Leeds Building Society

Drathor

Hi all

A bit of rant really, and just wondering of any one else has had a similar experience.

We are selling our house and (touch wood) this is all going through smoothly

The original plan was that we would sell ours, move in with the parents-in law and look for somewhere perfect.

Anyhow we found that somewhere. Went to see the MA, got a offer in principle from the LBS (not currently with them, but that was the best rate) - offer accepted and started the application process.

Well LBS are being so awkward its unreal. and I am so frightened we are going to loose the house that we want to buy because of this.

my wife is the director of a company, and we both work at said company. our wages get paid into our joint account as one payment so Hers + Mine = Ours
We both get our own payslips and this works well

However its like LBS don't believe us. We have sent them P60's then Bank Statements, then we don't hear anything for ages and now they want statement of earnings from HMRC

We phoned up HMRC and they said they where not ready for the prev financial year yet so we sent all that we could explaining how our payments work and told them if you add hers + mine you get the amount going into that account.

The MA has spoken to LBS and they are still insistent that they want to see these statement of earnings. So we phoned up HMRC last night and they can send them out but could take a couple of weeks, so by the time LBS look at them that's another month of delays

We even put away savings every month that more than cover the monthly mortgage payments, we are not on the fiddle and we have good jobs but I cant see what their problem is.

If they decline the SOE after it goes to them - we have nothing else to give them
is this common place?

amnblog

I have never heard of two employers being paid with one payment.


No wonder the lender does not like it and wants further clarification.


Have they been offered an employers reference?

Drathor

We have drafted a letter and sent it off

It maybe uncommon but I don't see what the problem is we have payslips and P60's to support everything :-)

haras_nosirrah

I have had two cases recently where Leeds wanted a statement of earnings rather than a payslip or reference

First was where someone was the sole employee (private nanny for a Russian family)

Second was someone where the company name had just changed so they were paid by x company 1 month and y company the next month but the year to date figures went back to 0 with the new company name

I guess in both scenarios it is unusual and the lender may not think a reference is enough so want the additional from hmrc to show what the true income is

Being paid both together in one payment would be a first for me. Why are you paid that way? Why not two seperate payments on the same day? I can see why Leeds don't like it and they wouldn't be the only one to query it. You seem to have teemed an unusual situation with a very picky lender which is not a good thing

With my clients the statement of earnings took about 5-10 days and then Leeds took a further 3 days to look at it so 1 month is over dramatising it slightly I can understand why they are quizzing it

Could be worse - could be accord

Drathor

My wife is a director and share holder of that company and at the time this way just seemed to work out better.

I understand that its unusual and not common place but we can easily afford the mortgage sent everything they have asked for and we are not on the fiddle I dont mind sending documents through but its not rocket science to see where our earnings come from and go to

Whats frustrating is this and the length of time this is taking.

haras_nosirrah

When you say shareholder does she own over 20% of the company (from memory)

If yes then she is self employed and that criteria applies

While I understand it is frustrating (don't I know it as a broker) at the end of the day it is their money and the only way to get it is to dance to their tune. They have the right to ask for any paperwork they want and have the right to say no.

Have spent 3 days fighting with accord that a clients lodger (who pays my client £600 a month to rent his spare bedroom) is not financially dependent on my client. I understand they couldn't use the income and we weren't trying to but they wanted to reduce the mortgage offer by 70k as they class the lodger as being financially dependent

Got them to see sense but my client had to send in his lodgers payslip to show he was self sufficient

Drathor

No I think she owns less than 20% but I might be wrong on that