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Probably Paranoia
otaki04
Posts: 6 Forumite
Is it usual for the processing team / underwriter to request 1 month's payslips when applying for a mortgage? I've read about 3 months and 3 months with accompanying P60.
Is this normal? FTB and anxious as I've not encountered this before in all the time I've been lurking on here.
Is this normal? FTB and anxious as I've not encountered this before in all the time I've been lurking on here.
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I usually just send over 3 months anyway - at least then they have it all.
There might be something in particular they are looking for - it could be pay matching up with wage slips or checking you havnt been overdrawn or something different.
I wouldnt worry if you have nothing to hide. 1 months bank statements isnt bad really if thats all theyre asking for.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
One month payslip requirement is not unusual and does not signify anything.0
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Thanks,
But it's not a bank statement, they are asking for 1 month's payslip. Having settled down a little I'm wondering whether it's because our most recent pay is the last pay of the Tax year and actually would give a better reflection of our 2012/13 taxable earnings than a 2011/12 P60 would.
Sound reasonable?0 -
Not really.........they just need one salary slip.0
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Sorry, i have no idea why i went on about a bank statement...ignore me!
Dont worry, get your payslip over and it should be fine. If they were going to decline it, they would decline it. Theyre not looking to soften the blow, theyre trying to ensure theyre satisfied your a good risk for the money.
They may come back and ask for more but its just part of the process.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
High credit score/Low LTV = limited status requirements, maybe one payslip.
Medium = more requirements, maybe three months payslips + bank stmts
Low/High = three months payslips, P60, 6 mths bank stmts.
It's not an exact science though. Some lenders just want more than others.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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