Lloyd's Mortgage Problems with verifying income!!! Are we going to lose the property?

trakky14

Hi all, wondering if anyone has some words of advice on issues we are having with our Lloyd's Mortgage application.

Offer in principle issued around the 21st January 2016 for a property up to £270k, we eventually settled on one for £208k so well within budget. Its a new build under help to buy mortgage guarantee, 5% deposit. We were given the deadline of the 23rd Feb for contract exchange.

Full application made on the 30th January (property reserved on the 24th Jan). Endless documents sent to both Lloyd's and the solicitors, all checked and happy. Survey done on the 4th February by Lloyds.

The issue is....Lloyds cannot verify my husbands income as he is a doctor and in a training post so he changes his job every 4 months while training. This is causing problems because the payslips have different trusts on them, latest is that the issue is being raised with the 'policies team' ....they may classify him as a 'zero hours contract' worker even though he has a contract. If they do then they need to see 12 months of payslips not 3. They have 12 months plus of payslips so we've already made sure they have access to them. I just can't believe the situation, surely he can't be the first junior doctor to apply for a mortgage?! The advisor has been waiting for a response from policies for a couple of days.

We are due to exchange next week, we've been told once the income is verified then the offer will come...but time is running out and we're getting desperate. Aware that the developer could withdraw the house from sale if we can't meet the deadline. They know we are just waiting and I've briefed the area sales manager that we are totally unable to do anything about the delay. Solicitors have done everything bar the contracts. Deposit waiting to be transferred.

Anyone have any advice? We literally can't communicate with anyone but the mortgage advisor as they have no incoming calls we've been told....and I spent 2hrs yesterday trying to get hold of anyone that could help. Nobody could.

Thank you!

TopperHarris

The developer wont withdraw from the sale. They will be happy so long as they see progress in your application.

amnblog

The problem with Doctors going direct to lender - the Lenders regularly make a mess of it.

We specialise in dealing with Doctors and training rotation is not a problem if handled correctly.

Sounds like you need to wait for Lloyds to get sensible.

If they don't, seek out a broker that specialises in mortgage advice for Doctors.

trakky14

Thanks for the replies, we had no idea it would be so tricky, as Lloyds were confident in the beginning. Hindsight and all that! Didn't go with a broker as the original one we contacted never got back to us and llyods seemed on the ball so we just went with them.

MortgageMamma

Don't panic, I doubt the property developer will withdraw they need the sale as much as you need to purchase. Hopefully Lloyds will see sense.

MaebyJade

As everyone above mentioned as long as things are progressing the developer won't withdraw from the sale. We reserved at the end on November and only exchanged contracts this week Monday. Just keep the developer updated and you'll be fine.

trakky14

Ok thanks, have asked for time-scales from Lloyd's to get a decision re income verification and asked for who to complain to in the process...we've got to give notice on our rented house next week so need to get something happening!

betmunch

trakky14 wrote: »

Ok thanks, have asked for time-scales from Lloyd's to get a decision re income verification and asked for who to complain to in the process...we've got to give notice on our rented house next week so need to get something happening!

You should not give notice on your rental until you have exchanged contracts.


I had a client once had to spend a week in a tent in a friends garden because he gave his notice too early

trakky14

No, I know we won't give notice until we've exchanged.

Really getting desperate now, Lloyd's have come back 4 days later after countless chasing emails/calls (not that you can actually ring and talk to anyone except a call centre who can't help you) asking for more details of my husbands employment. They are being deliberately evasive and not answering us when we ask for information such as 'if this issue us resolved will we get the mortgage offer?' or even if the documents have been passed to the underwriters.

Should we be looking for alternative mortgages now? We will go with a broker if we need to but given we have every piece of documentation they could wish for what is the quickest we could apply and be successful somewhere else?

Thanks

betmunch

trakky14 wrote: »

Should we be looking for alternative mortgages now? We will go with a broker if we need to but given we have every piece of documentation they could wish for what is the quickest we could apply and be successful somewhere else?

Thanks

You don't know they have every piece of documentation they could wish for, you would be surprised what they can deem necessary.


I had a case this week, sent in all the documents on Wednesday, agreed subject to survey on Thursday. Surveyor shouldn't take long and we'll have the offer right after.

trakky14

Survey was done 2 weeks ago! Can't see any light at the end of the tunnel but at least the developers aren't chasing us and seem ok for now