New mortgage rules and income evidence?

taylor86

When the mortgage rules changed the press was horrendous, no one could get a mortgage and banks were trawling through bank statements and rejecting everyone etc.

Those who have recently had mortgage offers, is it really this bad? We have had an AIP from Halifax and they said all they need is 3 months payslips from hubby and 1 month from me. Is this really all the evidence I would need to show. We haven't sold our house yet so haven't progressed the application. Our mortgage is currently with them, not sure if this is why... What evidence has everyone else needed to show?

amnblog

Each case is handled on its own merits. Some applicants may be asked for little more than wage slips, others may need to provide all manner of items.

dj1471

I've recently applied to Nationwide, they haven't done the valuation yet so no offer but they have accepted all the evidence I sent. They asked for my most recent payslip, evidence of last two annual bonus payments, 12 months of statements showing rent payments and proof of deposit.

I imagine they would also want evidence of mortgage payments being made, which they already have in your case.

kingstreet

As amn said, it varies from lender to lender and client to client based on credit score, loan to value and circumstances.

dj - Nationwide is incredibly inconsistent on proof of rent. If you rent via a letting agent, twelve months' bank statements. If you rent from a private individual - nothing.

Thrugelmir

taylor86 wrote: »

When the mortgage rules changed the press was horrendous, no one could get a mortgage and banks were trawling through bank statements and rejecting everyone etc.

Please don't believe everything you read.

spidereyes

taylor86 wrote: »

When the mortgage rules changed the press was horrendous, no one could get a mortgage and banks were trawling through bank statements and rejecting everyone etc.

Those who have recently had mortgage offers, is it really this bad? We have had an AIP from Halifax and they said all they need is 3 months payslips from hubby and 1 month from me. Is this really all the evidence I would need to show. We haven't sold our house yet so haven't progressed the application. Our mortgage is currently with them, not sure if this is why... What evidence has everyone else needed to show?

I didnt need to provide anything at all as I bank with our lender and salary is paid into account with them. OH banks elesewhere so he was asked to provide 3 months bank statements for personal and business accounts (self employed) and we had to provide a copy of a statement showing our deposit that was held in an account elsewhere.

Intitial application in branch took about an hour and we had our offer within 13 days, we applied only a few days after MMR introduced. Nothing like press made out