Urgent advice needed re information on mortgage application submitted by broker

mrsunnybunny

I am hoping to get some insights or advice regarding the information on a mortgage application submitted by our broker.

Our broker submitted our application a few days ago, and I subsequently requested a copy of this application for my own records as well as to check all the details. The application he submitted had a number of differences to the information I had provided to him. When I raised this with him he re-assured me everything was fine:

1. Retirement age was set a few years later than I requested and communicated to him. My planned retirement age is as per my pension plan. According to the broker, this is immaterial as the mortgage will be repaid more than 10 years before the retirement date.
2. Job industry is inaccurate for both my partner and I. Further, our job descriptions are also slightly off. The broker explained that the application form has a limited number options to choose from and that neither industry which we work in were were available. Instead, he chose the "closest" match.
3. The application lists the correct sort code and account number for my bank, but the address for the branch is not the one at which my account is registered.
4. I receive an annual bonus. The amount is quite substantial, up to 25% of base salary, but can vary and is not guaranteed. In the application, he did not list this bonus because "base salaries alone should be sufficient to qualify for the amount applied for". I am worried whether the amount should not be listed in any case but he suggested that it would not be needed.

I'd much appreciate any insights on the above. I want to and have to provide the bank with the most accurate information and am not willing to take any risks. While the broker assured me everything is fine, I am worried he is just trying to avoid the hassle of correcting the form.

Anzhelka

Not sure about the bonus, but all the rest information looks fine for me. Our broker also put different retirement age, as we are taking mortgage for 25 years and it will be repaid much quicker than we will get retired. Branch address I think doesn't really matter for the application and also your job industry won't affect getting a mortgage.

amnblog

I see nothing in the above that is a concern.

This is simply the difference between a broker's understanding, and an applicant's perception.

These kind of issues are part of the reason why applicants have difficulties when they apply direct to Lender.

David_White

Nothing to worry about there.

Your Broker will know how to present your case to a lender in order to get it approved without issue, I'd suggest you allow them to do their job.

AnotherJoe

mrsunnybunny wrote: »

4. I receive an annual bonus. The amount is quite substantial, up to 25% of base salary, but can vary and is not guaranteed. In the application, he did not list this bonus because "base salaries alone should be sufficient to qualify for the amount applied for". I am worried whether the amount should not be listed in any case but he suggested that it would not be needed.
.

Since they won't take it into account because, as you yourself have said you might not get it at all, what possible benefit would there to be putting it down? If you were borderline then perhaps but you aren't.
Nuff said?

kingstreet

You don't disclose income you don't need as evidencing is is likely to involve payslips from over two years, in the case of bonus.

Lender systems often have dropdowns, not free format boxes so you are forced to choose something close.

We always use state pension age, regardless of when client thinks they might retire.

Banks have large regional centres handling several sort codes. Barclays, for example has one in Leicester. You enter the sort code and account number into the lender system and the system populates the address details. We don't get to free-enter Surbiton High Street branch.

ACG

I see no issues either. The retirement age is a little odd but not a problem.
Sort codes do sometimes show the wrong address, RBS has a lot that default to Bolton for instance (I use that as an example as I used to work for them).

I would not be concerned in terms of your application by any of those things.

minimike2

Agree with all the above. Nothing of concern.

mrsunnybunny

Thanks all, feel much better and re-assured now. A mortgage is a big thing and it's always good to get another opinion!

amnblog

Looks like you have gone as far as a 5th opinion