submit my papers once I get all the money in my account!

Fingers crossed and hopefully it will go through!!!!

Thats still not a p60 for 2012 ??? the financial year ends in april. Therfore you need details of earnings from april 2011 to april 2012. you werent working for that company then so i dont see how you are giving the bank what they are asking for.

Anyway good luck!!

kingstreet

Wherever you were working on 5 April 2012 should have provided you with a statement of income and tax paid for that year, a P60, as soon as the tax year ended.

Keeran_2

kingstreet wrote: »

Wherever you were working on 5 April 2012 should have provided you with a statement of income and tax paid for that year, a P60, as soon as the tax year ended.

On April 5, 2012 I was not working... I mean I was a temp so I was not added on the payroll. So tbh I dont have P60 for the previous years.....

shonzyd

temp as in agency temp?

hamster2013

contact HMRC, they will send you what you have 'earned' and declared in the past X years
it is free, all it takes is a phone call, they do take up to 2 weeks to send it out, so i would call them if I were you for the 'just in case' scenario and not to delay your paperwork collection by that much longer